International Money Transfer Comparison

Compare different providers of international money transfers to make sure you get the top deal available.

Last updated on July 18th, 2022 at 04:49 pm by Cate Cook

Compare international money transfers

If you want the best deal when you send money overseas, it makes sense to compare as many international money transfer providers as you can to find one that’ll help you make your transfer the cheapest and easiest way. You can consider a range of international money transfer providers right here with Savvy so you can find the highest exchange rates and lowest fees available to you.

site-logos Xe
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 1-3 days From $0 100
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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 money

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site-logos OFX
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $250 1-3 days $0 50+
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OFX offers speed, security and simplicity with no hidden fees, total transparency and real people support 24/7

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site-logos Wise Money Transfer
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 1-3 days From 0.41% 53
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Send money cheaper and easier with Wise with no hidden fees.

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site-logos TorFX
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $200 0-2 days $0 35
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Excellent exchange rates with no transfer fees. Trusted by over 55,000 customers. Awarded Canstar’s 5 star rating 2018-2021.

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site-logos SingX
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 0-2 days From $0 30
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SingX offers live exchange rates with no mark ups and only charge a nominal fee shown to you upfront

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site-logos Remitly
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 0-2 days From $0 21
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countries

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More about international money transfer comparisons

How do I compare international money transfer (IMT) providers?

You can compare a range of money transfer offers all in one place with Savvy, as we’re partnered with a panel of trusted international transfer services. In terms of what to compare, there are two main elements to the cost of an international money transfer which are crucial to consider: the exchange rate you’re offered and the fees charged. The fees charged by international money transfer providers can either be at a flat rate or based on a percentage of the transfer amount. In general terms, a flat rate fee works out to be a cheaper way to send large amounts of money (AUD $5,000 or more), but the percentage method works out to be cheapest for smaller amounts

Once you’ve finished comparing the exchange rate and fees, it’s also worth considering other factors as part of the process. These can include:

  • speed – international money transfer providers can generally have your money at its destination within two days, with some providers able to offer same-day transfers and others able to send your money instantly. However, in certain situations, it may take up to five days, such as if you’re sending a larger transfer to a less common country. If you need your payment to arrive quickly, it’s always worth comparing transfer times between providers
  • transaction limits – some international money transfer companies have a minimum transfer limit ranging from $200 up to as much as $2,000 in some cases, while others don’t implement any such lower limit. There are also maximum transfers applicable too, with Western Union having a $5,000 daily limit, and other companies having an overall maximum limit of $50,000 up to $500,000 or more
  • currencies – the currencies offered by providers range from 30 or less up to over 100. It’s important to make sure your provider can offer a transfer in the currency you need
  • countries serviced – again, these range from just a handful of countries on one particular continent right up to hundreds of countries around the world
  • payment methods – some international money transfer companies won’t accept cash transactions and require bank details of the sender and receiver. However, there are ways to get money overseas if your recipient doesn’t have a bank account, such as using PayPal, ApplePay or a phone top-up

How much does it cost to send money overseas?

The fees you can expect to pay include:

  • flat fees (ranging up to $15), or
  • a percentage fee (from 0.40% upwards. For example, specialist provider WISE charges 0.41% to send money to popular overseas destinations).
  • free transfers (may be offered over a certain limit, such as $10,000)

Fixed fees are often better for larger transfers, while percentage fees are more suited to smaller transfers. For instance, a 0.50% fee on a $10,000 transfer would cost $50 in comparison to a flat $15.  However, the same fee on a $1,000 loan would be just $5, making it the cheaper option than a fixed charge.

However, the amount it’ll cost you to transfer money overseas will depend on how much you want to send and which country you’d like to send it to. Countries that have a higher level of currency exchange traffic from Australia (such as New Zealand, the UK, the USA, India and China) will be cheaper than less common destinations, such as some African nations. For this reason, you may find sending money to Kenya is more expensive than a transfer to the USA, for instance.

How do I get the best exchange rate on my money transfer?

Exchange rates between currencies are constantly changing according to trading on the international currency exchange markets of the world. However, it’s important to know some of the ways you can go about maximising your chances of securing a higher rate. These include:

Look at the mark-up as well as comparing fees

When comparing exchange rates, look at a provider that offers a zero to very low markup on the exchange rate. The closer the exchange rate offered is to the published mid-market rate, the better the deal is for you.

For example, say you wish to transfer $100 to Indonesia. The mid-market rate quoted is AUD $1 = IDR 10,256.9 (Indonesian rupiah). The comparison of different providers could be as follows:

Provider Exchange Rate IDR IDR received for AUD $100 Difference from mid-market rate
Mid Market Rate
10,256.9
1,025,690
N/A
Provider 1
10,220.5
1,023,050
3,640
Provider 2
10,235.0
1,023,500
2,190
Provider 3
10,256.5
1,025,650
40

Comparing these three offers, Provider 3 offering the closest to the mid-market rate will give you the best exchange rate deal and the most IDR for your AUD. However, it’s still important to consider the fees charged to make this transfer before deciding which offer to accept.

Do your research

Keep an eye on the exchange rate you’re interested in and watch for daily and weekly fluctuation patterns. You may be able to notice a pattern of when the currency moves more in your favour, and so time your currency exchange for a time when the exchange rate is most favourable to you.

Consider using currency tools

You can save considerable money if you use currency exchange tools such as limit orders and forward contracts. A limit order allows you to set up a transfer to be automatically conducted once the exchange rate hits a certain point, rather than forcing you to wait to do so manually, while a forward contract allows you to lock in a rate to be used for a transfer in the future, much can last anywhere from 24 hours up to 12 months in some cases.

Using such tools can offer you certainty when making your transfer, as you’ll know the exact exchange rate you’re going to get in advance of the transfer being carried out.

Frequently asked questions about comparing international money transfers

How do international money transfer providers compare to traditional banks?

International money transfer providers tend to have far lower fees and be cheaper overall than traditional banks, as well as often offering a faster service. For example, bank fees for transfers range from $6 up to $35 per transfer, whereas the average fees charged by a specialist international money transfer provider range from $0 to $15. However, it’s also very important to compare exchange rates, as banks’ quoted exchange rates may sometimes be more preferential.

Is it safe to complete an international money transfer online?

Yes – international transfer service providers use data encryption technology, which is the same used as many of the big banks in Australia, so it’s safe to enter your banking details into the online or mobile apps provided by international money transfer service providers.

What information and documents will I need to complete an international money transfer?

Once you’ve set up an account and provided proof of your identity to an international money transfer service provider, you won’t have to provide that information again to make second and subsequent transfers. However, for each transfer you make, you’ll have to provide details of the person you’re sending money to, including their full name and bank details if you’re paying the funds directly into their account.

Can I cancel my transfer if it hasn't yet been delivered?

Yes – if you realise you’ve made a mistake or wish to cancel a transfer, you may be able to do so online if you catch it before it’s been delivered. However, once the international money transfer has been enacted, there’s no way to cancel it or ‘walk back’ the payment. Make sure you check the transfer details very carefully before sending and don’t send money internationally to strangers or people you don’t know to avoid falling victim to scams.

Am I able to complete a money transfer with my credit card?

Yes – some providers will allow you to use your credit card to pay for your international money transfer. However, this may prove to be an expensive way to transfer money overseas, as your credit card provider may also charge you fees equivalent to a cash withdrawal. You’re likely to be better off using a direct debit from your bank account if you’re making the transfer online.