International Money Transfer Rates

Compare exchange rates for international money transfers with Savvy today.

Last updated on August 19th, 2022 at 10:36 am by Cate Cook

Compare money transfer exchange rates

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.

site-logos Xe
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 1-3 days From $0 100
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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 money

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site-logos OFX
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $250 1-3 days $0 50+
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OFX offers speed, security and simplicity with no hidden fees, total transparency and real people support 24/7

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site-logos Wise Money Transfer
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 1-3 days From 0.41% 53
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Send money cheaper and easier with Wise with no hidden fees.

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site-logos TorFX
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $200 0-2 days $0 35
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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.

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site-logos SingX
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 0-2 days From $0 30
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SingX offers live exchange rates with no mark ups and only charge a nominal fee shown to you upfront

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site-logos Remitly
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 0-2 days From $0 21
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countries

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More information about international money transfer rates

How do I find the best exchange rate for my international money transfer?

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:

  • limit orders, which allow you to specify at what rate your transfer goes through
  • forward contracts, which ‘fix’ your international exchange rate at an agreed level for a set period, ranging from a few days up to a year or more
  • rate alerts, which send you a notification when a specified exchange rate is reached

How much will my international money transfer cost?

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
Flat fee
INR 26,015.40
Percentage of transfer (0.45%)
INR 26,699.31
No fee
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.

How else should I compare international money transfer providers?

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 transferhow 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.

Frequently asked questions about international money transfer rates

Will the exchange rate I achieve change from my quote when sending money overseas?

No- if you receive a guarantee from your lender. A guaranteed spot price will lock in your exchange rate for a set number of hours, often ranging from 12 to 36 hours.  You should always know exactly what rate you will be given before you confirm the transfer.  Using one of Savvy’s trusted exchange providers will ensure you know exactly how much your transfer will cost before you go ahead with the deal.

Will my business receive a different transfer rate if I want to send money overseas?

Yes – the exchange rates offered to retail clients will be different to those offered to business transfer clients.  The rate offered will depend on the frequency and size of the transfers you wish to make.

How do I find free international money transfers?

There are several different ways to access free transfers. Some companies offer no fees if you wish to transfer more than a certain amount, such as $10,000. Others offer promotional deals for new customers for no fees on the first transfer or two. You should always check and compare the exchange rate offered with free transfers to make sure you are getting the best deal, as providers may add a mark-up to their rate instead of charging a fee.



Can I send money anywhere in the world?

Not all transfer providers service all countries or currencies, so you need to find one that does provide services to your intended destination. In addition, international geopolitical considerations may limit where you can send money to. For example, if there are international sanctions in place to prevent money from being sent from Australia, transfers to these nations won’t be possible (such as Russia in 2022).