Fact checked
The exchange rate you receive for your international money transfer can make a huge difference to how much money you send overseas, so it’s crucial to compare your options before you make your foreign transfer. For this reason, Savvy has partnered with a wide range of international money transfer service providers so you can have more choice when it comes to finding the best exchange rate and lowest fees for your particular situation. Complete the comparison process with Savvy 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.
The best international money transfer for you in terms of exchange rate will be the one that is closest to the mid-market rate, which is a rate halfway between the buy price and the sell price for that currency pair. The mid-market rate is considered the ‘true’ exchange rate between two currencies, so it’s this rate you should be aware of and keep in mind when planning your international money transfer.
To find the best exchange rate for your international money transfer, compare providers with Savvy and look for a company that offers the closest to the mid-market rate. International money transfer specialists will almost always be cheaper than using a traditional bank. However, you’ll also have to think about the fees being charged to make the transfer and work out which company offers the best combination of low fees and a very competitive exchange rate.
It’s also worth considering using currency exchange tools to ensure you exchange funds at the best exchange rate for your transfer. Such tools help you make a comparison between different exchange rates and are often provided by transfer companies, but may not be available with many banks. These advanced tools include:
International money transfer companies have different ways to make a profit. They can either charge a fee for their service or add a margin onto the exchange rate when they transfer your money. While transfer companies who offer free transfers may seem the cheapest, they may not offer the best exchange rate.
Those that impose fees generally either charge a flat rate (which could be up to $15 per transfer) or they charge a percentage of the transfer amount as their fee (typically from 0.4% to 0.5%).
Naturally, this means the larger the transfer, the higher the fee. It generally works out that flat fees are better for larger transfers and percentage fees work out to be cheaper for smaller transfers. Let’s look at an example of this in practice. Say you want to send AUD $500 to India and the mid-market exchange rate is 53.64.
| Fee method | Fee | Exchange rate | AUD converted | INR Received |
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Flat fee |
$15 |
53.64 |
$485 |
INR 26,015.40 |
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Percentage of transfer (0.45%) |
$2.25 |
53.64 |
$497.75 |
INR 26,699.31 |
|
No fee |
$0 |
52.50 |
$500 |
INR 26,250.00 |
This table shows how the ‘percentage of transfer fee’ method offers the best way to send money overseas for a small transfer, combining a low transfer fee and mid-market exchange rate. This highlights the importance of the exchange rate in this process, as even with a small $500 transfer, a difference of just over 1 INR resulted in almost 450 INR more arriving in India.
As the above example shows, you should always look at the money exchange rate on offer in conjunction with the fees being charged. However, there are also other factors to compare when looking at transfer providers with Savvy, such as:
Services offered – there are different types of companies you can use to send money overseas. Some providers simply offer a way to send money overseas faster than others, with instant transfers available. Others offer an international account which allows you to store funds in multiple currencies and send them internationally when required. Some international exchange companies offer a full foreign exchange trading platform, while there are companies that specialise in offering global payment solutions for business. It’s worth comparing to find a provider which suits your specific needs as a customer.
Speed of transfer – how long do international money transfers take? How quickly will your funds arrive at their destination? Most transfer companies will get your money there within two to three days, sometimes as soon as the same day. However, if you complete a transfer using your bank, you may have to wait at least three to five business days for your money to arrive.
Payment method – some transfer companies accept cash, while others require the funds to come directly from your bank account. A few providers will let you pay for your transfer using a credit card, but be aware that your card company may also charge you a fee if you use your credit card to send money overseas. The cheapest method is usually EFTPOS or direct debit from your bank account.
Transfer limits – there are minimum and maximum transfer limits specified by international money transfer companies, so you need to be aware of these and make sure the one you choose allows you to transfer the amount of money you require. For example, some providers require a minimum of $200 to $250, while others have a maximum limit of $5,000 per day. How much you can send will also depend on which provider you choose, with some having a maximum total limit ranging from $50,000 to $500,000 or more.
Currencies and countries serviced – not all providers send money to all nations in the world, so you’ll need to check with your provider as to whether they service the country and currency you need.
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.
