Compare Australian Banks and Money Transfer Specialists

How does it work?

ProgressBars Created with Sketch. Step 3: Select your option and go to their site Step 2: Compare and learn more Step 1: Enter your amount and currency
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Provider
Exchange Rate
Transfer fee
Total Cost (AUD)
47.7280
$0.00
$2,095.21
Go to site  Lowest cost option

HiFX are one of the biggest money transfer companies in the world. Their parent company Euronet is listed on the NASDAQ and recently acquired Xe.com.

They are particularly useful for individuals doing regular transfers overseas.

HiFX provide competitive exchange rates no matter how much is being transacted. Their $50 minimum transaction size and flat fee makes them a great option for any international payment.

Locally, HiFX have Australian offices in Sydney, Melbourne and are expanding to the remaining capital cities.

Pros:

  • +Fantastic bank - beating exchange rates
  • +Low fees for transactions less than $10, 000
  • +No fees for transactions of $10, 000 or more
  • +High security transfers regulated by ASIC and FMA
  • +Fast and easy for personal or business accounts

Cons

  • -Only electronic bank transfers accepted
  • -Limited exotic currencies
47.5839
$0.00
$2,101.55
Go to site $6.34 more expensive

TorFX are a British company with a global footprint. They service more than 40,000 customers that range from expats to international property investors.

In Australia, they have grown rapidly thanks to a local customer team and a strong affiliate network. They have a minimum transaction size of $2,000 and provide exceptionally competitive exchange rates.

Pros:

  • +No transfer fees
  • +Highly competitive exchange rates
  • +Secure transfers with authorised
  • +Assigned account manager
  • +24 / 7 Assistance
  • +Available range of transfer options
  • Cons

  • -Limited exotic currencies available
  • 47.4399
    $0.00
    $2,107.93
    Go to site $12.72 more expensive

    World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia.

    Being a relative new company, World First pride themselves on being innovative and customer centric. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.

    World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney.

    Pros:

  • +Low fees and great exchange rates
  • +Safe and secure transfers
  • +Regulated by ASIC and registered with AFSL
  • +Great for personal and business payments
  • Cons

  • -Does not accept BPAY, credit card, cheque or cash
  • -Limited currencies available
  • 46.9021
    $0.00
    $2,132.10
    Go to site $36.89 more expensive

    OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013.

    OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. Everything from account set up to sending money overseas is done online. While OFX customers do most of their transactions online, they are backed up with exceptional customer service. It’s one of the main reasons the business has grown so strongly on word of mouth referrals.

    Pros:

  • +Lower fees and better exchange rates compared to any bank
  • +Highly safe and secure transfers
  • +1 - 2 days delivery times for most countries
  • +Part payments accepted
  • +Quick response time
  • +Fantastic customer service
  • Cons

  • -Credit cards, cheques and cash are not accepted
  • -Transfers to Thailand can take up to 4 days
  • 45.6740
    $18.00
    $2,207.43
    Go to site $112.22 more expensive

    ANZ International Money Transfer is a secure and fast way to transfer money overseas.

    Pros:

  • + Fast transfers
  • + Safe and secure
  • + Variety of currencies available
  • Cons

  • - $18 fee for transfers via Internet or phone banking
  • - $32 fee for transfers at an ANZ branch
  • - Poor exchange rates
  • - 24 hour hotline not available
  • 45.6200
    $20.00
    $2,212.02
    Go to site $116.81 more expensive

    Westpac is one of the big four banks in Australia offers speedy and secure transfers.

    Pros:

  • + Fast payment processing times
  • + Secure transfers
  • Cons

  • - Must be Westpac account holder
  • - $20 fee for transfers via Internet or phone banking
  • - $32 fee for transfers at an ANZ branch
  • - Poor exchange rates
  • 42.7040
    $22.00
    $2,363.70
    Go to site $268.49 more expensive

    Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

    Pros:

  • + Fast transfers+ Easy transfers
  • + Security guarantee covers any losses from unauthorised transactions
  • Cons

  • - $22 fee for transfers via Internet or phone banking
  • - $30 fee for transfers at an CBA branch
  • - Poor exchange rates
  • How it works

    Step 1: Your situation

    Enter a currency and the amount you need.

    Step 2: Compare and learn more

    Compare negotiated exchange rates from multiple banks and providers and make a selection.

    Step 3: Go to site

    To make your transfer, you’ll need to go to a currency provider’s site.

    Frequently asked questions (FAQs)

    Yes. The Currency Shop holds an Australian Financial Services Licence (462269) and is a member of the Financial Ombudsman Service. We have partnered with the largest, safest and most trusted money transfer companies in the world. For more information, click here.
    The Currency Shop does not charge you. So how do we make money? We may receive a referral fee from the banks and money transfer companies that we are partnered with.
    You can lose up to 8% of your money each time you transfer money internationally, depending on how you do it. The Currency Shop will help you find the best way to transfer your money and avoid the common hidden fees and charges.
    The Currency Shop is a free currency comparison service. Every bank and currency exchange will offer you a different exchange rate and fee. Instead of spending hours visiting every website and branch, we make it easy for you to find the best deal and save money. We also have a team of local currency consultants that can help you over the phone.
    If you need to transfer your Australian dollars into cash, head back to our homepage and select Travel Money.