International Money Transfer Limits

Discover the limits which apply to international money transfers from Australia before you send money overseas.

Last updated on July 20th, 2022 at 05:00 pm by Cate Cook

Find out about international money transfer limits in Australia

If you’re looking to transfer funds internationally, there are many ways to go about it. However, it’s important to find out what limits may apply before you send your funds. Savvy is partnered with a panel of trustworthy international money transfer providers, so you can not only find one with the right transfer limit but also compare exchange rates and transfer fees. You can get the process underway with us 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 55,000 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 about international money transfer limits

What limits apply to international money transfers from Australia?

All international money transfer providers have their own rules about how much you can transfer overseas. Minimum transfer limits vary from as little as $1 up to $250 in some cases; specialist provider TorFX imposes a $200 minimum, for example. Maximum transfer limits also vary widely, with some providers having a maximum daily limit in place. Western Union, for instance, has a $5,000 per day limit. However, others have maximum transfer sizes of up to $500,000 or more. As such, it’s worth comparing to find a provider which offers the size of transfer you need.

However, the maximum amount you may be able to send will also be affected by your destination, with larger transfers (such as those over $5,000) sometimes proving more difficult in smaller nations. This is because of the varied availability of currency; in countries where there’s less money printed, there’s less demand for the currency to be available for large transfers, meaning you may not be able to transfer as much compared to a more common destination such as the USA and may need to pay more to do so. Find out with your transfer provider how much you’re able to send to your country of choice today.

Australian regulations for sending large sums of money overseas

All transfers over $10,000 leaving Australia have to be reported to AUSTRAC under Australia’s anti-money laundering laws. This could mean your transfer of over $10,000 is delayed by compliance investigators, who may request further information about the source of the funds being transferred. This may involve providing additional receipts or legal documents to prove the money was legitimately acquired.

As well as transfer limits, how else should I compare international money transfer providers?

Some of the key areas to compare when choosing which international money transfer provider is best for you include:

Exchange rate

The exchange rate you’re offered is perhaps the most important aspect of an international money transfer to compare. Even a small difference in the exchange rate can have a significant effect if you’re transferring a large amount of money.

Because exchange rates are so fast-moving, it’s important to compare them with Savvy to make sure you get the best deal possible. This is also why exchange rate guarantees are important, as they allow you to ‘lock in’ the rate and calculate exactly how much you’ll need to transfer to pay a set amount for goods and services. These can last anywhere from 12 to 36 hours.

Fees

Next comes the fees charged. Set fees (up to $15 per transfer) are usually best for larger transfer amounts, and fees based on a percentage of the transfer amount (around 0.4% to 0.5%) are usually the cheapest option to send money overseas when the transfer amount is small – say under $2,000.

Countries and currencies offered

Another aspect of money transfers to compare includes all the countries and currencies offered, as not all companies can offer an exchange into all currencies. Some firms specialise in transfers to certain regions of the world too. Make sure the provider you’re working with offers transfers to your required destination in the currency you need.

Methods of payment

In addition, look at the customer service offered and the methods of payment that your provider permits. Some companies will accept cash, others won’t. Some will let you pay by credit card, while others only deal with transfers to and from a bank account.

How do I send money overseas from Australia?

The process of sending money overseas starts with finding the cheapest and most suitable money transfer service provider. Compare your options with Savvy, find out which transfer service offers the transfer limits you need to send your money and choose which one you’re going to use. Once you’ve chosen which provider to use for your transfer, you can follow this process:

  1. Contact the provider and supply your name and email address to receive a link to follow to open your account.
  2. Follow the link and provide all the details necessary to open your account.
  3. You may have to download the company’s mobile app or log on online using your new account details. Check the transfer limit currently in place and see whether you can adjust it with your provider (which can be done in some cases depending on the purpose for your transfer).
  4. Specify who you want to send the money to and how the funds will be received (such as to their bank account, via cash pickup, sent to a digital wallet via a phone number or PayID).
  5. Once you’ve supplied all the necessary details, double-check you’ve got all the numbers correct, as once a transfer has been sent and received, it can’t be cancelled or refunded. From there, you can send your transfer on its way.
  6. You’ll receive a confirmation email or notification giving you a tracking number, which will enable you to track your transfer and know when it has reached its intended destination.

More of your questions about international money transfers and their limits

What are transfer limit orders and can they save you money?

A limit order is an instruction you give to your transfer provider to only carry out an international money transfer when the desired exchange rate is achieved. You can choose your desired exchange rate, set the limit order and relax in the knowledge your exchange will go ahead as soon as the rate you’ve specified is available. This may even happen when you’re asleep, as the global market operates 24/7 (except at weekends). They can save you plenty of money as long as you’re prepared to be patient and wait to receive your desired rate.

Is there a way to track my transfer when I send money overseas?

Yes – most international money transfer companies will provide you with a tracking number so you’re able to check on when your transfer arrives. You’ll have to log into the online platform or mobile app of the company you’re using, but you should be able to use your tracking notification to check exactly where your transfer is.

How long does it take to transfer money overseas?

The time it takes to get money overseas will depend largely on the service you pay for, which transfer method you use, the size of your transfer and the destination to which you’re sending the money.  Some smaller transfers can be instant, with a recipient in the destination country able to collect their cash or receive their funds in seconds. Larger amounts may take longer due to AUSTRAC compliance, as detailed above. Specialist transfer companies will typically get your funds to your destination in zero to three days on average, whilst a transfer through your bank will often take three to five days.

Is it possible to get a free international money transfer?

Yes – some providers offer free transfers for a variety of reasons. For example, some offer one to three transfers free as an incentive to attract new customers. Others make amounts over a $10,000 limit fee-free to attract larger business customers. Other companies don’t charge a fee for transferring money, instead making their profit on the exchange rate offered. It’s always worth comparing the exchange rate offered on free transfers, as they could end up costing you more if it doesn’t compare well to other companies who may charge a small fee for their service.