Fact checked
Are you looking to send money overseas and want to find the cheapest way to do so? You can compare a range of different international money transfer providers right here with Savvy. Choose a company which offers the highest exchange rates and lowest fees from our panel of trusted exchange partners and start your transfer today.
OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
Using an international money transfer company will nearly always be the cheapest way of sending money overseas. They will almost certainly be cheaper than using a traditional bank, as they can charge anywhere from $6 up to $30 to transfer money overseas. Paying by credit card can also attract hefty fees (often around $30) plus a percentage fee on the cash amount you wish to exchange. This fee can be as high as 5% of the total transfer amount.
On the other hand, companies that specialise in international transfers will, on average, charge around $10 or less for a transfer. The fee for smaller transfers can sometimes be as little as a dollar or two, which makes them a very economic method of getting money overseas safely.
However, there isn’t one international money transfer provider which will suit all customers, because the cheapest provider for one transfer (such as under $1,000) may not be the cheapest for another transfer (such as over $10,000). That’s why it’s important to compare providers with Savvy until you find one offering the cheapest exchange rates and lowest fees for exactly the sort of transfer you wish to complete.
There are two parts to the cost of transferring money overseas:
Exchange rates
International currencies are traded 24/7 around the world at several major foreign exchange (FX) centres. The value of one Australian dollar constantly changes compared to other currencies. How much you get for your one dollar is known as the exchange rate. Even small differences in the exchange rate can mean the difference of hundreds or even thousands of dollars for your money transfer (depending on its size) which is why it’s important to compare providers with Savvy.
As there are buy and sell prices for currencies, the rate you should concentrate on is known as the mid-market rate, which is halfway between the buy and sell price. The closer the exchange rate you’re offered is to the mid-market rate, the better the deal is for you.
Some international money transfer services (and banks too) make their money by adding a margin to the exchange rate they offer. This is known as a mark-up. The bigger the mark-up charged, the more the transfer will cost you, so you should keep a clear eye on this when comparing your options.
Fees
Fees to transfer money internationally are either charged as a flat fee (for example, OFX offers $15 per transfer) or as a percentage of the transfer you wish to make (from 0.4% to 0.5% of the transfer value). If a flat fee is charged, the exchange rate you’ll be offered will often be close to, or right on, the mid-market exchange rate; in other words, there may not be much of a mark-up on the exchange rate you’re offered. A percentage transfer fee will vary according to the provider you choose, the amount you wish to transfer and the destination you wish to send money to.
Some companies (such as Remitly) also offer fee-free transfers, either for a transfer over a set amount (such as $10,000), as an incentive to attract new customers or simply because they make their money on exchange rate mark-ups. Knowing which method of charging a company uses can be useful when comparing transfer providers. It’s always worth checking the exchange rate offered with fee-free deals to make sure you’re being offered the cheapest possible international transfer deal.
Which is best: a flat fee or a percentage fee?
This will depend on how much you’re wanting to transfer to another country. In general terms, flat fees are better for larger transfers over $5,000, as charging a percentage of this amount is likely to be much more expensive. However, percentage fees work best for small transfers. For instance, a $100 transfer with a 0.5% fee would only cost $0.50 compared to a flat fee of $10 or more.
Other factors which impact the cost of transferring money overseas include:
Savvy is partnered with a range of providers who can offer cheap, affordable transfers. Some of our top picks include:
There's no need to pay a dollar to compare money transfer services with Savvy, as you can do so for free at any time.
You can compare offers with competitive exchange rates, fees and transfer speeds in minutes with us.
We're partnered with trusted and licensed money transfer companies to bring more quality to your comparisons.
If you’re using a flat-fee transfer provider, sending money less often will save you in transfer fees. However, if you’re using a company which charges a percentage of the transfer amount as a fee, be aware that minimum transfer limits may apply.
A forward contract is an agreement to set the exchange rate and fix it for a certain length of time. You can get a forward contract for anywhere between one day and 12 months. Think of it like a fixed interest rate on your mortgage: it’ll offer protection against falling rates, but won’t be so good if they increase.
A limit order is an instruction to carry out your international transfer when the exchange rate hits a set level. This way, you’ll know exactly how much you’ll receive. You may have to wait minutes or even days to achieve your transfer, but at least you’ll have certainty and will be able to budget in advance.
Since exchange rates move so quickly, it’s vital to constantly compare rates to make sure you achieve the cheapest possible international money transfer. Keep checking back in with Savvy to make sure you get the best deal possible.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
