International money transfers in Australia

We’ll look at all of your available options for making international money transfers from Australia, including local banks, online services, mobile banking, and foreign exchange brokers. Join us to discover the best international money transfer for your specific transfer needs looking at cost, time, safety and convenience.

International money transfers in Australia

As more and more people travel, work, study and live overseas, international payments are becoming a fact of life for many – and with a large population of newcomers, Australia sees its fair share of remittances flowing abroad. According to a 2024 report from the Australian government, 6.546 billion USD of remittances are sent abroad from Australia annually, making it one of the top 25 global countries for outward payments.

The main transfer methods available in Australia include:

• Overseas payments with specialist services
• International bank transfers
• Payments made with mobile banking and online banking
• Cash transfers through third party services
• Foreign exchange services via specialist brokers

Whether you need an instant international money transfer, or are looking for the cheapest way to safely send your payment, there’s an option out there for you. However, you’ll need to invest a bit of time deciding how to process your payment to compare secure transfer services on costs, convenience, timeframes and availability. This international money transfer comparison covers all you need to know to pick the right service for your needs.

Online international money transfer services in Australia

Online transfer services are popular among many expats in Australia as they’re easy, quick, low-cost, and convenient. You can register, send money and track your payments with nothing more than your phone or laptop – and no need to go to a physical branch or store to get your money moving.

Many online international money transfer app services also offer instant or fast transfers, competitive fees, and better exchange rates than banks can. This makes them a secure and attractive option even for large payments. Some major online transfer providers operating in Australia include:

• Wise
• CurrencyFair
• XE Money transfer
• Remitly

Each online international money transfer service has its own features and fees, which may mean it’s more attractive to a particular type of customer, or for specific payment types. Wise, for example, uses the mid-market exchange rate, with transparent fees, and has an additional multi-currency account you can use for holding and receiving payments in many foreign currencies, and for day to day spending with a Wise card. This has led Wise to have broad popularity among expats in Australia and many other countries globally.

When selecting a money transfer service in Australia you’ll want to pick one which is properly licensed and regulated – usually by the Australian Securities and Investments Commission (ASIC) and through registration with the Australian Transaction Reports and Analysis Centre (AUSTRAC). It’s also important to compare both upfront fees and exchange rates against mid-market rates to make sure you get a good deal – we’ll look at this in more detail in a moment.

How to send money using an online money transfer service in Australia

The exact process to send money using an online money transfer service in Australia depends on the provider you select. You will be able to get everything sorted with a phone or laptop, and send your payment without needing to visit a branch or hand over any cash. Generally, the process looks like this:

1. Register an account with the provider and get verified: You will normally need to provide information like your name, date of birth, and email, and complete identity verification by uploading an image of your ID document.
2. Check and compare the exchange rate and fee: Many providers offer instant exchange rate and fee quotes which you can get online or in app – compare this with other providers to make sure you’re getting a good deal.
3. Enter the transaction details: Once you’re happy with the rate and fees you can enter the amount to send, the currency to be received and any other required detail like transfer speed preference.
4. Provide recipient details: If your money is being deposited to your recipient’s bank account you’ll be prompted to add their name, bank account number and other information depending on the destination country.
5. Make payment: Many providers have various methods of payment available including using a card, bank transfer or wallet like Apple Pay. Once your transfer is funded, it’ll be on the way to the recipient in no time.

Different online transfer services have their own delivery methods which usually include bank deposits but may also allow you to send money to an eWallet or for cash collection. Your provider is likely to also have a tracking system so you can keep an eye on your money as it moves through the system for peace of mind.

Fees for international transfers

When you send a payment overseas you may find you pay the following:

• Transfer fee – this is usually clearly stated by the provider, and may be a flat fee or may vary on the transfer type
• Exchange rate markup – this is a percentage fee added onto the rate used for conversion which can be harder to spot
• Third party fees – paid to intermediaries, these fees are less common when using online services compared to banks, but may still creep in

Exchange rate markups can often be the highest of all these costs – and the hardest to see. If a provider uses a 3% markup, you’ll pay 30 AUD more on a transfer of 1,000 AUD than you would with a provider using the mid-market rate. Or 300 AUD if you’re sending 10,000 AUD – this can very quickly mount up when sending high value payments.

To give an example, here’s a quick comparison of a couple of specialist companies – Wise and Currencyfair, against an Australian bank, ANZ. In this example we’re sending 1,000 AUD to be received in EUR:

Provider	Fee	Exchange rate	Recipient gets
Wise	4.3 AUD	1 AUD = 0.564058 EUR	561.63 EUR
Currencyfair	3 EUR	1 AUD = 0.5608 EUR	557.8 EUR
ANZ	9 AUD	1 AUD = 0.544265 EUR	539.37 EUR

As you can see, in this example, the recipient would get more with Wise or Currencyfair. Both have a better exchange rate compared to the bank we profiled, which means that even though there’s still a transfer fee to pay, the better rate means there’s more for the recipient in the end. Wise exchange and transfer fees cost from 0.63%, while Currencyfair has a flat transfer fee of 3 EUR and a rate markup which is on average 0.53%.

Be sure to watch out for companies with low fees but high exchange rates, as you’ll almost always find they’re more expensive than picking a provider which uses the mid-market rate or as close as possible to it.

International money transfers in Australia with local banks

Sending international money transfers in Australia with local banks is an obvious, and a very secure option but not necessarily the cheapest. Banks are not specialists in money transfers and can have higher overall costs compared to online providers – plus you may find you need to call or visit to arrange your transfer which may not be convenient.

Banks in Australia are usually covered by the Financial Claims Scheme (FCS), which protects deposits of up to 250,000 AUD per account holder, per bank. This can be reassuring, but you may also find limitations compared to specialized transfer companies, including higher fees, and longer processing times.

Bank transfer methods vary – you may be able to arrange your payment in-branch, by phone, or using the bank’s online banking, website, or mobile app. Generally you’ll need to get full banking information from the recipient to process your payment including their account number or IBAN and their bank’s SWIFT code. SWIFT transfers sent overseas with banks can typically take a few days to arrive, up to 1-5 working days in some cases, depending on the destination.

Costs of international bank transfers in Australia

Sending bank transfers overseas can be one of the more expensive options open to you thanks to relatively high exchange costs in most cases. In the end the cost you pay depends on your own bank and may be influenced by transfer amount, destination, currency, hidden costs in exchange rate, and any additional fees which apply as the payment is processed.

To give an idea, here’s our earlier example of sending 1,000 AUD to be received in EUR, this time with major Australian banks only:

Bank	Fee	Exchange rate	Recipient gets
Commonwealth	0 AUD	1 AUD = 0.543560 EUR	543.56 EUR
Westpac	3.9 AUD	1 AUD = 0.542702 EUR	540.59 EUR
ANZ	9 AUD	1 AUD = 0.544265 EUR	539.37 EUR

In this case, your recipient could get more than 20 EUR more in the end if you use Wise instead of your bank.

When sending a bank to bank overseas transfer it helps to know that there can be fees imposed by both sending and receiving banks. There are also often extra fees added to the exchange rate used when you convert funds for your payment – choosing a provider which uses the mid-market rate with no markups like Wise can help you get a better deal in the end.

How long do international bank transfers in Australia take?

The length of time it takes for a bank to process an international payment depends on various factors including the recipient’s country and currency, and the payment value.

Commbank states it can take 1-3 business days for your money to be received, or longer in some cases, while Westpac suggests getting in touch to track a payment only after 5 working days have elapsed.

High value payments may need additional verification which can also cause delays, so do check with your bank if you’re sending a larger amount.

How to make an international money transfer in Australia with a bank

You may be able to send money overseas with your bank in-person, by phone, or through their website, or mobile app. In some cases you’ll need to send high value payments in person or by phone, as digital payments may have low maximum limits. If possible, though, sending your payment with your phone or laptop is usually the easiest option.

Here’s how to make an international money transfer in Australia with a bank online or in the mobile app:

1. Log into your mobile or online banking and navigate to the international transfer page
2. Follow prompts to provide the required information:

• Sender details
• Recipient’s Bank Name and Address
• Recipient’s complete name
• Recipient’s IBAN or account number
• Recipient’s Bank Swift/BIC Code
• Transfer amount
• Currency

3. Your payment will be sent once you’ve completed the authorisation step, which may require an OTP or other security verification

Bear in mind that additional information may be required for sending large amounts or for compliance purposes. This is usually needed when you’re asked to prove the source of the funds you’re sending.

If you’re sending money from your salary you may be asked to provide payslips or your employment contract for example, or if you’re repatriating funds from the sale of a property you could be asked for proof of the sale. Your bank will guide you about what’s needed so you can explore your options.

How to receive an international money transfer in Australia with a bank

Receiving a bank transfer from overseas to your Australian bank usually requires very little effort as all the administration is handled by the sender.

You’ll need to give the sender some important information such as your bank name, account number and SWIFT code, and your complete name as shown on your account. You can find a SWIFT code using online tools if you’re not sure what yours is.

When you receive a payment to an AUD account from abroad, the money is automatically converted to Australian dollars to be deposited. This may not be convenient if you’d rather keep a foreign currency balance for future use. In this case you may like Wise’s local account details feature for receiving payments in foreign currencies without automatic conversion. Get paid like a local in 8+ currencies and decide for yourself how and when to convert your money with no obligation.

International money transfers via online and mobile banking in Australia

Most local banks in Australia now offer online and mobile banking and transfer options but you may find that you need to pay many similar fees to in-person transactions. Digital only providers like Wise and Revolut may offer lower overall costs and better exchange rates.

While there are Australian digital only banks like ING and UBank which both have relatively low fees, they may not offer international transfers. Neither ING or UBank have this service at the time of research.

If you choose to use your local banks’ mobile app you can usually make an international transfer which may have no upfront transfer fee. This may look like it’s cheaper than transacting in a branch, but don’t forget that exchange rate markups will still usually apply, which means your transfer isn’t free – and can end up more costly than choosing a specialist provider.

Whether you’re using a specialist provider or your bank’s mobile service, look out for additional security features you can use like fingerprint or face recognition for 2 factor authentication, full encryption, and instant card blocking.

Transfers from Australia with no bank account

If you need to send a payment to someone who doesn’t have a bank account – or you don’t want to use your own bank to arrange the transfer – you may consider using a provider like Wise, Western Union, or MoneyGram.

With these services, neither sender nor recipient needs a bank account and payments can be made very quickly. If you’d like to use Wise, the recipient can open a Wise account to receive payments in 8+ currencies with local account information, and then order a Wise card to spend the money easily. Or with Western Union or MoneyGram you can send and receive payments in cash using the provider’s agent network around the world.

Both of these options can be convenient and quick – but it’s worth knowing that transfers which deal in cash have higher labour costs which can mean paying more and meeting exchange rate markups when you transfer.

Foreign exchange brokers in Australia

You could also choose to send money overseas using a dedicated forex broker which has a specialization in buying and selling currency. In this case you’d need to deposit funds to the broker’s account, before they can conduct the currency exchange, and arrange the international transfer for deposit to your recipient.

With a foreign exchange broker you might find you can get free transfers with good exchange rates, while benefiting from 24-hour support, and currency advice. However, providers may only work with higher value transfers, and fees do still normally apply somewhere along the line. Take a look at services like OFX and TorFX as a starting point, and check out online comparison tools to help you find the best rates available on your specific payment.

How to use a foreign exchange broker

Here’s how to use a foreign exchange broker in Australia:

1. Register an account with the provider and get verified: Register online, in app or by phone and get verified by providing your ID document.
2. Get a quote for the exchange rate and fee: Your broker will be able to tell you how they can help and give you a no obligation quote for your transfer.
3. Make payment: Send the money to your broker, often using a bank transfer
4. Provide recipient details: Tell your broker the recipient’s name, bank account number and other information depending on the destination country.
5. Conversion and payment: The broker will convert your funds and send them to your recipient for deposit to their bank.

Useful resources

• Australian Prudential Regulation Authority (APRA) – oversees the financial system
• Australian Securities and Investments Commission (ASIC) – the corporate, markets, financial services and consumer credit regulator
• Australian Financial Complaints Authority (AFCA) – for complaints about banks and similar services
• Finder – comparison site for Australian banks
• Canstar – comparison site for Australian banks
• SWIFT code finder – get a SWIFT code for global banks
• Wise – compare costs and rates for Wise and other providers or banks