Best International Money Transfer Companies: Australia 2020 Comparison

If you are looking for a reliable and safe money transfer company that will give you access to wholesale exchange rates, while providing bank-like safety and superior level of service, you have come to the right place.Money Transfer Comparison compares and reviews money transfer providers since 2014, exclusively. We have covered more than 50 global money transfer companies to date, and we are ALWAYS on the hunt for more. Our Australia money transfer guide is available below.

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Top Rated Money Transfer Services in Australia

Updated for:  August 2020, only featuring companies with local Australian offices

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With our selection of best money transfer companies in Australia, you can

 

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Which Are the Best International Money Transfer Companies in Australia

Our Review and Comparison Guidelines Explained

We have compared more than 50 

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?

  

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. 

WorldFirst Australia – FX Rates

  Nowadays you will also find the global juggernaut TransferWise offering online only transfers from Australia, as well as World Remit and many, many more. If you’re considering an international money transfer from Australia to UK, or indeed any other country, it pays to do your research with both online transfer companies (such as TransferWise) and dedicated Australian money transfer companies (such as OFX and WorldFirst). As Australian awareness builds for non-bank solutions for international money transfers so too does the number of Australian FX companies.