Online IMT specialists trump the big banks with better deals for sending money overseas
The big banks are being challenged in the international money transfer sphere by new IMT services that are popping up left, right and centre. On a mission to take down the big banks, these new IMT providers are entering the market armed with low prices and super competitive service features.
Some of the latest to join the Australian IMT market include OFX, CurrencyFair, InstaReM and TransferWise, all of which offer predominantly online-based IMT services.
According to the ACCC’s Foreign Currency Conversion Services Inquiry Final Report from July^ this year, several big banks have already dropped IMT prices and upped their service offerings to include online international money transfers, in a bid to keep up with these up and coming competitors.
The report revealed that even some of the big four banks have described these new IMT specialists as “more competitive than Banks in IMT” and “disruptively priced below the major banks”.
Customers who responded to the report’s survey seemed to agree that these new emerging IMT providers are offering better deals than the big banks.
"One questionnaire respondent noted that one new entrant offered ‘the fairest conversion rate by FAR’ [original emphasis]. Another questionnaire respondent noted that a newer entrant ‘had the best rates’."
So, if you regularly send money overseas and want a more competitive IMT deal, then here are a few newer IMT providers that are changing the game with their hard to beat prices and top-notch features:
OFX - International Money Transfer
- Fast and secure transfers
- Minimum transfer amount of $250 AUD
- 24/7 service (via phone & online)
From competitive rates to no fees on transfers of $250 or more, OFX is a top-notch international money transfer service provider. In addition, OFX allows you to securely transfer money to over 190 different countries in all the major currencies, with same-day transfers available to the USA and UK, and 1-2 day transfers to all other destinations. With OFX, you’ll have access to a specialist 24/7 service over the phone and online, ready to answer any queries you might have.
InstaReM - International Money Transfer
- 1-2 business day international money transfers
- Earn loyalty InstaPoints each time you make a transfer
- $10 bonus credit towards your first InstaReM transfer when you enter the coupon code ‘MOZOINSTA’ when applying online
InstaReM kick things off with zero margin FX rates*, low fees and super-quick international money transfers, which usually only take around 1-2 business days for the money to hit your recipient’s account. On top of all this, InstaReM offers a loyalty rewards points system, where you can earn InstaPoints for each transfer you make. Any InstaPoints you earn can then be redeemed on your transactions made via InstaReM.
CurrencyFair - International Money Transfer
- Competitive exchange rates
- Fast and secure transfers
- 2019 Mozo Experts Choice Award-winner**
Top of the line international money transfer service CurrencyFair hits the ground running with no transfer fees, fast and secure 1-2 day transfers made over the phone or online and competitive exchange rates. To top it all off, CurrencyFair has won awards in the Mozo Experts Choice Awards for International Money Transfer, two years in a row.
Wise - International Money Transfer
- 1-3 day transaction turnaround
- Competitive exchange rates
- 2019 Mozo Experts Choice Award-winner**
Named one of Australia’s best International Money Transfer providers in the 2019 Mozo Experts Choice Awards, TransferWise offers competitive exchange rates, a super quick 1-3 day transaction turnaround and no minimum transfer amount. To add to this, this 100% online IMT specialist accepts payments via bank transfer, POLi and Apple Pay through the app.
Send - International Money Transfer
With no transfer fees, competitive exchange rates and fast 1-2 day international money transfers, SendFX is definitely worth a second look! If you plan on making regular overseas money transfers, then SendFX has you covered, giving you the ability to set up weekly, monthly or customised recurring payments. Plus, you’ll be able to manage up to 30 different currencies all from the SendFX app.
TorFX - International Money Transfer
- Fee-free overseas money transfers online & over the phone
- Competitive exchange rates
- Speak to a personal account manager
A steady player in the game, TorFX provides customers with an exceptional international money transfer service, offering fee-free transfers and competitive exchange rates. Not to mention, TorFX comes with all the usual IMT features you’d expect, including a forward contract option, letting you lock in an exchange rate up to 2 years in advance. Plus, with TorFX’s online IMT capabilities, you’ll be able to transfer funds around the clock and keep an eye on live exchange rates.
WorldFirst - International Money Transfer
- $0 transfer fees
- Optional regular updates: Rate alerts, live graphs or daily economic updates
- Competitive exchange rates
With no transfer fees, killer exchange rates and a price match guarantee, as well as convenient 24/7 transfers either online, via the app or over the phone, with WorldFirst, transferring money overseas can be a total breeze! Not to mention, WorldFirst has an enormous global customer base with over 400,000 customers!
Check out our international money transfer comparison table, for more competitive IMT options.
^Click here for more information on the ACCC’s Foreign Currency Conversion Services Inquiry Final Report .
*applicable only for certain currencies and certain trading hours.
**Click here for more information about the 2019 Mozo Experts Choice Awards for International Money Transfer.
* 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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