International money transfers are a fast and efficient way of transferring money overseas. Over AUD $7 billion is sent out of Australia to overseas destinations each year this way. There are many different options available with a variety of speeds, exchange rates and fees to get your head around. You can find and compare your options right here with Savvy to help you get the best deal on your international money transfer. Get the process started with us today.
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An international money transfer (IMT) is a way of getting money from your Australian bank account to a person in another country, either in cash instantaneously or through the international banking system. This may be to pay for goods or services, to send money to relatives or to pay for work or contracts carried out overseas. Payments can either be made to an individual’s bank account, to a company’s account, to a digital wallet or to a phone account.
The amount you can send overseas in one transfer ranges from $1 right up to $500,000 or more, although this differs between providers and may be impacted by your bank’s maximum withdrawal limit. Some international money transfer providers also have a minimum transfer limit, which can reach up to $250, so this is one feature well worth comparing.
The main advantage of using an international money transfer provider is they’re usually far cheaper than conventional banks. They provide a fast, secure and convenient service that can’t be matched by the big banks.
You can make an international money transfer in several ways:
You can pay for your transfer either in cash, using a credit or debit card or by electronic transfer out of your Australian bank account. The total amount you’ll pay will include any fees and charges levied by the service provider, plus the sum you wish to send overseas (transferred into the local currency at an agreed exchange rate).
Using an international money transfer provider is simple and easy. To pay someone overseas using online banking, just follow these steps:
Before you can transfer money abroad, you’ll need the following information to hand:
Some of the most popular of these include:
Your transfer provider or bank will tell you which specific account details they require depending on the destination of the funds you wish to transfer.
The factors you should look at when comparing service providers are:
A Canadian-based online FX trading specialist and international money transfer provider which is a subsidiary of the Euronet Group, Xe.com started as Xenon Laboratories and has been established for over 25 years. It offers both retail and business FX accounts.
OFX is an Australian-based company launched in Sydney in 1998. It now has over one million customers globally. It charges a standard flat fee of $15 if you transfer an amount under $10,000, and over $10,000 there’s no transfer fee.
An online app and international money transfer provider offering an international account to make spending easier in any currency, WISE offers a host of useful currency conversion tools and sophisticated banking technology.
Founded in Queensland in 2004, TorFX is still based in Australia but has offices worldwide and over 450 employees. It’s won awards for the most outstanding value in FX transactions for many years running from companies comparing money transfer providers.
Sing X was founded in Singapore but has now expanded to Australia and permits money to be sent to China via Hong Kong. They’re known for charging a percentage fee and using the mid-market exchange rate, making them a highly economic option for some transfer amounts.
Remitly was established in Seattle in the USA. It specialises in helping immigrants send funds from the USA to support their families.
For security reasons, some IMT providers apply a transfer limit, so the amount you send overseas may be capped. Common limits range from $5,000 up to $20,000 but there are many providers with a $0 limit. This is something to keep in mind if you need to send large sums of money. The reverse is also true; some providers have a minimum amount that needs to be sent.
You’ll be able to trace your funds to know exactly when they’ve been sent and when they’ve arrived, often with sophisticated tracking apps keeping a round-the-clock watch on your funds.
Avoid the unpredictability of cheques or relying on postage by using 100% online transfer service providers who use highly secure encryption services and are as safe as the large banks.
Convenient online and mobile apps with handy conversion tools make it simple to transfer funds 24/7 with day or night phone support possible from some providers.
There can be fees involved in transferring money internationally, ranging from a flat service fee to currency conversion and transfer charges.
One downside to having efficient processing is that most international money transfers are non-reversible. For those companies who do offer cancellation, a fee will generally be applied and the cancellation may not be guaranteed.
There can be uncertainty about the amount to transfer with international exchange rates changing so rapidly. However, many providers offer locked-in quotes so you’ll know in advance what exchange rate you’ll get for your transfer.