Should I use PayPal or an international money transfer provider?
When it comes to TorFX, OFX or Send, your transaction may take 1-5 business days to reach your family or friend. They are also not ideal for online shopping.
IMTs typically offer better currency exchange rates than PayPal and major banks. If you are sending large sums of money you’ll be getting more bang for your buck.
Related: The best international money transfer providers in 2021
When you are using an IMT you are actually sending money between banks, so your receiver does not need to have an account with the provider you are using. You do need to have the bank account information of whoever you’re sending money to. If you want to send money as a surprise this might be a bit tricky, but once you have your receiver’s information you can send as many surprises as you want.
If you are a business owner and need to send money overseas, IMTs typically are the better option. With their competitive exchange rate and little to no fees, they were practically made to send large amounts of money across borders - whether it be for taxes, bills or other payment purposes.
If you are interested in learning more about sending money overseas check out Mozo’s country guides for transferring money internationally.
Personal international money transfer comparisons on Mozo
I want to transfer
Today’s foreign exchange rates
- Excellent exchange rates, no transfer fees
- 24/7 transfers online, over the phone or through the TorFX app
- Personal account management and expert insights
$6,442 USD
IN PERSONn/a
BY PHONE$0
ONLINE$0$0.6442 USD
1-2 days
$200 minimum
- Send to 200+ countries and 100+ currencies globally, 48,000+ 5-star 'Excellent' ratings on TrustPilot
- Dedicated Australia-based client services team with personal account management for transfers over $20,000
- Send fees are charged on smaller amount transfers, additional fees are charged on debit and credit card payment methods.
$6,426 USD
- IN PERSONn/a
BY PHONEn/aONLINE$5 $0.6430 USD
1-3 days
none
- Fee Free transfers
- Talk to a human, 24/7. Sharp Rates and Fast and Secure transfers.
- Australian owned, ASX listed and Official Foreign Exchange Provider of the NHL
$6,395 USD
- IN PERSONn/aBY PHONE$0ONLINE$0
$0.6395 USD
1-2 days
$250 minimum
$500 monthly minimum for regular transfers
- 40 currencies to choose from
- Transfer money internationally, free from hidden fees
- Get a debit card to spend online, at the checkout, and to withdraw cash
$6,434 USD
- IN PERSONn/aBY PHONEn/aONLINE$0
$0.6434 USD
1-3 days
$1.5m maximum
* 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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