International Money Transfers
Updated 25 Apr, 2026
Fact checked
Canstar's 2025 International Money Transfers Award
What is the best international money transfer in Australia?
There’s no one best international money transfer provider, but Canstar’s Outstanding Value Awards can be a good place to start when you’re comparing options.
Sending money overseas is something many Australians do regularly – for travel, family, or business. On the surface, it can seem simple, but the actual cost can vary a lot depending on the provider, the transfer method, and the currencies involved. Even small differences in fees or exchange rate margins can quickly add up, especially for larger or frequent transfers.
As part of our Outstanding Value Awards, we analysed providers based on these fees and foreign exchange (FX) margins, as well as a range of features–from account loading options to flexible transfer methods–to see which deliver the most value for Australians sending money abroad.
Our research showed that a large part of the total cost often comes from the FX margin–the difference between the wholesale rate (what institutions trade at) and the rate you’re offered. While many providers advertise $0 transfer fees, the total cost frequently comes down to this less visible factor, which can significantly affect how much actually lands on the other side.
Because even small differences can add up quickly, choosing the right provider matters for getting the most value from your transfer.
2025 Outstanding Value Award – International Money Transfers
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| Provider | Why they stood out | Key features |
|---|---|---|
| TorFX | Consistently low FX margins, paired with $0 transfer fee | Flexible account-loading options, broad currency coverage |
| Wise | Uses real mid‑market rates (or close to them) with low fees | Low transfer fees for common currency pairs |
| XE | No transfer fees via bank transfer, competitive margins | Supports multiple transfer methods |
Source: Canstar Research. Information current as at November, 2025, data collected as part of Canstar’s International Money Transfers Outstanding Value Awards.
What we looked at
To determine which providers offer outstanding value, we looked at:
- Transfer fees
- Foreign exchange (FX) margins
- Features such as transfer facilities, account loading options and supported currencies
Read the methodology for more detail.
Rather than relying on a single snapshot, we tracked prices and rates over an observation period to see which providers consistently deliver value, even as markets shift.
Canstar Research Analyst, Tom Pownall: “Even when banks advertise $0 transfer fees, FX margins had the biggest impact on value. Across our sample, 75% of banks in our assessment offer $0 transfer fees, but recorded some of the highest total cost, while specialist providers typically delivered tighter spreads and lower overall costs.”
International money transfer providers included
We assessed a range of international money transfer providers, including major Australian banks and specialist providers. The brands we looked at include:
- Banks: ANZ, Commonwealth Bank, NAB, Westpac (including BankSA, Bank of Melbourne, Bendigo Bank, St.George Bank), Suncorp Bank, Bank of Sydney, Arab Bank Australia, HSBC
- Specialist providers: Wise, TorFX, XE, OFX, CurrencyFair, Instarem, Revolut, OrbitRemit, SingX, SendFX
Why comparing international money transfers matters
Convenience doesn’t always equal value. Many Australians stick with their bank because it feels easy, but our analysis shows that banks can carry higher costs once FX margins and fees are combined. Specialist providers on the other hand often offered tighter FX spreads and more flexible transfer options.
FX rates fluctuate constantly, and the Aussie dollar has seen notable swings against major currencies in the past year. Trying to ‘time the market’ can be stressful, but picking a provider with consistently low margins and transparent pricing helps simplify the transfer process and get the most value from your transfer.
Canstar Research Analyst, Tom Pownall: “A lot of banks advertise $0 transfer fee, but that doesn’t mean your transfer is actually free. Your bank might be great for savings or everyday banking, but when it comes to international transfers, you could end up paying more than you realise.”
Our Outstanding Value Awards are designed to help you cut through the complexity. This year’s winners highlight the providers that consistently delivered the best combination of cost and features, so you can make informed choices without needing to track daily FX fluctuations.
What is an international money transfer (IMT)?
An IMT lets you move money from Australia to another country or between different currencies. This includes topping up travel money cards, paying for overseas accommodation, purchasing property or making an investment overseas, or simply transferring funds to friends or family.
You can make a transfer through:
- A bank: Direct transfers from your bank account
- Non-bank specialist providers: Allow you to transfer funds either directly to a bank account, or arrange for the funds to be picked up in cash at a local branch.
How do I transfer money overseas from Australia?
Before deciding on a transfer method and provider, you’ll need the following details.
- Identification and personal details: Have a valid government-issued ready.
- The recipient’s name and address: Make sure you have their full name/business name as it appears on their bank account, plus a phone number and a residential or business address.
- The recipient’s bank details: Depending on their location and the payment method, you’ll need their bank account number. This may be called an International Bank Account Number or IBAN in Europe and the Middle East, or an Automated Clearing House (ACH) routing number in the United States. You will also need the SWIFT or BIC code to identify their bank.
What are the best ways to transfer money internationally?
There are numerous ways to transfer money overseas from Australia, and depending on your needs, different options could be suitable for you. Common ways include:
Bank transfers
A bank transfer, otherwise known as a telegraphic, wire or SWIFT transfer, involves moving funds directly from your bank account to an overseas account. These can generally be done online, including via your bank’s mobile app, or in person at a branch.
While a bank transfer is convenient, the exchange rate is generally less competitive, and the funds can take up to five business days to go through.
Money transfer companies
A money transfer company is a company that specialises in moving funds overseas. Typically, they may operate online or in person, and will allow you to transfer funds either directly to a bank account, or arrange for the funds to be picked up in cash at a local branch.
While fees vary, online money transfer companies can be the cheapest way to send money overseas. Transferring in person at a company’s kiosk is usually faster than online, but this may attract higher fees.
Online-only services include TorFX and Wise, while services with physical stores include Western Union and MoneyGram.
International money orders
An international money order cheque, also known as an international bank draft, that can then be posted overseas to the recipient. The recipient can then cash or deposit the cheque at their institution of choice.
International money orders are more secure than sending a personal cheque, but are usually slower and more expensive than transferring funds online.
How can I compare international money transfers?
Important factors to consider when deciding how to transfer money internationally include:
- Exchange rate: You may want to research exchange rates before transferring money, as they can vary between providers. Some providers may also offer an exchange rate guarantee, which is a rate that’s guaranteed for a specific period of time, typically several days.
- Fees and charges: Fees can be calculated in different ways, or even built in to the exchange rate a provider offers. Some providers, including banks, may charge a flat fee based on the transfer amount and destination. Other services, such as PayPal, may charge their fees as a percentage of the amount you’re sending, meaning fees may be low for smaller amounts.
- Transfer time: Depending the provider, international money transfers can be completed instantly, or take anywhere up to five business days to go through. Transfers performed by the major Australian banks typically take between two to four business days, but this may vary depending on the recipient’s country and bank.
- Transfer limit: Many banks and providers will set international daily transfer limits for online, branch and phone transfers.
What’s the cheapest way to transfer money internationally from Australia?
The cheapest international money transfer methods and providers will depend on the country you’re sending money to, how quickly you need it to arrive and even how much you’re planning to send.
Generally, a bank transfer or an online international transfer company offer the lowest fees, but you may want to compare costs across multiple services before picking a payment option. Look for lower fees and charges and competitive exchange rates with smaller FX margins.
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Important information
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