Fact checked
Are you wondering what the best way to send money overseas is? It’s important to compare your options before you apply, which you can do right here with Savvy. We can help you decide which international money transfer service is best for you from our panel of trusted transfer providers. Compare exchange rates and fees with Savvy and complete your international 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.
International money transfer (IMT) services are companies that specialise in sending money overseas. They often specialise in one particular region of the world, or a particular type of transfer. Because they deal with thousands of transfers every day, they’re able to provide the very best exchange rates and lowest fees compared to traditional banks.
International money transfer providers operate primarily online; you create an online account just like you would if you wanted a new bank account, and then use it whenever you need to transfer money globally. Once you've set up your account, the process for doing so is as simple as entering the amount you need to transfer, the destination and required currency and your recipient’s bank details.
Other providers offer more services beyond international transfers, such as offering a foreign exchange (FX) trading platform and FX transfer services between businesses that regularly trade globally across international borders. Frequent travellers or people living or working in a foreign country may need to exchange money from one currency to another often, so there are also international money transfer providers who offer international accounts, where money can be stored in a variety of currencies and exchanged when rates are most favourable.
Savvy is partnered with a wide range of international money transfer providers who can make your transfer a quick and easy one so that you can compare a variety of offers with us today before diving into the transfer process.
There are two main areas of comparison to look at when you’re deciding which international money transfer service to use: the exchange rate offered and the fees charged.
Exchange rate
The mid-market rate is the ‘true’ exchange rate between two currencies. When comparing transfer offers, look for the one closest to the mid-market exchange rate, as this may offer you the best deal (depending on the fees charged to make the transfer). Ideally, you should look for a combination of the best exchange rate possible and the lowest fees.
Fees charged
Some companies charge a flat fee for all transfers (usually up to $10 to $15) but they may add a margin onto the exchange rate. Other companies offer the mid-market exchange rate without adding a margin but charge a percentage of the transfer amount (typically up to 0.5% of your transfer amount).
In general, if you’re transferring a large amount overseas (such as $5,000 or more), a flat fee will probably be your cheapest option. For smaller transfers in the hundreds rather than thousands, a company charging a percentage fee may be worth looking at first.
More comparison points to consider:
Savvy’s international money transfer partners can all help you send the money you need reliably and efficiently. Some of our top picks are:
Remitly was established in the USA but has now expanded globally. It initially specialised in helping migrants send funds from the USA to support their families.
TorFX is based in Australia but has offices worldwide. It’s won numerous awards for the most outstanding value in FX transactions. Dedicated account managers are allocated to business users.
Xe is a globally-recognised, award-winning online forex trading specialist based in Canada. It’s a subsidiary of the giant Euronet Worldwide Group, and has been established for over 25 years.
Founded in Singapore, SingX has now expanded to Australia and specialises in transfers to Asian countries. It permits money to be sent to China (via Hong Kong).
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.
