Best 5 International Money Transfer Services – Australia

When you move to a new country, transfer money internationally, or make a large buy in foreign currency, it is critical to choose the right money transfer company, or bank, to do so.

It’s a question of safety, significant costs, and reliability. You must know that the amount to arrive in foreign currency will be the one you intended to send. You must know it will get there on time. And you must know that you are not paying up to thousands of Australian Dollars in unnecessary commissions.

For that, we have created a list of the top 5 international money transfer companies to send money abroad from, or to, Australia. That does not mean you can’t transfer money internationally directly through your bank, it is just that these services are likely to be cheaper, and have a higher quality of service.

Top 5 for Sending Money Internationally

    1. Send Payments

      Send Payments logo

      Send Payments 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, receiving hundreds of positive customer reviews since then, all of which are highly positive, ranking as the #1 money transfer service on TrustPilot. Customers have mentioned the company’s “unique personal touch” as the #1 reason for recommending it.

      Send Payments is a stable company, headquartered in Sydney, that have raised tens of millions of dollars from venture capital firms. The company has both a strong vision and a strong execution, that have helped customers move more than $10bn to date.

      The company has a daring design and a swift and slick sign up process, while at the same time of providing reassurance that there is someone looking out for them.

      Send Payment’s rates are competitive and especially when sending large amounts of money with them. There are no transfer fees on transfers of all sizes.


    2. TorFX

      TorFX logo

      TorFX is one of the best known money transfer services in the UK, Europe and Australia. The company was established in 2004 and has consistently been a crowd pleaser, showing 95% or better customer satisfaction. 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.

      The company is geared towards providing the most professional service. Doesn’t matter which currencies your trade involved, how complicated it is, whether you require hedging, whether it a small business, corporation, will execution, property buy – TorFX has extensive experience in that.

      The specialist currency dealer which will be assigned to you will help you commence your payment, whether through the online system, via email or through a phone call. He or she will help you optimise the payment as well – avoid intermediary fees as much as possible, and tell you what’s the fastest route to get the money there in a speedy fashion. If you have a future transaction or money set aside to be exchanged, you could ask the dealer to call you when rates move more swiftly, or touch a certain rate. If you’d like, you could also buy a Forward Contract through TorFX as a business or a private client, which will enable you to lock today’s rate.

      Visit TorFX

    3. OFX

      OFX logo

      Established in 1998 as OzForex, OFX has been a frontrunner in international payments, consistently recognised for its excellence in service.

      An official sponsor of the NHL and listed on the ASX, OFX combines personalised advice through dedicated currency dealers with a user-friendly online platform and app for seamless transactions. Services include fee-free international money transfers and multi-currency accounts (for SMEs and online sellers), catering to a wide range of financial needs.

      Regulated by ASIC and authorised by the FCA, OFX’s global compliance ensures a secure transaction environment. It holds a 4.2-star rating on TrustPilot and is recommended by TopMoneyCompare for its reliability and competitive offerings.

      Visit OFX

    4. Wise

      Wise logo

      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 is consistently voted for as one of the top 10 money transfer companies worldwide. 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.

      Services Offered:

      • 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.

      Visit Wise

    5. Revolut

      Revolut new logo

      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.

      Services Offered:

      • 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.

      Visit Revolut


    Compare International Money Transfer Options

    Are you not liking that level of detail and need some question instructions on how to find the best company for your requirements? we have prepared this small widget to help you with an easier, more bespoke, comparison.

    What do you need?

    Transfer money internationally
    Receive money internationally
    Multi-currency account
    Multi-currency card

    Transfer from:

    Transfer to:

    Amount to transfer (AUD):

    How fast do you need it?

    Immediately (same day)
    Within 1-2 days
    Within a week
    No rush (more than a week)

    You don’t have to choose one

    Choosing a provider does not mean to commit into a long term relationship right from the get-go. It is actually a good practice that many Expats and immigrants do – they sign up with 2 or more money transfer companies so that they could always compete offers and quotes. There are sometimes deals and temporary discounts that are worth following as well. We will explain more about how to get the best international money transfer rates below.

    Safety first

    There are certain things you can do to make sure your transfer is safe. It is common that you would find your bank as the most comfortable option which appear the safest, but banks are incredibly expensive in Australia, charging 3% on average per transfer. Using a money transfer company instead can still be a safe option.

    This is where you can go to learn more about a money transfer company:

    1. ASIC Connect

      ASIC Connect Logo

      ASIC Connect’s Professional Register is the place for you to find whether financial services are regulated in Australia. ASIC, The Australian Securities and Investments Commission, is the Australian regulator which oversees the activity of all financial services in Australia, including that of all forms of money transfer services: remittances companies, currency brokerage, currency exchange offices, and international payment providers. If you consider using any company to send money internationally then you must check the company is appropriately regulated.

      Visit ASIC Connect

    2. TrustPilot


      TrustPilot has a long history of customer reviews of companies. This far from being the only available platform but it is probably the biggest. If you can’t find the company you intend to use in there, and neither in any other respectable customer review website, you should reconsider your options.

      Visit TrustPilot’s Listing

    3. Money Transfer Comparison

      Money Transfer Comparison

      Money Transfer Comparison (, or for its Australia section) is a leading money transfer review website that has been covering the industry since 2014. The site has close to 100 reviews of different international money transfer services, each in-depth providing a wider picture about the background of the company with a particular focus on safety.

      Visit Money Transfer Comparison

    International bank wire or currency exchange on arrival?

    For whichever unknown reason, a lot of people who emigrate, knowing that they still don’t have a local bank account in Australia, would revert into carrying large amounts of cash with them and attempting to exchange to Australian dollar on arrival.

    This method is risky, in a sense of carrying a lot of cash exposes you to inherent risk of being robbed, or you simply displacing your funds, or you surpassing the max amount of cash you can bring into Australia (which will get you in legal problems before you have as much as actually moved to Australia).

    It is also very expensive to exchange foreign currency. For major currencies like NZD, USD, and EUR you could be looking at 1.5% or 2% and for exotic currencies the sky is the limit. It would make sense to carry some cash with you just to be sure, and always have an international debit card ready, but if you need to transfer large amounts of money to Australia (which most people who emigrate to Australia do need)… you better stick to the money transfer companies listed on this page. A company like TorFX or Wise is completely international so you don’t have to be Australian to register with them. With Send Payments, you would only be accepted if you are an Australian citizen.

    Before you transfer

    After reviewing the ASIC Connect database, and making some intensive reading about the money transfer service you would like to use, take the following tips into consideration:

      • If you have decided to use a premium brokerage that assign each customer a currency specialist – speak to that person and ask a bunch of questions just to determine the specialist’s level of expertise and commitment. It’s always easier to assess a human being.
      • Don’t be shy to ask for a better rate. It is most certainly obtainable and particularly when using them to send large sums of money. A good method would be to sign up with 2 or more companies and have them “battle it out” for your business.
      • You must have all the transfer details ready at hand. If you are transferring money overseas from Australia, then a SWIFT number or an IBAN is a must, together with the exact name of the recipient, his address, his bank, his branch, his branch’s address (and if you are paying an invoice, the invoice #). If you are transferring money to Australia then you need the BSB and account number as well as the other details bar IBAN which is not used in Australia.
      • If you have to make a payment in the future then you could and should use the Rate Alert service offered by companies like TorFX. With this service, you will get a notification whether by phone or email, when there is increased volatility or a certain rate has been met. For example if you want to exchange AUD for GBP and the AUD rate is too low, you can set a rate alert so that when the rates improve – you will be contacted.
      • When you send money aboard to someone you are paying to for the first time, consider making a “test transfer” of a smaller sum prior to the large one. This will enable you to verify your first payment has been received pain-free and as expected. It’s easier and less scary than sending a large amount of money at once.

    How to compare international money transfer rates

    If you have decided to use a money transfer non-bank service, then one way to go about it is to go after the company offering the best exchange rates at the moment. This method will also help you understand the cheapest service provider who can cater to your needs, and can deal with the currencies that you are looking to buy and sell.

    With some money transfer services, it’s as easy as visiting their websites. On, for example, you could view the current rates and fees for your future transfer. Same goes for Revolut and a handful of other providers. But with companies like Send Payments, TorFX, OFX, will quote you on a bespoke basis and that means that you would have to go through the sign-up process before you understand how cheap or expensive they are.

    There are shortcuts on finding the best exchange rates for international transfers as well. Below are two websites focused on comparing multiple money sending services and indicating which are your most cost-effective ways to send at the current momement:

    1. Top Money Compare

      Top Money Compare

      Top Money Compare is site that enables readers to view live exchange rates for more than 25 money transfer services. The site supports almost 40 currencies. It provides a clear overview of the rates offered when sending money to Australia from almost anywhere in the world.

      Visit Top Money Compare

    2. Money Transfer

      Money specialises in comparing exchange rates when sending money from Australia. The easy comparison allows you to type how much money you are sending and where, and you will get a clear understanding of the rates offered by some of Australia’s most prominent companies.


    Time lapse between quote and transfer

    Migrants, expats, international businesses, and overseas investors often begin researching money transfer options well before the actual need arises. It is, in fact, a smart method; moving to Australia, or anywhere else, may require extensive planning and execution over several months. When you are in the midst of this tiring process, you won’t necessarily find the time and energy to make an appropriate research and comparison of the best way to transfer money internationally to Australia. At least not in the same way you could if you were to make this research beforehand.

    However, initiating this search prematurely comes with its challenges. Exchange rates change on an hourly basis. This means that the rate quoted to you at the beginning of your journey is irrelevant and dated.

    To address this issue effectively, understanding how to calculate the spread is a key factor. The spread refers to the difference between the market exchange rate and the rate quoted to you by the money transfer service. We will explain briefly how to calculate that rate:

    • Find the current market exchange rate for the currency pair you’re interested in. This information is readily available on financial news sites, market analysis platforms, or through a simple web search. For example this is a Google search of AUD to USD exchange rate.
    • Compare this rate to the rate quoted to you by the money transfer service. The difference between these two rates is the spread.
    • Calculate the spread percentage by dividing the spread by the market rate and then multiplying by 100. This will give you the percentage over the market rate that the quote represents.

    By calculating the spread, you can gauge the cost-effectiveness of the transfer and improve your position in negotiation. Then, you can ask the company to honour the spread previously quoted to you, even if market conditions have shifted since you were quoted.

    Forward Contracts

    Another international payment revolution that is taking place right now is the accessibility to Forward Contracts. Forward Contracts is essentially an agreement between the money transfer company and the customer that says that in a future date (up to 24 months from today), there will be a transaction between the two parties at a PRE-AGREED currency rate. In other words, using that type of contract you can fix the foreign exchange rates.
    This is particularly helpful if you are transferring large amounts internationally, or should receive a large payment in the future. For example, if you are planning to buy an asset abroad, or selling one. Whether you are making a large investment in foreign currency, or repatriating the proceeds of a large investment abroad, a Forward is a cheap, reliable and relatively uncomplex type of derivative which can be widely accessed through some of the best money transfer companies (Send Payments, TorFX and OFX).
    It is recommended to enquire about one making initial contact with your to-be provider.

    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.

Last words on Australia’s best international money transfer

Don’t get locked on any one particular company as the best way to transfer money internationally. The tides are ever changing in this vibrant space, and there are always new options. There is a fine balance between registering with too many companies and trusting your money with too money companies, and between being tied up to a company that may not be providing the best rate anymore. These are significant decisions that can have a significant impact on your finances, and particularly in vulnerable (and expensive) times like moving to a new country.