How to send money overseas with minimal transfer fees

No one likes being stung with fees when it comes to their everyday banking and sending money overseas is no different.

For many looking to convert their Aussie dollars into foreign currency, heading straight to the bank is the first and only option that jumps to mind.

But if Mozo research is anything to go by, the big banks don’t always offer the best value, with transfer fees ranging from $10 up to $30.

So if you are planning on making an international money transfer and want to save on transfer fees, you could be better off using an IMT specialist.

IMT specialists are experts when it comes to international money transfers and often offer better rates and minimal fees compared to major banks.

And if you’ve never used or heard of an IMT specialist before, we’ve rounded up a few in our database that offer minimal transfer fees:

Founded in 2004, World First have serious experience when it comes international money transfers. No matter if you’re sending money to a loved one or for business purposes, WorldFirst does not charge a fee for transfers over $10,000, however there is a $10 flat fee for transfers under $10,000. They’ve also got competitive exchange rates, giving you the best bang for your buck. Oh and did we mention they received a 2018 Mozo Experts Choice Award for Best Value International Money Transfer Provider?


Another IMT specialist with more than ten years experience under its belt is TorFx. Originally started in the UK, TorFx have over 240 staff members across eight countries, including Australia, South Africa, India and the US. And while TorFx does not charge any transfer fees, keep in mind that the recipient’s bank could.


Formerly known as OzForex, OFX was founded in 1998 and has since helped customers transfer more than $69 billion worldwide. The company also has offices all over the world, from Sydney to London to Toronto. OFX does charge a $15 flat fee for transfers under $10,000, however transfers over this amount are totally free!

If you’re after a serious player in the currency conversion game, you should check out XE. XE currently have 60 currencies on its list of exchanges, providing transfers for more than 33,000 people. And best of all, you won’t have to worry about a minimum transfer amount or any transfer fees!


Fast, safe and competitive: the three things most Aussies want out of an international money transfer. And InstaReM, or Instant Remittance do just that. In fact, they’re one of the few providers in the Mozo database that can transfer funds into a foreign bank account typically in one business day. And unlike a big bank, they don’t charge hefty transfer fees - just a nominal transaction fee of 0.50%. And to top it off, it was also a 2018 Mozo Experts Choice Award winner!


Last but certainly not least on our list is OrbitRemit, an entirely online international money transfer service. And although it might online only, OrbitRemit can help you transfer money to a number of countries, including Malta, India and South Africa. If you’re looking to transfer money outside Australia, you’ll pay a $4 flat fee, but if you’re transferring to India specifically, it's free!

But if you’d like to check out more transfer options, head on over to our international money transfer comparison tool.