Fact checked
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.
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.
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. However, others with a more business focus such as Xe 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.
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.
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:
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.
