Top 5 Australian Money Transfer Options

Domestic and International

including UK, USA, Canada, India and Others

Domestic transfers are pretty straight forward in Australia you login or go to the branch.

Click here for International (below)

For local transfers you will need to following details:

• Recipient’s BSB (Bank State Branch)
• Recipient’s account number
• Name for the account

Alternately you can send up to $10,000 AUD using a money order through the post office.

International money transfers to or from Australia can be a tricky prospect. Because each country has its own unique set of rules and services which do things best.

However you can save a up to 8x over banks. For example, we regularly use Wise ourselves to send money to Australia for amounts below $9500 and our fees are below 0.9%. Click for more information below.

Let’s make this simple!

There are two main considerations when you are sending money internationally – either to or from Australia.

Jump Links – International

1. The amount you are sending
   • Cash Below $300
   • Bank to bank below $9500
   • Bank to bank above $9500
2. The other country involved
   • UK
   • USA
   • Canada
   • India
   • Others

Note: $9500 AUD in approximately $7000 USD

Quick Summary

The amount you are sending makes a big difference. Some services are designed for smaller amounts and some for larger amounts.

This changes the fees and services you may need.

The country you are transacting with also influences the services available and customer support.

Generally these are the best ways to transfer money overseas from Australia.

For smaller amounts (below $300) where cash pick up requires a physical presence – remittance companies enable this through a network of physical locations where cash can be collected.

For smaller amounts (below $9500) we have found that P2P services (wiki) tend to be the cheapest and also have easy signup and great online services to make everything work well.

Above $9500 and non-P2P or the more traditional money transfer services are a better option as they reduce the percentage in fees changed and they have other important benefits which suit larger amounts far better.

Also check out how to open an Australian bank account online if you need one.

Amounts 

Sending Cash Below $300

If you are sending money to friends or family most people need the money to arrive in cash.

Remittance companies tend to be your best option as bank-to-bank fees are exorbitant. This is where companies like Western Union (review) and MoneyGram (review) come into their own.

Watch the fees!

Partly because companies like these maintain a physical presence it is not unusual for fees to be quite steep. Usually this is a combination of a fixed fee and margin added on to the exchange rate.

In many countries the post office (like Western Union in Australia) or a kiosk is the only place where money can be picked up. However alternatives like WorldRemit (review) are reducing these fees substantially by working with already established services like banks and even pawn shops. 

Bank to bank below $9500 AUD ($7000 USD)

If all your amounts are below about $9500 AUD and you can transfer from bank to bank we found that services like Wise transfers (review) and CurrencyFair (review) are a great way to go.

Peer to peer services like CurrencyFair have a secret weapon in that they avoid transferring money at all. Rather than working with other banks, they simply pool funds around the world and then swap with others (your peers) who are transferring money in the opposite direction.

In general this means it can be extremely inexpensive.

However this system may not work so well as the amounts increase and matching your funds becomes harder to do in a timely way.

Wise on the other hand converts money at the mid-market rate and charges a very competitive fee. The thing we really like though is their transparency on the fee before you even sign up.

These services tend to be focused on smaller amounts and sign-up is relatively easy because below $10,000 meeting the regulators needs are also easier.

Visit Wise Calculator Here

Bank to bank above $9500 AUD ($7000 USD)

Above $9500 AUD and the more main stream (non-P2P) services are usually a better choice because:

• Become cheaper as amounts increase
• Sign-up initially covers you for larger amounts
• Telephone support can be a huge advantage

Services like OFX money transfer (reviews), Tor FX (reviews) and World First (reviews)  are top picks because all have offices and are regulated in Australia by ASIC. The fees these services charge reduces in percentage terms as amounts increase!

Also because these companies are designed for larger amounts, they tend to get all the regulatory requirements like ID checking out of the way at the start. This means you are generally all set to transfer larger amounts as well as smaller amounts. This avoids the need for asking for additional information like ID and possibly freezing your account as can happen in isolated but frustrating situations with P2P services.

All three in our line-up have great telephone support which can be a big advantage when dealing with larger amounts. The main reason for this is that different banks in different countries have limits and often a few ways to fund a transfer. Your knowledge about this can save a lot of stress. Well done!