Australia’s best international money transfer providers revealed

Transferring money overseas can be a costly process, so Mozo’s experts have been working hard to crunch the numbers and identify the very best foreign exchange transfer options available to Aussies.

In the 2016 Experts Choice IMT Awards, Mozo’s experts compared 28 international money transfer providers operating in Australia, based on the separate foreign exchange of AU$5,000 and $60,000 into USD, GBP and EUR.

To be eligible, providers had to display their customer exchange rates clearly, on either the Mozo IMT comparison page, or on their own website without a login being necessary.

Here are the international money transfer providers who came out on top:

Best Overall Value IMT

As with the Experts Choice Deposit Awards last month, we saw a definite trend toward smaller, online providers in the results, with all three of the winners for best value IMT offering both phone and online service, but no branch access.

Mozo director Kirsty Lamont said Aussies looking to transfer money overseas needed to look outside the major banks to smaller providers for competitive foreign exchange deals.

“People assume the big four banks are the most reliable and cost-effective option,” she said. “But that’s not always the case. We’re seeing more and more small, online currency specialists coming out on top in terms of value for IMTs.”

When it comes to banks, Citibank took out the prize for Best Value Bank IMT, while ANZ was the winner of the Best Value ‘big four bank’ IMT award.

Key features to look for in IMT services

  1. Exchange rates: the current exchange rate being offered by your provider is what determines how much foreign currency you will get for your Aussie dollars. That’s why comparing foreign exchange rates is really important, as you’ll ensure you’re getting the best deal for your international money transfer. Remember even a few cents can add up to big bucks when you’re dealing with large sums of money.

  2. Fees: you’ll usually be charged some kind of fee for an international money transfer, whether it’s a fixed dollar amount, or a percentage of your exchange amount. Be wary of providers offering commission free money transfers, as this often means you’ll get a lower exchange rate.

  3. Transfer speed: the timeframe for international money transfers usually ranges between 1 and 5 days. If you’re in a hurry to get your money somewhere, check with your provider that it can be done quickly, and be prepared to pay a fast-tracking fee.

  4. Transfer limits: some providers have a minimum and maximum amount for any one exchange, which can be different depending on whether you’re doing the transfer in branch, online or over the phone. Remember to check that these limits allow for your transfer needs.

Do you need an international money transfer solution? Then head over to our international money transfer comparison table to find the best rates on the market, or skip straight to the best of the best and visit the Experts Choice IMT Awards page.