Fact checked
Are you about to transfer money overseas but want to find out what fees are charged for doing so? Savvy can help you compare international transfer service providers to find the lowest fees and highest exchange rates available in Australia right now. Start your international transfer journey with us today and save money in the process.
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.
International money transfer providers make their money in one of three ways:
Whichever method they use to set their charges, any fees will almost certainly be less than those charged by your bank and could be in the region of $5 to $10 or less depending on how much money you wish to transfer abroad.
Banks will generally charge higher fees to transfer money and will be far more expensive than those who specialise in international money transfers. Their fees can range from $6 up to $30 or more per international transfer, while the exchange rate offered by a bank may not be as good as that offered by a transfer specialist. Therefore, if you’re looking to find the cheapest way to send money overseas, specialist international transfer companies are likely to be your best bet. Â
Receiving fees
Another reason to use an international money transfer provider rather than a conventional bank is receiving fees. These are fees charged by a bank to receive an international money transfer, which ranges between $15 and $30, and will apply to the recipient of your funds.Â
Overseas banks may impose whatever receiving fees they choose, so bank transfer providers in Australia have no influence over these potential fees. Using a money transfer company will help ensure your recipient won’t have a nasty surprise when they receive their money.
Which one of Savvy’s money transfer partners will charge the lowest fees for your transfer will depend on several factors.
To find the lowest fees for your particular transfer you should compare companies that offer different fee charge methods. In general terms, those who charge a flat fee may be the cheapest for larger transfers, whilst those who charge a percentage of the transfer amount may be your lowest-fee option for smaller transfers.
Other factors affecting the price of an international transfer include:
The amount transferred and its destination
The amount you wish to transfer can affect the fees charged, as some money transfer services have a limit on the amount of foreign money available for less-often exchanged currencies. This means they may charge higher fees for these less common currencies and lower fees for the most popular ones. The most popular destinations include sending money from Australia to India, the UK, the USA, New Zealand and China.
For example, compare the cost of sending AUD $1,000 to some of these high-traffic countries, compared to less well-used destinations. Specialist transfer provider Wise charges the following (as of July 2022):
Fees to send AUD $1,000 to high-traffic destinations:
Fees to send AUD $1,000 to lower-traffic destinations:
Legal compliance
In addition, all cash transfers over $10,000 leaving Australia have to be reported to AUSTRAC, which is the Australian Government’s anti-money-laundering agency. AUSTRAC compliance can also add to the cost of the transfer in some cases if you wish to move more than $10,000 overseas, as some companies will charge more for the administration to fill in compliance forms.
The method of payment
In addition to your transfer provider charging fees to make the transfer, you may also be charged fees if you decide to use your credit card to pay for the transfer. For example, some credit cards charge a fee of up to 5% of the transaction value for international transactions. For this reason, it’s cheaper to pay for your transfer either in cash, using a direct debit from your bank account or by using EFTPOS with your debit card if you wish to avoid additional credit card fees.
The speed of delivery
The cheapest method to send money overseas will not necessarily be the fastest international transfer. Generally, you’ll have to pay more if you wish to make an instant transfer, a cash transfer or an overseas cash delivery (a service offered by a limited number of international money transfer providers). Some providers also offer an express service, which means you’ll pay a fee to guarantee same-day delivery.
There are many factors to consider when finding the right money transfer for your needs. Some of the main variables to compare when choosing your ideal provider with Savvy are:
Exchange rate
Naturally, the exchange rate you’re offered will have the largest influence on how much money you send overseas. Even a small difference can have a big impact. Check how close the exchange rate offered is to the advertised mid-market rate for that currency. The mid-market rate is known as the ‘true’ exchange rate currently on offer and is halfway between the buy and sell rate offered on the international money market. The closer to the mid-market rate, the more your recipient will receive in their currency.Â
Transfer limits
Companies typically have minimum and maximum limits when sending money overseas. For example, OFX has a minimum transfer amount of $250 and TorFX has a minimum lower limit of $200. Maximum limits can range from $50,000 to $500,000 or more, but some will require you to stick to a daily limit, which may cap your transfers at $5,000 for any given day.
Currencies offered
Not all companies deal in all currencies, so you’ll need to compare to find out if your preferred company does offer your currency of choice. If your intended destination is a more remote nation, you may have to spend more time searching for a company that offers a currency exchange service to that particular nation.Â
Regions of operation
It’s also worth comparing transfer companies which specialise in a particular region of the world, as they may prove to be the cheapest transfer provider for that region. Transfer providers operating in the country of their incorporation may also offer the lowest fees for a transfer to that particular country. However, it’s always worth comparing with Savvy to find the most affordable transfer to your chosen destination.
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.
