Fact checked
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.
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.
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.Â
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:
The fees you can expect to pay include:
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. Â 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.
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 |
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Mid Market Rate |
10,256.9 |
1,025,690 |
N/A |
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Provider 1 |
10,220.5 |
1,023,050 |
3,640 |
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Provider 2 |
10,235.0 |
1,023,500 |
2,190 |
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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.
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.
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.
