Mozo's time-saving international money transfer comparison table makes it easy for you to transfer money overseas. No need to check out multiple websites, compare today's exchange rates and fees for your international money transfer in the table below.
If you've been racking your brain over the best way to transfer money overseas, or how to transfer money overseas, you've reached the right place. Mozo's international money transfer (IMT) comparison tool can help you easily analyse exchange rates and fees, as well as other key factors you need to keep in mind before you transfer money overseas.
Whether you are relocating to another country, sending money to friends or family living overseas or purchasing goods and services for your business, you'll want to find the safest, convenient and cheapest way to transfer money overseas. Mozo's comparison table gives you a comprehensive snapshot of exchange rates, fees and features for many of the international money transfer providers in Australia, including banks and foreign currency specialists.
Our IMT comparison tool can help you save time and of course, money, when you need to transfer funds overseas and into an international bank account. Say for instance, you want to send money to the United States, the UK, Europe or New Zealand, our time-saving tool helps you calculate how many Australian dollars (AUD) you would need to convert to your currency of choice, whether its EURO, USD, GBP or NZ dollars or other local currencies. Our results are ranked by price, so you can then choose the provider that’ll give you the best overseas money transfer result.
But if you’re simply looking for foreign exchange options for your next international holiday or business trip, this section isn't for you - head over to our travel money section, where you can compare everything from prepaid travel cards, travel insurance to overseas debit cards and travel credit cards.
Before you start comparing the different exchange rates, it’s important you understand the platforms where you can convert your money into another currency and which one works best for you. Finding the best way to transfer money overseas will depend on the amount of money you have and how frequently you need to transfer money into an overseas bank account. Here are some of the main options you can choose from:
Banks: Most banks are able to convert amongst a number of currencies but they usually charge higher conversion fees, compared to specialist international money transfer providers. If you decide to transfer money overseas with your bank, the money will be debited from your account and transferred to the designated overseas bank account. This could be a good option if you are in a hurry and don't have the time to compare rates or set up an account with a international money transfer provider or if you’re transferring a small amount and are unlikely to make frequent transactions.
International money exchange agencies - These are agencies or providers who specialise in foreign currency and are likely to offer you an attractive exchange rate at a relatively low conversion fee. If you choose to go with an IMT specialist, the money would first be transferred from your bank account to the new account you’ll create once you sign up with the agency, before it goes into the international account you choose. They often also offer a wider range of currencies to deal with than other options might. This is usually the cheapest way to transfer money overseas and is a great idea for individuals and businesses who regularly deal with foreign exchange.
Credit and debit cards: Your regular credit or debit card should be able to convert Australian dollars into the required foreign currency when you are travelling or even if you are shopping online at overseas stores. However on most cards, you will pay foreign transaction fees and overseas ATM withdrawal charges. An alternative when you are overseas is to get a special prepaid travel card from your bank, add money to it, lock in the foreign currency at a specific rate and get the international transaction charges waived.
Paypal: This is a safe and trusted method for transferring a small amount of money online, say if you are dealing with a few hundred dollars. The transaction usually takes no longer than a few minutes but given its fee structure, it can turn out to be relatively expensive if you are dealing with larger sums of money.
Here are the main features you need to keep in mind while comparing different ways to send money overseas:
Rates: The current exchange rate is one of the most important things you need to look at because this will determine the amount of foreign currency that you will get for your money - the higher the exchange rate, the more money you will get. Banks and IMT specialists can vary in the rates they offer, so it’s important to compare and calculate how much you will get in the end. When it comes to dealing with a large sums of money, even a difference of a few cents in the exchange rate can make a huge impact on your final amount. Also, don't assume that just because one provider is offering the best exchange rate for a particular currency, it’s also the best for other currencies. You should be comparing many providers for each different currency you’ll be dealing with.
Fees: Most banks and IMT specialists will charge an extra fee for converting your money into a foreign currency - some might charge a percentage of the total money exchanged, others could have fixed fees. And while you may be able to find a provider who will transfer money overseas with no fees, it’s important that you consider the overall cost
Transfer speed: This is the amount of time it may take to process the money transfer and usually ranges from one to five days. If you are in a hurry to get your money, you should ask the bank or agency if it’s possible to reduce the processing time. However, keep in mind that they could charge an extra fee for fast-tracking the transfer.
Transfer limits: Some IMT providers have a minimum and maximum amount of money you can transfer at a time, or on a monthly basis. This can also vary for online or phone transfers, but ultimately, it will depend on your requirement, so be sure to check this beforehand.
As you start crunching numbers, you can go through our list of frequently asked questions so that you can simultaneously get some of your own queries answered.