How to send money overseas

Planning to send money overseas from Australia and curious about how it all works? From choosing the right transfer service to understanding fees and limits, we've got you covered. Here's a quick guide to get you started on everything you need to know about international money transfers.

When sending money internationally, you're typically choosing between three main routes: specialist International Money Transfer (IMT) providers, traditional bank transfers, and digital payment platforms like PayPal. Each has its unique benefits and considerations.

• Specialist IMT providers. Specialist IMT Providers focus on offering competitive rates and lower fees for international transfers.
• Bank transfer. Bank Transfers involve using your banking institution to send money abroad, offering convenience and reliability.
• PayPal. PayPal stands out for its widespread acceptance and the ability to send money to people rather than just bank accounts.

Detailed Comparison

To help you navigate these options, let's compare each option side-by-side:

Still not sure? Check out our IMT vs bank transfer guide for a full rundown of a number of different options.

After your account is set up, the next step is to specify where you want your funds to go. Gathering the right details about your recipient is essential for a smooth transaction:

• Full name and address. Ensure you have the recipient's full name as it appears on their bank account. If the account name is different, include both. Many IMT providers also require the recipient's address, so having this information is important.
• Recipient’s bank details. You'll need the full name and address of the recipient’s bank. This helps accurately identify the destination bank for the funds. In some locations, an additional bank code might be needed, so verifying this information can help avoid delays.
• Bank account number. Just like with a domestic transfer, the recipient's bank account number is necessary to direct the funds to the correct account overseas.
• BIC/SWIFT code. The BIC or SWIFT code is a unique identifier that banks and transfer services use globally to recognise the recipient’s bank. Including this code ensures your money reaches the right bank without issues.

Making sure you've got all the right details will help your money land smoothly in your recipient's account overseas.

After you've chosen your international money transfer service, got your account ready, and ensured you have all the right details for your recipient, it's time to get down to the business of actually sending your money internationally. There are a few ways to do this, and the best method for you depends on what you're looking for in a transfer. Here's a quick guide to three key features you might consider to snag the best deal:

• Spot deal. Just like it sounds, a spot deal is all about now. You see an exchange rate you like, you lock it in, and you've got 24 hours to make your transfer happen. It’s straightforward and perfect for quick decisions.
• Forward contract. This is a bit like having a financial crystal ball. If you spot an excellent rate now but don't need to transfer until later, you can lock in that rate for a future transfer, sometimes up to a year or even two in advance. It’s a great strategy if you’re planning ahead and want to avoid future rate fluctuations.
• Limit order. For those who aren't in a hurry and want to wait for the best possible rate, a limit order is your friend. You set the rate you’re aiming for, and the transfer will only execute if the market hits that rate. It’s a smart move if you’re playing the long game for maximum value.

And there you have it! Once you’ve picked the right feature for your transfer and hit the send button, your money will start its journey to your recipient's bank account overseas.

Whether you’re paying for your wedding reception in the Philippines or paying your German business suppliers, it’s a good idea to be familiar with international money transfer rules and quirks that apply to that country.We’ve got a stack of country specific information for just that reason. Take a look at the list below to read up on your IMT destination.

Receiving money from overseas can be pretty straightforward, yet there are some important details to keep in mind to ensure it all goes off without a hitch. Here’s what you need to be aware of:

• Bank details. Make sure the sender has your correct bank details, including your account number, BIC/SWIFT code, and bank address. Any errors here can lead to delays or misdirected funds.
• Exchange rates. The exchange rate plays a big role in how much you end up receiving. The service chosen by the sender and the timing of the transfer can both influence the rate you get.
• Fees. Receiving money in your bank account usually comes with lower fees compared to sending money, but some banks do charge for international transfers. It’s a good idea to check with your bank for any applicable fees.
• Tax implications. Large sums of money coming in from abroad might have tax implications. Consulting a tax professional can help you understand any tax responsibilities.
• Transfer time. How long it takes for the money to reach you can vary — from a few hours to several days. This depends on the service used, both the sending and receiving countries, and the transfer method.
• Limits. Be aware that some banks and transfer services set limits on how much money you can receive. Knowing these limits ahead of time can help you avoid any surprises.

Keeping these points in mind will help make receiving money from overseas a smooth experience.

Now that you know the steps to send money overseas, it’s time to get the ball rolling by comparing international money transfer options.

Get started by using our table below to compare competitive specialist offers for AUD/USD exchange rates. You can also customise the exchange rates shown below by entering in your transfer amount as well as sending and receiving currencies. 

Or head over to our overseas money transfer comparison table for even more specialist options.