Last updated by Savvy Editorial Team, Savvy, on August 17th, 2023
When sending money overseas, it’s important to choose a transfer method that is reliable and will guarantee that your funds arrive at their destination safely. Savvy has partnered with a panel of trustworthy international transfer service providers to bring you more options to compare when transferring money internationally. Choose which one suits your needs the best 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.
There are many ways to send money overseas from Australia. However, if you want to find the cheapest and most reliable way to send money overseas, you need look no further than specialist international money transfer companies.
Such companies are frequently able to offer the lowest fees, the best exchange rates and the fastest transfer services available. They'll often be able to get your money overseas far quicker than a bank, and with much lower fees, too. The process is also highly convenient, with everything taking place online from start to finish in a highly secure manner with high-level encryption to keep your details safe.
Savvy has partnered with a panel of reputable international money transfer service providers so you can make your international transfer worry-free. They offer the best way to send money overseas, so your only remaining choice is which one of Savvy’s partners offers you the best value for the sort of money transfer you want to make.
There are many ways to compare different international money transfer services, with some of the key features including:
Exchange rates
The exchange rate you’re quoted will have the largest influence on your transfer, as even a small difference in the rate can have a huge impact on the amount of money you end up sending overseas, particularly if you’re making a large transfer. That’s why it’s so important to compare exchange rates with Savvy before making your transfer decision.
To get the best deal on your international exchange, look for a company which offers an exchange rate as close to the mid-market rate as possible. This is the ‘true’ exchange rate, which falls halfway between the buy price and sell price on the international currency exchange market. The closer your exchange rate to the mid-market rate, the more foreign currency you’ll be able to buy with your Australian dollars.
Fees
Next, look at the fees you’re being charged to transfer the money. There are three main ways that international money exchange companies make their money:
All of these methods of charging for international transfers will probably end up being cheaper than using your traditional bank, as banks charge fees anywhere between $6 and $30 to complete a transfer from one bank to another overseas. By comparison, an international money transfer company may charge a fee of less than $5 to make a small transfer.
In general terms, flat-fee charges are the best for larger transfers and percentage charges are more economical for smaller transfers. Make sure you’re aware that some companies have minimum and maximum transfer limits, such as minimum limits of $200 to $250, maximum limits anywhere from $50,000 to $500,000 or more and occasionally a daily limit of $5,000.
Countries and currencies
It’s vital to make sure the company you choose offers money transfer services to your preferred destination in the currency you require. You can check this fact by going to the company’s website and looking at their list of countries serviced.
Transfer speed
The transfer time and speed of delivery of an international transfer will vary from provider to provider and based on the destination of your transfer. High-volume destinations from Australia, such as the UK, USA, New Zealand and India will often transfer more quickly than if you send money to a less common destination. Transfer times for money exchange companies range from zero to two days in most cases (but can reach up to five days), with some able to have your money available overseas in a matter of seconds.
Payment methods
Some companies can be paid in cash, while others require payments to come directly from a bank account. Some will allow payments by cards, while others require bank details. Make sure you check whether the company you choose offers the payment method which suits you most.
You can safely use any of Savvy’s trusted partners to reliably transfer money overseas from Australia. Some of our reliable international money transfer providers include:
Canstar Award-winning provider Xe is a globally-recognised online FX trading specialist based in Canada. It’s a subsidiary of the giant Euronet Worldwide Group, and has been established for over 25 years. It offers transfers to over 220 countries using more than 138 currencies.
Founded in Singapore, SingX offers exchange rates with no markups and low fees. They offer transfer speeds of 0-2 days to more than 30 nations, primarily in the Asia-Pacific region. SingX is commonly used by individuals looking to transfer to and from Asia.
Offering a percentage fee and very competitive exchange rates, Wise offers an international currency account on an app with many useful tools to help make your transfer cheaper. Their percentage-based fee makes them a suitable option for smaller, more frequent transfers.
TorFX offers a full-service foreign exchange trading platform and is commonly used by businesses to transfer money overseas. They offer account managers to assist with commercial transactions and highly-regarded, award-winning customer service. They come with a minimum transfer of $200 and offer 35 currencies.
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.
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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.
