Australia’s Best International Money Transfers

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:  August 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.

#1
Australia TorFX: Best for Large Transfers and Businesses
Local Australia Offices:
25 Elkhorn Ave, Surfers Paradise QLD 4217
93.4% Editorial rating
3,000 Client Reviews
Minimum transfer:
AU$100
Why Them?
  • Australian Specialists with Local Offices
  • 98% Client Satisfaction
  • Dedicated Dealer for Transfers above A$5,000
+Read more
#2
Australia SendPayments: Friendliest Staff and Platform
Local Australia Offices:
10 Rawlins St, Southport QLD 4215
90.8% Editorial rating
122 Client Reviews
Minimum transfer:
AU$100
Why Them?
  • Best Website - Friendly and Transparent
  • Easy to Sign Up and Trade
  • Competitive Exchange Rates for Both Small and Large Transfers
+Read more
#3
Australia OFX: ASX Traded, Australian Household Name
Local Australia Offices:
60 Margaret St, Sydney, NSW 2000
90.4% Editorial rating
1,500 Client Reviews
Minimum transfer:
AU$100
Why Them?
  • Australian Company
  • Traded Publicly
  • 20bn Turnover per Year
+Read more
#4
UK Halo - UK to Australia Transfers: Bespoke Service by a British Broker
Headquarters:
Battersea Studios 2, 82 Silverthorne Rd, Nine Elms, London SW8 3HE - United Kingdom
91.3% Editorial rating
100 Client Reviews
Minimum transfer:
AU$1,000 / £1,000
Why Them?
  • Feefo 2020 Platinum Trusted Provider
  • Excellent Website and Registeration Flow
  • Highly Professional, Large Transfer Specialists
+Read more

For Ecommerce and Business Clients Exlusively

#5
UK Australia Hong Kong Singapore Worldfirst: Best FX Rates Online
Headquarters:
Millbank Tower, 21-24 Millbank, London, SW1P 4QP, UK
95.4% Editorial rating
7,000 Client Reviews
Minimum transfer:
AU$1,000
Why Them?
  • Best Rates: Fixed FX Spreads of 0.1% – 0.5%.
  • Authorized by 6 Global Regulators
  • Asian Currency Specialists
+Read more

Most Innovative (Using Ripple infrastructure for Payments)

#6
Australia FlashFX - Innovation in Australian Payments
Headquarters:
Sydney, New South Wales, Australia
79.6% Editorial rating
200 Client Reviews
Minimum transfer:
Not Mentioned
Why Them?
  • Innovative - Using Ripple Network for Payments
  • Solid Customer Reviews (although not many)
  • Strong Entrepreneurs with Banking Background
+Read more

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

Transfer money from an Australian bank account to a bank account abroad for great exchange rate with no hidden fees.
Transfer money internationally from your bank account in Australia to a self-owned bank account abroad.
Send money overseas for regular payments.
Transfer money from internationally Australia to USA, UK, Singapore, Hong Kong, New Zealand, Spain, Italy, Germany or almost anywhere in the world with the exception of countries which are blacklisted.
Transfer money from USA, UK, Singapore, Hong Kong, New Zealand, Spain, Italy, Germany or almost anywhere to your bank account in Australia, getting the same margins as you do for outbound international money transfers.
Receive money from overseas to Australian bank account.
Get assistance on the right timing to make an AUD exchange.

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 August 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 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

CompanyName on RegistryASIC Number
#1TorFXTOR FX PTY LIMITED246838
#2WorldFirstWorld First Pty Ltd331945
#3OFXOzForex Limited226484
#4WiseWise Australia Pty Ltd513764
#5CurrencyFairCurrencyFair Australia Pty Ltd402709
#6XE Money TransferHIFX Australia PTY Ltd240917
#7AzimoAZIMO PTY. LTDCould not find on register.
#8SendSendFX Pty Ltd509635
#9WorldRemitWORLDREMIT PTY LTD.Could not find on register. Potentially uses UK license.
#10RemitlyREMITLY AUSTRALIA, PTY LTDCould not find on register. Potentially uses UK license.
#11AirwallexAirwallex Pty Ltd487221
#12InstaremNIUM PTY Limited464627
#13SingXSingX Australia Pty Ltd508309
#14PaysendPAYSEND PLCCould not find on register. Potentially uses UK license.
#15Travelex International Money TransferTravelex Limited222444
#16AFEXAssociated Foreign Exchange Australia Pty Limited305246
#17OrbitRemitOrbitRemit Limited470646
#18TransfermateTransfermate Pty Ltd514851
#19PayoneerPAYONEER AUSTRALIA PTY LTD504803
#20RevolutRevolut Payments Australia Pty Ltd517589
#21Western UnionWestern Union Financial Services (Australia) Pty. Ltd.404092
#22MoneygramMoneyGram Payment Systems, Inc.Could not find on register. Potentially uses US license.
#23Compass Global MarketsCOMPASS GLOBAL HOLDINGS PTY LIMITED426810
#24FlashFXFlash Partners Pty Ltd480834

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 Study

As inflation soars in Australia, will you do any of the following when making payments in the next 12 months, to save money?

Survey ResponseNSWVICQLDSAWAACT
Research to find the lowest money transfer fees and exchange rates when making international payments.363531293329
Pay bills through BPay, PayPal or direct electronic transfer to avoid credit card surcharges.554958445259
Have automatic debits set up for some regular payments so that can ensure I pay my bills.302033262524
Use apps that split bills between friends or members of a household.1199446
I will not be looking for ways to save money through my financial transactions.212920272518

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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 60 companies of which 13 are able to onboard Australia customers as per June 17, 2021.

ParameterWhat we look for
Level of Service
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.
Reputation
Reputable company with long trading history (including specifically in Australia)
Cheap International Money transfer Fees and Rates
Oo money transfer fees and better-than-bank exchange rate for Australian dollar
Features and Functions
Online money transfer website and mobile app (fully functional for tracking trades and conducting new trades)
Global Reach
Many currencies handled including exotic currencies, global office outside of Australia,  regulated by several regulators, and constantly expanding into new territories.
Australian Presence
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
Straightforward answers from your representative.
Your money is in segregated bank accounts and you are not exposed to losing it .
You understand precisely which fees are involved and the other party knows how much money it will receive.
The staff will be able to provide guidance about the best timing to exchange the Australian dollar.
The service won’t be pushy and won’t try to persuade you to trade today at a worse rate than competitors.
You could DIY or have a representative on telephone or email to help you conduct your trade.
Lousy Money Transfer Service Experience
Takes long to sign up, have to come up with a lot of documents.
Not properly regulated and client funds are not separated from the company’s.
Money transfer fees and exchange rates are opaque.
There will be no one to guide you how to conduct the transfer, nor on whether this is the best timing to conduct such a transfer. No hedging tools will be offered.
Even if you transfer large amounts that will be no discount, and you will pay the default rates
A money transfer company that wants you to fax your details is definitely one to avoid. It signifies it has not kept up with progress.

 

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.

WorldFirst Australia – Best AUD FX Rates for Businesses

For Business Clients Only & Online Sellers
Australia Excellent Rates and Margins FOR BUSINESS CLIENTS ONLY
Headquarters:
Millbank Tower, 21-24 Millbank, Westminster, London SW1P 4QP, UK
95.2% Editorial rating
3,000 Client Reviews
Minimum transfer:
£1,000 - Only Business Clients and Online Sellers
Why Them?
  • Industry Leader in the eCommerce Space, Owned by Ant Financial (AliPay)
  • Specialising in Asian Currencies and Online Sellers
  • Since 2004
  • Global offices
  • Very Strong Rates - Best Exchange Rates for Business Customers
  • Collection Bank accounts available in UK, France, Germany, USA, and Canada, as well as Singapore, China and Japan (recent additions)

Overview of Rates offered:

 

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 TorFX, OFX and WorldFirst). As Australian awareness builds for non-bank solutions for international money transfers so too does the number of Australian FX companies.

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.