$
Please enter a value greater than zero
XE Currency logo
TORFX logo
Send logo
We don’t compare all international money transfer providers in the market. At times, certain providers or currencies might not be available. Learn more.

What is an international money transfer?

An international money transfer moves money electronically from your account in Australia to an overseas account. Common uses include sending money to your own overseas account, to a family or friend, or to a supplier for a purchase.

Such transfers may incur some fees, and exchange rates may differ per provider, so it’s worthwhile comparing your options before making a transfer.

Why compare international money transfer providers with us?

Compare in seconds

If you want to compare providers and rates in one place to ensure you find a great-value transfer, our service is the right choice.

Licensed providers

We only have reputable, licensed partners. So, you can relax, knowing your money will find its way to the right account at a great price.

$0 to compare

Use our service and you will only ever pay the same prices as you would by going directly to the provider. The only difference? More choices!

* Source: The Australian Bureau of Statistics (2018)

Best ways to transfer money overseas

International money transfer

Set up an account (through a provider you find on our website, for example) and transfer money online. This method is typically cheaper and faster than the other options on this list.

Use your bank

Use your existing bank account to transfer the funds overseas. While convenient, you may attract some significant fees and an unappealing exchange rate – depending on the bank.

International Money Order

Send an international cheque, which can be cashed in at the recipient’s bank of choice overseas. While safe and practical, it may have some higher costs associated with the send, as well as being slower than an electronic transfer.

Frequently asked questions

What fees will I pay to transfer money overseas?

Typically, you’ll pay a commission to the provider to transfer your money in addition to a fee that may be associated with the transaction. Also, you may owe a margin, which is the cost of converting your currency (although this may vary from provider to provider). If you want to reduce fees and commissions, it’s best to compare your options before you put your money on the line.

How much money can I transfer overseas?

Your minimum and maximum transfer amount will differ depending on which international money transfer provider you use. However, your minimum could range from nil to the thousands, while your maximum might be upwards of tens of thousands or into the millions of dollars.

How long does an international money transfer take?

International money transfers can take a few hours or perhaps a few days to arrive at its destination. Several factors can affect the time it takes, however. For instance, if your money has to be transferred through multiple banks across multiple countries, it might take longer than if it’s just hopping across the Tasman to New Zealand. What’s more, some providers are faster at processing transfers than others. Finally, money may take longer to reach its destination depending on if it’s a weekend or public holiday.

What details do I need to transfer money internationally?

It’s simple enough to send money overseas, although you will need the right information about the recipient to make sure the funds end up where they’re supposed to. You will need the recipient’s:

  • Bank Identification Code (BIC) or
  • International Bank Account Number (IBAN)
  • Account name
  • Recipient’s home address and telephone number.

Additionally, you will have to satisfy identification requirements before you can send money. Please take care when providing personal and bank account information.

Can I transfer money if the recipient does not have bank account?

Your recipient must claim the funds sent through an international money transfer. If they don’t have a bank account, this could prove difficult. Instead, you could opt for a money transfer where you instead send physical cash, rather than electronic funds.

What is the exchange rate?

The exchange rate is the value of foreign currency relative to our own (Australian dollars, or AUD). When you make an international money transfer from AUD to another currency, your dollars need to be converted into the foreign currency and calculated at the exchange rate listed by your provider at the time the transaction is performed. Depending on your provider and how much money you plan to send, the exchange rate will differ – not to mention this rate will be wildly different depending on the foreign currency itself.

What's the best way to convert your money into foreign currency?

First and foremost, you’ll have to research when it’s a good time to convert AUD to a foreign currency. Foreign currencies are constantly changing value, which means you should try and convert when the AUD is strongest and the foreign currency is weakest.

So, where can you convert currency? You can switch your money at the following places:

  • banks
  • airports (typically an expensive option)
  • money exchange providers in Australia

If you plan on sending AUD overseas, you can use our comparison service to see which of our international money transfer providers offer the most attractive exchange rate for your transfer. It’s as simple as that!

How can I get the best rate when transferring money overseas?

It’s likely that more money you decide to send overseas, the better the exchange rate the provider may offer you. As such, you may be best served to send money less frequently. However, make sure any fees, commissions and margins don’t swallow up any cost-benefit of doing so.

Also be mindful that the cost to convert your currency involves a commission to the company, as well as other fees. This could eat into the amount of currency you end up with, which might mean you should try and convert larger sums of money at once.

See all international money transfers FAQs