Best ways to transfer money overseas in 2025
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Working out the best way to send money overseas isn’t always easy.
From inferior exchange rates to hefty transfer fees and other hidden costs, there are some big traps to side-step if you want to avoid paying through the nose for your international money transfer (IMT).
To help Aussies find the best value international money transfer options, Mozo’s team of money experts assessed 28 different money transfer providers by obtaining multiple quotes in different values and currencies to find out which providers offer the best exchange rates and lowest fees.
Wise and Remitly stood out among IMT competitors and have been awarded Mozo Experts Choice Awards for Best International Money Transfers 2025.
Read on for the expert run-down of some of the award winners, along with our editor’s top picks.
Choosing the best international money transfer option for you
When it comes to choosing the best way to send money overseas, there’s no one-size-fits-all solution. The right provider depends on several factors:
Speed. Some services can transfer money instantly (e.g. Revolut, PayPal), while others may take a couple of days (e.g. OFX, Wise).
Fees. Always check the fee structure before sending money. Wise and Revolut offer some of the lowest fees, but others like PayPal and Western Union can get expensive, especially for smaller transfers.
Exchange rates. A poor exchange rate can really eat into the value of your transfer. Always check if the service offers the mid-market exchange rate (e.g. Wise), or if it adds a markup.
Transfer amount. For larger amounts, you might want to look at services like OFX that may offer better rates and lower fees for larger transfers.
Convenience. If you’re looking for a mobile app that combines money transfers with other financial services, Revolut might be your best bet. For simple, cost-effective transfers, Wise may be a better fit.
Reason for transfer. For personal transfers (e.g. sending money to family or friends), PayPal or Wise offer speed and low fees. For business payments or larger, recurring transfers, OFX or Wise may offer better exchange rates and lower costs. If you're paying for something like a car import, Western Union could be useful for reliable cash pick-up in certain regions.
It’s important to consider your personal financial situation and compare a range of options before deciding which is the best international money transfer service.
Mozo Editor's picks for personal transfers
TorFX
Expert verdict
TorFX has been taking on the big banks in Australia with fast, free money transfers for over ten years. As a specialist money transfer provider, TorFX offers ultra-competitive exchange rates for more than 40 currencies and no fees. Opening a free account is easily done online, with no obligation to trade, plus you'll get a personal account manager to help you with the trading process.
Send Payments
- $250 transfer minimum
- No transfer fees
- Business or personal transfers to more than 180 countries
Send Payments offers transfers to 180 countries in 34 different currencies with just a $250 transfer minimum up to $50,000 daily maximum. According to Send Payments, transfers typically land at their destination account within 24-48 hours of Send receiving them from you but sometimes it can happen within a few hours! Send Payments does not charge a fee to transfer money and is regulated in Australia by both ASIC and AUSTRAC and holds an Australian Financial Services Licence (AFSL).
OFX
OFX (formerly known as OzForex) can transfer money to over 197 countries in 50 different currencies. Any transaction less than $10,000 will have a $15 flat fee, but if you send more than $10,000, your transaction will have no transfer fee. OFX says most transactions should take 24-48 hours, and they also offer same day transactions for the USA and UK. OFX offers forward contracts (up to 12 months), spot deals, automated regular payments, and limit orders (minimum transfer amount is $30,000).
Mozo Expert's Choice Awards 2025 IMT winner
XE
- Send money to over 200+ countries and 100+ currencies globally
- No min or max transfer amount limits
- Dedicated Australian based client services team with personal account management for transfers over $20K
You can send money to over 200 counties with XE and if speed is of the essence, XE says most transfers can be completed the same day, some within minutes. You can set up an account within minutes and securely send to bank accounts worldwide. XE has no min or max transfer amounts and you get account and transaction protection using 2 factor authentication. XE has over 30 years of currency expertise and is regulated by authorities worldwide including ASIC in Australia.
Want to compare today's international exchange rates?
Compare top personal and business overseas transfer rates now at Mozo's international money transfer hub.
* The exchange rates are indicative only and are updated daily. The exchange rates listed here may vary to the actual exchange rate you are quoted by a provider. Please ensure you confirm the actual exchange rate with the relevant provider prior to conducting any transaction.
^See information about the Mozo Experts Choice International Money Transfer Awards
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