Best ways to transfer money overseas in 2024
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 Revolut stood out among IMT competitors and have been awarded Mozo Experts Choice Awards for Best International Money Transfers 2024.
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.
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).
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.
Mozo Editor's picks for business transfers
WorldFirst - International Money Transfer
- Send and receive money in 40+ international currencies
- Collect payment from 100+ global marketplaces
- Xero integration for seamless bookkeeping
Expert verdict
Go beyond borders with WorldFirst to make business money transfers easy all over the globe. WorldFirst’s currency conversion rates are transparent and they guarantee a margin of below 0.60%, keeping their transfers competitive. You can collect payments from more than 100 global marketplaces like Amazon and Ebay, with more than 40 currencies from all over the world available for you to send and receive money. WorldFirst integrates with Xero to make your bookkeeping seamless.
Mozo Expert's Choice Awards 2024 IMT winners
Revolut IMT
- Send money in 35+ currencies, to over 150 destinations
- Flexible plan options depending on your business needs
- Competitive exchange rates at the interbank rate
Revolut has three business plan options to choose from depending on the transfer needs of your business. Each plan comes with a local and international transfer allowance, and if the recipient is a Revolut customer transfers are super quick and no transfer fees will apply. You can track your transfers in real-time, set up single or multi-currency payments and upload bulk payment files. Transaction limits depend on the currency.
Mozo People’s Choice Awards 2024 IMT winners
Wise
- Send money overseas at the real exchange rate with no mark-ups
- Low transfer fees and no minimum transfer amount
Expert verdict
Wise is shaking up the world of international money transfers by getting rid of exchange rate mark-ups so that customers can send money to 80 different countries in numerous currencies at the real mid-market exchange rate. Transfer fees start at a low 0.5% per transfer over $10,000 and 0.7% per transfer under $10,000, and there are no other hidden fees.
Revolut
- Send money in 35+ currencies, to over 150 destinations
- Flexible plan options depending on your needs
- Competitive exchange rates at the interbank rate
Revolut lets users send money internationally to 180+ countries with low fees, competitive exchange rates, and fast processing. Transfers can be instant or take a few days, and fees depend on your plan (Standard, Premium, Metal). Premium users get unlimited free transfers, while Standard users have some limits.
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 offered by each provider are indicative exchange rates that have either been supplied by each provider or gathered by Mozo. Exchange rates fluctuate constantly and as a consequence 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. These exchange rates are updated every hour.
^See information about the Mozo Experts Choice International Money Transfer Awards
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