Moving to a new country requires a lot of research in order to optimise the process. Deciding on the right service provider to work with is a part of that. It’s true for international removal companies and it is definitely true when it comes to finding the best international money transfer services.
As a part of anyone’s relocation process, you will have to send large sums of money internationally, sometimes in multiple directions from multiple countries. Working with a reliable and cost-effective money transfer company can help save a lot of money and hassle compared to banks.Your foreign exchange transfer costs can be slashed by up to 70% compared to Australia’s big banks, based on Money Transfer Comparison Australia.
Our Favourite International Money Transfer Companies:
Send is an Australian company specialising in servicing customers in Australia with international money transfers. The company was started by two notable ex-TorFX employees and incorporated in 2019. The company has raised $5m in a Series A funding round, and its main marketing strategy is via referral partners.
Send has, perhaps, the hippest and most daring design in the industry. It offers a very slick and effortless sign-up process, propelling its popularity and making it a top Australian money transfer service in spite of the fact it’s new. The services they offer include:
- Transferring money from Australia to anywhere in the world
- Business payments including batch payments
The company is regulated by ASIC, and has 97% positive rating on TrustPilot.
OFX, previously known as OzForex, was established in 1998, making it one of the first companies globally that specialised in international payments. Since then, OFX, has been a market leader which has been consistently awarded the best money transfer service in Australia award by a multitude of bloggers, publications and comparison sites. The company is the official sponsor of the NHL, and is traded in the ASX.
OFX provides a combination of a bespoke approach where you can communicate with a dedicated currency dealer, or transact online through an easy-to-use online money transfer platform. You can also transfer money on the go with OFX’s app. The services they offer include:
- International money transfers to and from Australia (no fees)
- Send and receive payments in 100+ currencies (no fees)
- Virtual bank accounts in foreign currency (receive and hold funds in UK, USA, HK, Australia and NZ – very useful function before you have a local bank account)
- Business payments
- Currency hedging
In Australia, OFX is regulated by ASIC. In the UK, it is authorised by the FCA. OFX is also approved across all U.S states, Hong Kong, New Zealand, as well as in the EU. It has 4.2 stars on TrustPilot with vast majority of customers being content with the level of service they have received. They boast 4 stars on TopMoneyCompare which recommends them for transfers of all sizes.
TorFX is a British/Australian company which started off in 2004 and has received excellent reviews from customers ever since. It is without doubt one of the best known money transfer services in Australia as well as UK and Europe, and is particularly famous for its quality of service.
One of their key qualities is the ability to personalise the needs of every client. Clients inquiring about international money transfers will be connected to a specialist currency dealer. The dealer will assist the customer in determining the best timing for the transfer and whether hedging is necessary. Moreover, having a direct contact with a staff member who looks after you ensures that money will reach its destination in a safe and timely manner. The services they offer include:
- International money transfers to and from Australia (no fees)
- Send money internationally to anywhere, and exchange 100+ currencies (no fees)
- Receive payments from abroad using your TorFX account
- Business payments overseas (including batch payments)
- Hedging including AUD Forward Contracts (allowing you to lock today’s rate for a set term in the future)
In Australia, TorFX is regulated by ASIC. In the UK, it is authorised by the FCA. The company has excellent reviews on Product Review Australia and even better reviews on TrustPilot where they boast a 4.9 rating out of 5 stars.
Founded in 2011, Wise (formerly TransferWise) has established itself as a major player in the money transfer market, particularly known for its innovative approach to reducing fees and improving transparency in international transactions. The company has made a significant impact, particularly for customers seeking efficient and cost-effective ways to transfer money globally.
Wise is celebrated for its straightforward, user-friendly platform, offering real-time exchange rates and transparent fees. It stands out for its multi-currency account, which allows users to hold, manage, and convert over 50 currencies, and its globally accepted debit card, which simplifies spending and withdrawals abroad.
- International money transfers
- Multi-currency account
- Wise debit card for global spending
- Real-time exchange rates
- Transparent fee structure
In Australia, Wise operates under the strict regulations of the Australian Securities and Investments Commission (ASIC), ensuring customer security and compliance. Customer reviews on platforms like TrustPilot reflect a mix of experiences, with many praising its cost-effectiveness and ease of use. While some users have reported issues, especially regarding customer service, Wise continues to receive recognition for its innovative services in the financial technology sector.
Founded in 2015, Revolut quickly rose to prominence in the fintech industry. Known for its comprehensive financial services platform, Revolut has expanded its offerings to include not only money transfers but also banking and investment services, making it a versatile option for a modern, tech-savvy audience.
- International money transfers
- Multi-currency accounts
- Cryptocurrency exchange
- Budgeting and analytics tools
- Insurance and investment products
In Australia, Revolut operates under the regulations of the Australian Securities and Investments Commission (ASIC), ensuring reliability and security. Customer reviews are mixed, with many appreciating the app’s functionality and diverse services, while some cite concerns over customer support.
How to test international money transfer services
A good starting point for finding the best international money transfer company is our top 5 list, but don’t stop there. Choosing the right provider is important for a successful international move.
Before making a decision, consider the following tips:
Before choosing a company
- Speak to other expats you know or people you think might have used a money transfer service and hear out what they have to say about the experience and the provider they have used.
- Read online reviews of leading providers and do so carefully – pay close attention to more recent comments because those reflect the current level of satisfaction rather than historical level of satisfaction.
When you have a few options available
- Ask for live quotes from multiple providers at the same time so that you can compare the exchange rate (how much money you are ultimately going to get after the transfer).
- Speak to the representative you are assign and have him face some question to measure what its level of expertise and moreover, how service-oriented that person is. You would want to make sure you are getting service by someone who will be readily available and caring about your transfer.
After choosing a money transfer specialist
Make sure that the quote you have received from the representative isn’t worsened. What can sometime happen is that since it may take you days, weeks, or even months to make the transfer to take place (as there are many other things to tackle when moving to Australia)… and the Australian dollar exchange rate has changed vastly in this period… you won’t get the same margin you were originally offered.
This is why it’s important to ask the following question – “what margin does this quote represent”. Once you have a commitment from your foreign exchange company’s dealer to stick to a certain MARGIN with your transfer, it means that whichever way the rates move, you’d still pay the same (proportionally to the amount transferred).
Research leads to a tolerable money transfer process
Although transferring large amounts of money overseas may feel like a burden, when choosing the right provider, the process become 10 times easier and at least twice cheaper. The 5 international money transfer companies listed above will be able to assist you with all your foreign transfer needs. Whether it’s one payment or multiple, personal or business, to Australia, from Australia or to any other destination. They have the necessary expertise, and experience, to make sure the money gets to where you want it to be one time. Moreover, by choosing either of these money transfer companies over a bank, you’ll get a much better value on your dime, in the form of no fees and better exchange rates.
Money Transfer Destinations
When it comes to international money transfers, most Australians send or receive money from/to the following countries:
- India: one of the most popular destination for overseas workers in Australia.
- Pakistan: one of the most popular destination for overseas workers in Australia.
- UK: Transferring money from Australia to UK or UK to Australia is uncomplicated and unrestricted in either direction. There are almost 200,000 Aussies residing in the UK and a similar amount of Brits in Australia so this route (GBP/AUD) is in constant use.
- USA: Transferring money from Australia to USA, and USA to Australia, is heavily popular among inventors and particularly real estate investors, and is unrestricted bilaterally.
- New Zealand : Transferring money from New Zealand to Australia is uncomplicated and unrestricted in either direction. The main consideration is the exchange rate; even minor differences count as the AUD to NZD rate is normally quite static.
Does the destination impact the fees and rates?
Traditionally and unfortunately, as noted by industry professionals including the UN, there is a major issue with sending money to third world countries where fees are higher than between popular corridors of major currencies (like sending money to UK, NZ or USA).
The reason for that is two-fold:
a. Banks and providers have their own higher-than-normal costs when it comes to those currencies. They tend to be more volatile and there is a higher risk in accumulating them. Additionally a lot of those currencies like African currencies, are not common – there is no reason for a provider or a bank to store massive amounts of foreign currencies which aren’t popular. That means there is a greater overhead in dealing with them and greater risk for the money transfer company that bought them (if by the time the transfer is funded, the rate moves).
b. People who come from third world countries have less “bargaining power” compared to ex-pats from wealthier nations. In other words – they are less likely to complain, and many providers are taking advantage of that.
For example, if you were to send money from Australia to war-struck Lebanon you’d be looking at a minimum of 2.5% up to a whooping 53% of the transfer based on statistics from WorldBank.
To get a better understanding of how different money transfer companies fare for transfers to these popular destinations, MoneyTransfer.com.au offers insightful comparisons, tips about taxation in Australia, and legal information surrounding the topic of international money transfers.