How to Choose the Best Way to Transfer Money Overseas

These days, we have plenty of different ways to send money overseas, but are they all the same?
Absolutely not.

Every bank or money transfer specialist offers different exchange rates and fees. It's important to consider any how safe they are along with exchange rates and any hidden fees.

Safety and Security: 

Choosing a safe and secure way to transfer your money is critical. Before you send your money overseas, make sure your bank or money transfer service has the following:

  • An Australian Financial Services Licence (AFSL)
  • Is registered with Austrac
  • Member of the Financial Ombudsman Service (FOS)

All the companies mentioned here meet all three criteria.


Comparing the Cost to Transfer Money Overseas:

Most of the time, it comes down to two common fees and charges:

  1. Exchange Rates: There is no "standard" exchange rate. Each bank will offer you a different exchange rate based on the currency you want to send overseas and the amount you need to send.

  2. Transfer Fee: Every Australian bank and money transfer company will charge you a different fee to send money overseas. Usually it's between $10 and $32.

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
Exchange Rate
Transfer fee
Total Cost (AUD)
Go to site Review  Lowest cost option

TransferWise is the new, brash kid on the block when it comes to international money transfers. With a host of high-profile owners including Richard Branson, they recently landed in Australia, building from their European head office.


    • +Exchange rates fees are competitive and transparent
    • +The online experience is first class
    • +Regulated by ASIC and registered with AFSL
    • +Constantly bringing out new innovative products


    • -There are currently a number of global currencies they do not currently support
    • -Limited support based in Australia
    • -Percentage based fee can add up on very large transfers
Go to site Review $11.88 more expensive

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer.


  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers. Detailed FAQ page.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.


  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
Go to site Review $13.25 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.


  • +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
  • 0.7352
    Go to site Review $14.62 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.


  • +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
  • 0.7343
    Go to site Review $31.06 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.


  • +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
  • 0.7337
    Go to site Review $57.04 more expensive

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

    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.


  • +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
  • 0.7126
    Go to site Review $463.14 more expensive

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


  • + 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
  • 0.6980
    Go to site Review $750.67 more expensive

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


  • + 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
  • 0.6983
    Go to site Review $752.51 more expensive

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


  • + 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
  • 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.