Four Simple Steps to Choose a Service
Step 1: Shortlist the services based on country of residence OR where you are sending money to.
The lists below include Australia, Canada, United Kingdom and United States.
The reason we recommend this is there are security AND service benefits. Security benefits because of the regulators in each country to ensure your money is safe.
Service benefits because customer service people will be able to assist with country specific questions. You are also more likely to get the best rates if they have many customers in the country you reside or the country to which you are sending money.
Many services have offices in multiple countries which is why you will find they appear in many countries.
Step 2: Select money transfer service based on preferred method of transacting – phone or online (larger services offer both, but many smaller ones only offer telephone transactions)
Step 3: Select a service based on amounts you plan to send. Basically P2P services like TransferWise and CurrencyFair tend to be cheaper for smaller amounts (less than $7000 USD, £4000, $9500 AUD / CAD) while Non-P2P companies like OFX, WorldFirst and TorFX become less expensive as the amounts increase.
Step 4: Get the OUR free PDF to save even more money.
Money Transfer Services in Australia
|Service Name||Minimum Amount ($AUD)||Phone/ Online Service||Locations||Fees + Conditions||Offers||Transferring $5000 to UK (see *Note)||Transferring $50000 to UK (see *Note)|
|My Bank||None||Online/ Phone/ Branch||Australia||$20 + bank at other sides fee||None||£2,610.04||£26,100.40|
|TorFX Full Review||$250||Online/ Phone||UK, Australia||No Fixed Fees||Click here to get all transactions free||£2,735*||£27,428*|
|OFX||$250||Online/ Phone||UK, Australia, US, NZ, Hong Kong , Canada||Under $10,000 it is $15. See Offers >>||See how you can qualify for no fees here||£2,753*||£27,612*|
|World First - Full Review||$2000||Online/ Phone||UK, US, Australia||No Fixed Fees||Click for no fees for ever||£2,750*||£27,551*|
|Currencyfair - Full Review||8 Euro||Online/ Phone||Australia, UK, Ireland||$4||Check rates and get your first 10 transactions free|
|TransferWise||None||Online/ Phone||Based online. 41 Supported Countries Including AUS, CAN, UK and US||Price depends on route (eg. AUD>USD is 0.7%)||Click for very competitive rates||£2763*||£27,637*|
* See Important Note About Rates At Bottom
|Service Name||Minimum Amount ($CAD)||Phone/ Online Service||Locations||Fees + Conditions||Special Offers/ Reviews||Transferring $5000 to USA (see *Note)|
|My Bank In Canada||None||Branch Only Over $2500||Canada||$20 - $45||None||$4,330*|
|OFX||$250||Online/ Phone||Canada, UK, Australia, US, NZ, Hong Kong||Under $10,000 it is $15. See Offers >>||No Fees if you Register through Transumo||4,541.08*|
|TransferWise||$0||Online/ Phone Troubleshooting||Online focus. 59 Supported Countries Including AUS, CAN, UK and US||Fees depend on route (eg. AUD>USD is 0.7%)||Transferwise - Full Review||4,563.78*|
|XE - Full Review||$0||Online/ Phone Troubleshooting||Online focus. Transfer in 60 currencies to over 170 countries. US, UK, CAN||No Fees||Fee free transactions||TBA|
|WorldRemit - Full Review||$1||Online/Phone||UK, US, Canada, Australia, NZ, Japan||Ranges from $3.99 to $24.99||3 free transactions, use code '3FREE"|
* See Important Note About Rates At Bottom
|Service Name||Minimum Amount ($USD)||Phone/ Online Service||Locations||Fees + Conditions||Special Offers||Transferring $5000 to Canada (see *Note)||Transferring $50,000 to Canada (see *Note)|
|My Bank In USA||None||Online/ Phone/ Branch||Canada, US||$40||None||5,239.56*||52,395.60*|
|OFX||$250||Online/ Phone||Canada, UK, Australia, US, NZ, Hong Kong ,||Under $10,000 it is $15. See Offers >>||No Fees when you Register here||5,424.75*||54,247.55*|
OFX Full Review
|WorldRemit (A leader in the USA for smaller transfers back home. Allow cash pickup and many ways to fund the transfer)||None||Online||UK, US, Australia||First 3 transfers can be fee fee. See Offers >>||Click to Get first 3 Transfers Fee Free (use the code 3FREE until 31st May 2020)||Excellent for smaller amounts.||WorldRemit - Full Review|
|TransferWise||None||Online/ Phone||Based online. 50+ Supported Countries Including AUS, CAN, UK and US||Price depends on route (eg. AUD>USD is 0.7%)||Click for very competitive rates||5,451.87*||54,518.74*|
TransferWise Full Review
|XE - Full Review||0||Online||US, UK, CAN||No Fees||Fee free transactions||TBA||TBA|
Money Transfer Services in the UK
|Service Name||Min Amount||Phone/ Online Service||Locations||Fees + Conditions||Special Offers||Transfer $5000 to UK (see *Note)||Transfer $50000 to UK (see *Note)|
|My Bank||None||Online/ Phone/ Branch||UK||£15 + bank at other sides fee||None||£2,610.04||£26,100.40|
|TorFX Full Review||£100||Online/ Phone||UK, Australia||No Fees||Click here to get all transactions free||£2,735*||£27,428*|
| OFX - Full Review ||£100||Online/ Phone||UK, Australia, US, NZ, Hong Kong , Canada||£7 fee or transfer £3000 or more and it’s free. *See Offers >>||No Fees when you register now||£2,753*||£27,612*|
|World First - Full Review||£100||Online/ Phone||UK, US, Australia||No Fixed Fees||Click Here for no fees for ever||£2,750*||£27,551*|
|Transferwise - Full Review||None||Online Focus||Based online. 50+ Supported Countries Including AUS, CAN, UK and US||Price depends on route (eg. AUD>USD is 0.7%)||Click for very competitive rates||£2,766*||£27,598*|
|Currencyfair - Full Review||8 Euros||Online/ Phone||Australia, UK, Ireland||£2.50||Check rates and get your first three transactions free|
|TransferGo - Full Review||£0||Online/ Phone||UK, Europe||From £0, 3 levels based on speed of delivery.||Use promo code "transumo" for zero fee on first transfer|
* Important Note About Rates:
These rates are the average of comparison websites. You should know – It is not possible for any website to give exact real time rates because each service will offer a different rate depending mostly on the amount you transfer but also as currencies fluctuate second by second.
The fact is, by the time you have registered with a company or even just logged onto their website, the rate they can offer will usually have changed.
We have included the rates here simply as a way to clearly show that the services are very similar in what they offer and a much better deal than banks.
To decide which service is right for your needs, simply follow the steps above. More than $10,000 to transfer? I highly recommend you read my pdf book above to get the best rates and advice.
If you want to save even more, I wrote, “3 Secrets to Transfer Money Overseas Safely, Hassle Free and with Lowest Fees”
One of the secrets I share in the PDF is that all these services are in hot competition with one another right now. In practice this means that if you are moving more than a few thousand dollars it may be worth your time to negotiate with one or two. In this eBook, I talk about how you can do this. This may save you an extra 1/2 a percent or so but the real savings are just simply by registering with one – any one – and using it instead of a bank.
Thank you for reading – I really hope it helps you quickly save even more.