If you are looking for a reliable and safe international money transfer company in Australia that will give you access to wholesale exchange rates, while providing bank-like safety and superior level of service, this international money transfer service comparison is for you. Overseas money transfers from UK to Australia is our most common use-case alongside transferring money from Australia to UK, followed by money transfers Australia-USA and Australia-NZ, but the list of best services are able to cover all major regions and currencies.
Money Transfer Comparison compares and reviews money transfer providers since 2014. We have covered more than 60 international money transfer companies in total, of which 18 are able to serve Australian customers. Below are our choices for the best international money transfer services in Australia for individuals and businesses.
Transfer Money Overseas from Australia: Top 10 Money Transfers
Updated for: October 2022 – Best rated for international money transfers from Australia and into Australia. Favouring companies with local Australian offices. Local payments in Australia (AUD-AUD currency) not supported.
- Australian Specialists with Local Offices
- 98% Client Satisfaction
- Dedicated Dealer for Transfers above A$5,000
- Corporate FX Specialists
- Very Quick On-Boarding Process
- Great Exchange Rates!
- Feefo 2020 Platinum Trusted Provider
- Excellent Website and Registeration Flow
- Highly Professional, Large Transfer Specialists
- 15+ Years of Experience
- Spot-On Currency Predictions
For Ecommerce and Business Clients Exlusively
- Best Rates: Fixed FX Spreads of 0.1% – 0.5%.
- Authorized by 6 Global Regulators
- Asian Currency Specialists
- Excellent Multi-Currency Offering for Online Sellers
- Operating for 15+ Years
- Owned by Ant Financial, a Global Payments Giant
- Courteous Staff
- Largest Selection of Currencies
- Does not Accept USA-Based Clients
Most Innovative (Using Ripple infrastructure for Payments)
- Innovative - Using Ripple Network for Payments
- Solid Customer Reviews (although not many)
- Strong Entrepreneurs with Banking Background
With our selection of best money transfer companies in Australia, you can
International Money Transfers in Australia for Individuals and Corporations: Large Sums = More Savings
Traditionally, international money transfer services in Australia and globally have been more focused on SME clients and prior to 2010 most of them did not accept individual clients at all. Nowadays, all the best international money transfer service providers in Australia are happy to accept individuals, with the exception of B2B provider WorldFirst – each with a different minimum transfer amount (CurrencyFair and Wise don’t have a minimum amount, true for October 2022).
With the above, being said, Australian SME clients are still extremely lucrative for money transfer companies. These are normally repeating and loyal customers who make a lot of transactions. There’s also a very large of customers, relatively to the population’s size. Australia is known for its 4m small businesses but for foreign exchange companies in Australia, the biggest kicker is this – 68% of all Australian online businesses sell internationally. A small online seller in Australia which is selling merchandise for a modest amount of $50,000 AUD abroad, and additionally pays international suppliers an amount of $50,000 AUD each year, can pay anywhere from 2.5% to 5% in international transfer bank fees with Australian banks like ANZ, Westpac, CBA, NAB or Bendigo; this is where international money transfer services are able to really shine and not only offer tremendous savings (WorldFirst fees range between 0.15% and 0.5% in comparison) but also added values sophisticated international payment platforms, Forward Contracts and other forms of hedging, and above all 1 on 1 guidance by experts.
You could say in essence, that those who will save most using a non-bank global money transfers provider, is those transferring large sums of money abroad or receiving large sums of money from abroad – into Australia, or from Australia.
All Money Transfer Companies in Australia Covered by MoneyTransferComparison
|Company||Name on Registry||ASIC Number|
|#1||TorFX||TOR FX PTY LIMITED||246838|
|#2||WorldFirst||World First Pty Ltd||331945|
|#4||Wise||Wise Australia Pty Ltd||513764|
|#5||CurrencyFair||CurrencyFair Australia Pty Ltd||402709|
|#6||XE Money Transfer||HIFX Australia PTY Ltd||240917|
|#7||Azimo||AZIMO PTY. LTD||Could not find on register.|
|#8||Send||SendFX Pty Ltd||509635|
|#9||WorldRemit||WORLDREMIT PTY LTD.||Could not find on register. Potentially uses UK license.|
|#10||Remitly||REMITLY AUSTRALIA, PTY LTD||Could not find on register. Potentially uses UK license.|
|#11||Airwallex||Airwallex Pty Ltd||487221|
|#12||Instarem||NIUM PTY Limited||464627|
|#13||SingX||SingX Australia Pty Ltd||508309|
|#14||Paysend||PAYSEND PLC||Could not find on register. Potentially uses UK license.|
|#15||Travelex International Money Transfer||Travelex Limited||222444|
|#16||AFEX||Associated Foreign Exchange Australia Pty Limited||305246|
|#18||Transfermate||Transfermate Pty Ltd||514851|
|#19||Payoneer||PAYONEER AUSTRALIA PTY LTD||504803|
|#20||Revolut||Revolut Payments Australia Pty Ltd||517589|
|#21||Western Union||Western Union Financial Services (Australia) Pty. Ltd.||404092|
|#22||Moneygram||MoneyGram Payment Systems, Inc.||Could not find on register. Potentially uses US license.|
|#23||Compass Global Markets||COMPASS GLOBAL HOLDINGS PTY LIMITED||426810|
|#24||FlashFX||Flash Partners Pty Ltd||480834|
Why Australia is the World’s #2 International Money Transfer Hub?
Only second to UK’s currency transfer brokers, Australia is a massive international hub for international money transfer companies. That is particularly impressive considering Australia’s population being a mere 25m people, which is under 0.33% of the global population. So what makes Down Under so attractive in the eyes of money transfer services specializing on international transfers? the reason is multi-faceted.
- Australians are considered more financially savvy than most of their international counterparts of the same age, and hence are more likely to sidestep the bank and be happy to put in the “effort” of signing up with non-bank providers to save money.
- There are more than 300,000 Australian who reside abroad and need to transfer money periodically from their Australian bank account to USA / UK / Hong Kong/ New Zealand or wherever they currently reside (or the other way around, transfer money to relatives, friends, and business associates in Australia).
- There are more than 1 million Britons who resides in Australia… and Brits are the ones who run the (money transfer) world. That means transferring money from UK to Australia, and from Australia to UK, is one of the busiest corridors.
- The Australia-UK free trade deal make it extremely easy for regulated money transfer companies to onboard Australians.
i.e. clients who transfer money from UK to Australia as well as those transferring money from Australia to UK are very much ordinary customers for the companies we listed as the best international money transfer in Australia. The onboard is easy for both Brits and Aussies.
Survey on Transferring Money Abroad: 2022
Money Transfer Comparison commissioned an independent survey of 625 Australians who havef amily overseas to gauge whether they plan to help them financially, despite the rising cost of living.Respondents were asked to select the type of help they were willing to provide, including transferring money internationally, paying bills, or sending gifts. Respondents were also asked how much money they would send over the next two years if their families required assistance. The survey respondents cover a geographical and population spread that is reflective of the Australian population.
Below are the results:
- 32% said they would be willing to send less than $500 to their family overseas if they really needed it in the next two years
- 16% said they would send $10,000 or more
- 30% said they would send $5000 or more
- 37% said they would send $1000-3000
Follow-Up Studies & Surveys
As inflation soars in Australia, will you do any of the following when making payments in the next 12 months, to save money?
|Research to find the lowest money transfer fees and exchange rates when making international payments.||36||35||31||29||33||29|
|Pay bills through BPay, PayPal or direct electronic transfer to avoid credit card surcharges.||55||49||58||44||52||59|
|Have automatic debits set up for some regular payments so that can ensure I pay my bills.||30||20||33||26||25||24|
|Use apps that split bills between friends or members of a household.||11||9||9||4||4||6|
|I will not be looking for ways to save money through my financial transactions.||21||29||20||27||25||18|
As US Dollar surges, will this impact your travel, overseas investing and remittances plans for next year?
Australian expectations for international money transfers in 2023 vs 2022
We have been featured in the following publications:
Which Are the Best International Money Transfer Companies in Australia
Our Review and Comparison Guidelines Explained
We have compared more than 60 companies of which 13 are able to onboard Australia customers as per June 17, 2021.
|Parameter||What we look for|
|Quick and easy sign up process, readily available staff located in Austrlaia – courteous and understanding, or in simple words a money transfer service ready to go above and beyond for its clients.|
|Reputable company with long trading history (including specifically in Australia)|
|Oo money transfer fees and better-than-bank exchange rate for Australian dollar|
|Online money transfer website and mobile app (fully functional for tracking trades and conducting new trades)|
|Many currencies handled including exotic currencies, global office outside of Australia, regulated by several regulators, and constantly expanding into new territories.|
|While the majority of money transfer companies are happy to engage in AUD money transfers and on-board clients from Australia, only a small subset of them actually have local Australian offices. We have selected the most localised towards the Australia market.|
Additional Information on how we evaluate money transfer companies and decide on the top 10 money transfer companies in Australia can be found in our FAQ. Transfer money from Australia to UK or transfer money from Australia to USA – and this following guide will help you!
What’s the difference between a great money transfer company in Australia and a bad money transfer service?
Superb Money Transfer Service Experience
Lousy Money Transfer Service Experience
Money Transfer Companies in Australia – The History and The Now
Australia were a little slow to wake up to it, the US are still way behind on it and the UK has led the charge on it. What are we talking about? Specialised international money transfer companies of course. Bringing a breadth of new payment options with little to no fees and considerably better currency exchange rates. There are now more money transfer companies in Australia than ever before, joining the original innovator OFX (previously OzForex).
Australian FX Companies – Where Did it Start?
Whilst we might say Australia have been behind the curve OFX was actually founded in 1998 as one of the first dedicated international money transfer companies to ever exist. Today it’s had over one million customers and traded over $150b AUD for its clients. So why has it proved so popular and, like many other Australian FX companies, still remained a relative unknown in Australia?
It’s difficult to pinpoint exactly why, but when we consider the UK had at least 10 dedicated money transfer companies launching in the 1990’s and 2000’s and they still only had around 5% of the whole UK international money transfer market at the time then we can probably see why OFX might not have been a household name. The rest of the UK market belonged to 4 big banks (read about the current state of affairs in the UK banks join the money money transfer race). Sound familiar? That’s because it’s been much the same story in Australia.
Are We Seeing a Shift To More Money Transfer Companies in Australia and Why?
So what’s changed and why has the mentality shifted away from banks and towards international money transfer companies in Australia? Part of it has to be that people have come around to the idea of managing their finances online or even through their mobile. Just as we use mobile banking these days we know there are a number of new innovative solutions challenging the big banks that provide us with more functionality at a reduced cost. It may feel longer but let’s not forget the first iPhone was only announced in 2007 and things have only moved faster the more time progresses.
There are a number of other reasons to use an Australian FX company as well of course. Looking at the infographic above, based on rates taken 29 January 2020, customers will receive more in their destination currency when using OFX vs both ANZ and Commonwealth Bank. In fact, when using an Australian bank, your currency exchange spread can be as much as 5% worse than the current interbank rate (the rate at which banks trade currencies with each other).
So let’s say you were making an international money transfer from Australia to UK of $1000 that would be $50 taken in the margin by the bank.
International payment fees are also likely to be between $10-$30 with an Australian bank whilst most Australian FX companies will charge no payment fees.
We won’t touch on the availability of payment and hedging solutions with money transfer companies in Australia compared to banks, as we cover this in our other resources. But suffice to say forward contracts, batch payments, regular transfers, swaps and limit orders will not be available with your bank are are so with dedicated Australian FX companies. Helping you achieve your desired exchange rate which can have a huge impact on the amount you receive.
Nowadays there are a whole host of other providers to have launched as money transfer companies in Australia. UK headquartered WorldFirst were the first international company to launch in Sydney in 2009 and they clearly detail their pricing matrix online (perhaps the cheapest of all Australian FX companies) which is dependent on the annual AUD volumes you are trading, whether as an individual or business. UK based TorFX then launched in 2013 and has been a mainstay ever since.
To read more, view this Commonwealth Bank of Australia international payments review demonstrating 4.3% exchange rate margin on AUD to GBP transfers.
Paying Tax Debt from Abroad?
One of the main use cases for Australian abroad to make payments to Australia would be to pay the ATO. All Australian residents must report and pay for income generated also outside of Australia. International money transfers with a debit or credit card from abroad to cover those sometimes meaningful sums can be very expensive, and so is using banks, and hence they use international money transfer companies to make such transfers. OFX has a unique offering in that regards covered here – paying the ATO from overseas.
Final Words about Money Transfer Services in Australia
There is a significant selection available to those in Australia, individuals or businesses, who are looking for a reliable money transfer service which will allow them to transfer money internationally for cheap to and from Australia. We have included 5 of the top known money transfer companies in Australia on our list, but there are additional foreign currency providers out there – while some of those companies could be highly reliable and good it is important to follow through on the three golden rules:
- Regulated company (the best combination is being regulated domestically in Australia by ASIC as well as another prominent regulator).
- Has local offices and representatives (and support…) in Australia.
- Have been in the overseas money transfer business for a long time and there are thousands of customer testimonials you can read about them (in an OBJECTIVE third party site and not on their own website).
- Have both dedicated dealers to help with larger trades and currency hedging as well as friendly online system and mobile app.