Best Ways Of Sending Money To Australia

Best Ways

Best way to send cash: Moneygram and Western Union
Best way to send smaller transfers (less than $7,000 USD or 10,000 AUD): Wise, Instarem, and CurrencyFair
Best way to send larger transfers (above $7,000 USD or 10,000 AUD): OFX and TorFX
Cheapest transfers: Western Union for cash transfers (using their new customer rate) /
Instarem for small bank transfers (using their new customer rate) / OFX for large transfers
Reliable transfers: MoneyGram for cash transfers / Wise for small transfers / TorFX for large transfers
Fastest transfers: Western Union for cash transfers / Wise for small transfers / OFX or TorFX for large transfers


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Disclosure: This post contains affiliate links, which may save you and do not cost any more. For more information, see my disclaimers here.

1. 7 Best Transfer Methods to Australia from USA, UK, Canada and more (Comparison table)

moneygram logowestern union logo
โญTrustpilot Rating4.5/5 with over 39,000 reviews (January 2024)4.0/5 with over 63,000 reviews (January 2024)
๐Ÿ’ฑExchange Rate3-5% margin on the exchange rate2-5% margin on the exchange rate
๐Ÿ“จ Send fromUS, UK, Canada, Europe, Singapore and moreUS, UK, Canada, Europe, Singapore and more
๐Ÿ’ฐTransfer Fees$5.99 USD to 34.99 USD – fees vary based on the sending method, currency pair, agent fees, etc.
Varies based on currency pair, amount, sending method, agent fees, etc.

Note: WU offers 0* transfer fees and a special rate for your first online transfer.
๐ŸƒTransfer TimeWithin minutes if funded with a credit or debit card

3-4 days if funded with a bank account
Within minutes – Money in Minutes Service

Next day – Next day service

2-5 days for direct to bank

Minutes – for mobile money transfers
๐Ÿ”’Security and SafetyAll sensitive information encrypted
No credit or debit card information stored
Mandatory ID proof for recipients
Mandatory KYC when you register, MTCN number for secure tracking and receiving, encrypted personal info, Mandatory personal ID for receiver
๐Ÿ’ฌ Official Website LinkMoneygram.comWesternUnion.com
๐ŸŒLink to Full ReviewMoneyGram ReviewWestern Union review
Wise logoInstarem logocurrencyfair logo
โญTrustpilot Rating4.2/5 with over 206,000 reviews (January 2024)4.3/5 with over 8,000 reviews on Trustpilot (January 2024)3.8/5 on Trustpilot with over 7,000 reviews
๐Ÿ’ฑExchange RateMid-market rate0.5-1.5% margin on the market rate0.5-1.5% margin on the exchange rate
๐Ÿ“จ Send fromUS, UK, Canada, Europe, New Zealand, Singapore, HongKongSingapore, the UK, the US, Europe, Canada, Hong Kong, MalaysiaUS, UK, Canada, Australia, Europe, and others
๐Ÿ’ฐTransfer FeesLow percentage service fee (0.67% of the amount on average)0.3% to 1% service fees.
Other fees can be applicable

Note: Instarem offers a special FX rate and zero fees on your first transfer
A flat fee of $4 AUD
Other bank fees can be applicable.

Note: Currencyfair offers 10 fee-free transfers for new customers
๐ŸƒTransfer TimeNear instant to 3 days (According to their Q4 2023 results – 67% of the transfers are completed near instant)Minutes to 3 daysSame day for major currencies
2-5 days on other currency pair
๐Ÿ”’Security and SafetyDedicated fraud team, real-time notifications, two-factor authentication, security audits, and 24×7 monitoringRegular audits, security vulnerability assessments, firewalls and intrusion detection and prevention tech, malware detection, traffic analysisSegregated customer accounts, two-factor authentication, 256-bit encryption via SSL from VeriSign, secure data center, regular security checks
๐Ÿ’ฌ Official Website LinkWise.comInstarem.comCurrencyfair.com
๐ŸŒLink to Full ReviewWise reviewInstarem reviewCurrencyFair Review
OFX logotorfx logo
โญTrustpilot Rating4.3/5 with over 6,500 reviews (January 2024)4.9/5 with over 7,100 reviews (January 2024)
๐Ÿ’ฑExchange RateBelow 2% margin on the mid-market rate (goes down as the amount increases)0.5%-2% margin on the mid-market rate (goes down as the amount increases)
๐Ÿ“จ Send fromThe US, UK, Canada, New Zealand, EuropeThe UK, Singapore, and Europe
๐Ÿ’ฐTransfer Fees$5 fixed fees below $5,000 USD + margin on the exchange rate

Tip: You can avoid the fixed fees by using this link. T&Cs apply.
No fixed fees – only a margin on the exchange rate

Note: TorFX offers a free quote. Get it here:
TorFX AUS/NZ and Asia โ€“ Get a Free Quote
TorFX UK and Europe โ€“ Get a Free Quote
๐ŸƒTransfer Time1-2 days for popular currencies
2-5 days for exotic currencies
Same-day transfers for some popular currencies
2-4 days for exotic currencies
๐Ÿ”’Security and SafetyPublicly listed company, Fraud prevention technology, SSL certificationLevel 1 rating by Dun & Bradstreet, Customer funds held separately, Audited by PWC
๐Ÿ’ฌ Official Website LinkOfx.comTorFX.com
๐ŸŒLink to Full ReviewOFX ReviewTorFX review

2. Low-Cost Ways

Sending Cash

moneygram logowestern union logo
๐Ÿ’ฑExchange Rates3-5% margin on the exchange rate2-5% margin on the exchange rate
๐Ÿ’ฐService FeesVaries – but here are some estimates

For sending $1000 USD
A flat fee of $14.99 if you fund with a debit card.
Funding with a bank account – it will depend on whether you choose standard or Express service.
Depends on the amount, currency pair, and how you fund the transfer (bank transfer, debit or credit card, cash at a kiosk, etc.)
๐Ÿ’ฒOther FeesOther fees like credit or debit card fees, agent fees, etc. applicableOther fees like credit or debit card fees, agent fees, etc. applicable

Sending cash to Australia can be expensive – and we recommend choosing this option during emergencies if your recipient doesnโ€™t have a bank account.

Typically, new cash remitters like WorldRemit and Remitly keep costs low by keeping a part of their process online and the margin on the exchange rate closer to the mid-market rate (explained) – but they only support sending cash from developed countries to the developing world.

On the other hand, both MoneyGram and WesternUnion support sending cash to Australia in minutes from pretty much anywhere in the world – but they charge a premium for the wide coverage and fast transfer speed.

Western Union offers zero transfer fees (in some countries) for first-time online transfers and goes the extra mile by providing special FX rates, which MoneyGram doesn’t have. Choosing Western Union could help you get more value out of your cash transfers.

Sending small bank transfers

Wise logocurrencyfair logoInstarem logo
๐Ÿ’ฑExchange RateMid-market rate0.5-1.5% margin on the exchange rate0.5-1.5% margin on the market rate
๐Ÿ’ฐService FeesLow percentage service fee (0.67% of the amount on average)

For sending $1000 USD/GBP/EUR/CAD

From the US: Approx $6 USD for bank-to-bank transfers (slower) | $47 USD for credit card-funded transfers

From the UK: Approx ยฃ4.35 GBP for low cost bank-to-bank transfers (slower) | Approx ยฃ9 GBP for card-to-bank transfers

From Europe: Approx โ‚ฌ6 EUR for bank-to-bank transfers (slower) | Approx โ‚ฌ11 EUR for card-to-bank transfers (faster)
The service fee is $4 AUD for sending about $1000 USD/GBP/EUR0.3% to 1% service fees.
๐Ÿ’ฒOther feesNo hidden fees – has local banks in supported countries

If using a credit card to fund transfer then 3% cash advance fees are applicable
Sending and receiving bank fees may applyNo hidden fees
Receiving bank fees may apply

For sending about $1000 USD/GBP/EUR/CAD to Australia, Wise is a great option overall.

Sometimes CurrencyFair or Instarem may be cheaper – but Wise minimizes or completely removes hidden fees.

And if you choose their faster payment method (card-to-bank) transfer, your money may arrive in hours – CurrencyFair or Instarem do not have this option.

Instarem has a special offer for new customers that can beat Wise. They offer zero fees and a special exchange rate that can maximize your savings. Check how much you can save with their offer (opens a new tab)

Tip:

Use Wise Calculator (no sign-up required) to see the exact amount your receiver will get.

Sending large bank transfers

OFX logotorfx logo
๐Ÿ’ฑExchange RateBelow 2% margin on the mid-market rate (goes down as the amount increases)0.5%-2% margin on the mid-market rate (goes down as the amount increases)
๐Ÿ’ฐService Fees$5 USD fee for transfers below $5,000 USD + margin on the exchange rate (goes down as the amount increases)No service fees – just a margin on the exchange rate (which goes down as the amount increases)
๐Ÿ’ฒOther feesVery low (or no) sending and receiving bank fees because OFX has local banks in 115 supported countriesSending and receiving bank fees

Which is cheaper for larger bank transfers to Australia – OFX or TorFX?

OFX has a low fee of $5 USD for transfers below $5,000 USD / ยฃ7 GBP for transfers below ยฃ3000 GBP / โ‚ฌ10 EUR for transfers below โ‚ฌ5000 EUR / $15CAD for transfers below 10,000 CAD and their margin on the exchange rate goes down as the amount increases. However, we organized to have this fee removed (opens a new tab) so you can avoid this fee altogether โ€“ if applicable.

Plus they have local bank accounts in many countries they serve – which can potentially make the transfers cheaper.

TorFX doesnโ€™t have any fixed fees – only a margin on the exchange rate – which goes down as the amount increases.

You also get assigned to a Personal Account manager when you sign up, who can negotiate better rates for you and advise you when to transfer to save even more money.

In our experience – the difference in fees is negligible. On any given day, either OFX or TorFX can be cheaper.

So our advice is to set rate alerts or use features such as Forward Contract (offered by both services) where you can choose a specific rate and initiate your transfer when your currency pair reaches that rate.

3. Exchange rates

Exchange Rates
moneygram logo3-5% margin on the exchange rate
western union logo2-5% margin on the exchange rate
Wise logoMid-market rate
Instarem logo0.5-1.5% margin on the market rate
currencyfair logo0.5-1.5% margin on the exchange rate
OFX logoBelow 2% margin on the mid-market rate (goes down as the amount increases)
torfx logo0.5%-2% margin on the mid-market rate (goes down as the amount increases)

Here are some tips to get the best exchange rates for your international money transfers to Australia

  • Avoid high street banks

High street banks like Barclays, HSBC, or JP Morgan may seem like the go-to for your international transfers, but they can be very expensive. While services like Wise, CurrencyFair, Instarem, and others keep their fees low, banks charge 5-7% of the amount – driving up the cost of your transfer.

  • Only send cash in emergencies

MoneyGram and WesternUnion are the only money transfer services that let you send cash to Australia and their fee structure is not transparent. Overall, the margin on the exchange rate they offer is on the higher side (but typically lower than banks) and many hidden fees increase the cost of the transfer.

  • Shop around for rates

Whether youโ€™re sending small amounts in cash or bank or want to send a large amount to Australia, donโ€™t set up your transfer with the first service provider you come across.

Weโ€™ve curated the best options for you to send money to Australia – those are a great starting point. Some services like Wise also offer rate guarantees – which means, the rate you see now will be available to you for the next 24-48 hours (varies).

For your large transfers, use Market Orders or Forward Contracts (both TorFX and OFX offer these) to secure the best rates.

  • Go with specialized money transfer services

Donโ€™t send a large transfer (above $7000 USD) with a service like Wise or CurrencyFair OR a small amount with OFX and TorFX. Each service focuses on a specific kind of transfer and their exchange rates + fee structure are set up accordingly.

  • Send money in the local currency (AUD)

Whether youโ€™re sending cash or bank transfers, always opt for your receiver to get AUD to avoid hidden conversion charges.

4. Most Trustworthy Service Providers

For sending cash

ServiceRatingUser reviews
moneygram logo4.5/5 with over 39,000 reviews (January 2024)The Good
My experience with MoneyGram has been one of complete joy. The system is efficient, trusting, and expeditious! I can always rest easy knowing that whoever I have sent money to will receive it with no problems and the rate is quite fine too. Thank you, Moneygram!
– Andre on Trustpilot

The Bad
The technology for sending money is great. But I have a transaction that was done in February 2023 and it was never picked up and I have been asking to have that money deposited back in my account and itโ€™s like talking to a wall. Very very bad customer service
– Jose on Trustpilot

Founded in 1988, Moneygram is one of the oldest money transfer services with a presence in over 200 countries.

Typically, theyโ€™re extremely efficient – however, sometimes transfer delays can be caused by system errors in the agent office, and resolving transfer issues can take longer if their customer service teams are busy.

For small bank transfers

ServiceRatingUser reviews
Wise logo4.2/5 with over 206,000 reviews (January 2024)The Good
I ensured I read through everything until I understood what information was required to fill in the form. I was very impressed with the option of converting the money before the transaction was made, hence, no bank fees! Very important feature. Then it was so easy, clear, swift, and inexpensive. I was very very surprised at which the speed of the transaction happened. Seven seconds? It almost made my head spin, in a nice way, of course. I have no qualms in recommending this company for all transactions. I have sent recommendations to friends.
– Barbara Reid on Trustpilot

The Bad
Wise held on to my money for 6, 7 days after debiting from my checking account before onward transmission to my recipient. In this day and age of electronic fund movements, that seems excessive. It also went beyond the estimated time wise projected (which was already a long time to begin with). It is also days longer than they have been in the past. All of which suggest a deterioration of service.
-Eric Chong on Trustpilot

Wise offers the best of affordability, speed, and convenience when sending small bank transfers below $7000 USD to Australia.

However, as a regulated financial institution that functions in many countries, they need to audit certain transfers for security and to check additional documentation, which can cause hold-ups.

For large bank transfers

ServiceRatingUser reviews
torfx logo4.9/5 with over 7,100 reviews (January 2024)The Good
Every person I spoke with was very professional
The rates for transfer were competitive
When I tried my first exchange it was completed within twenty four hours
An excellent pedigree as far as I am concerned and will continue to use them when needed in the future!

– Mary Parker on Trustpilot

The Bad
I had transfer ยฃยฃ from UK to US. They have shown the exact amount that will be Credited in US bank account but while the execution done they deduct $20. When I asked the detail they said it’s the intermediary charge. I had asked why have you not mentioned that in your Transaction summary that 20 usd is your service charge. The response was it covered under Terms and condition which is 20 page document. This is absolute cheating and hiding things to customer before they get into a trap.
– MP on Trustpilot

What makes TorFX (and their US counterpart Currencies Direct) the highest-rated and most trusted money transfer service?

The level of support you get when you sign up.

OFX also offers 24×7 phone support, but TorFX assigns a Personal Account Manager who can help you with everything from negotiating rates and locking in a rate for the future, to setting up the actual transfer for you on the phone.

And while they try to offer the best rates, sometimes intermediary banks – like the sending and receiving banks – may deduct small amounts to move your money from one country to another.

5. Speed and Convenience

If you want to send money to Australia ASAP during an emergency, both MoneyGram and WesternUnion can help you send cash in minutes when you fund it with a debit or credit card – however, itโ€™s one of the most expensive ways to send money.

Wise keeps the costs of card-to-bank transfers low – which means you can typically send small bank transfers below $7000 USD within a few hours from the US, UK, Canada, etc.

If you choose bank-to-bank transfers with Wise, CurrencyFair, or Instarem, expect the money to arrive in approximately 1-3 days.

High street banks Chase, JP Morgan, or Barclays also take about 1-5 days to process international transfers to Australia.

Larger bank transfers with OFX or TorFX can take longer – from a couple of days to up to a week in case you need to submit additional documentation (purpose of transfer, recipientโ€™s address and ID, etc.).
Hereโ€™s a quick breakdown of transfer times

Service ProviderTransfer Speed
Chase Bank and JP Morgan (the US)1-5 days
Barclays (the UK)1-5 days
National Bank of Canada3-5 days
MoneyGram (cash)Minutes to Next day
WesternUnion (cash)Within minutes – Money in Minutes Service
Next day – Next day service
Wise (small bank transfer)94% of transfers completed within 24hrs.
61% of those transfers were completed nearly instant. See Report
Instarem (small bank transfers)Minutes to 3 days
OFX1-2 days for popular currencies
2-5 days for exotic currencies
TorFXSame-day transfers for some popular currencies
2-4 days for exotic currencies

6. Regulations, Taxation and Compliance

  • No limits to sending and receiving transfers to and from Australia
  • You may be required to share the purpose of the transaction as well as your recipientโ€™s address and ID for large transfers
  • If youโ€™re sending money home to Australia as an expat, you donโ€™t need to pay taxes in Australia if youโ€™ve already paid taxes on your income where youโ€™re currently living

7. Recipient Information

  • Double-check the bank information shared by them before setting up a transfer
  • They need to carry a government-issued ID to receive cash

Final Word

There are many ways to send money to Australia from the US, UK, Canada, New Zealand, Europe, Singapore, and more.

Consider picking specialized money transfer services. Take some time to compare rates and find the best fit for your unique situation. From our experience, traditional banks are slower and pricier, so it’s worth exploring alternatives.

For quick cash transfers, two giants stand out: MoneyGram and Western Union. These services boast worldwide recognition, offering proven security and reliability. Plus, they have widespread agents throughout Australia, ensuring your recipient gets the money hassle-free.

When it comes to smaller bank transfers, Wise, Currencyfair, and Instarem are solid choices. Wise has been my go-to for years due to its mid-market rates, wide-coverage, transparency, and overall convenience. Though, I’ll be honestโ€”Wise isn’t always a smooth ride. Check out my full review to decide if it’s the right fit for you.

Instarem offers a first-time customer rate with zero fees and a special exchange rate, giving you a good deal on your transfer. See comparison table (above)

Best Ways to Send Money to Australia

Cash transfers: MoneyGram or Western Union
Small bank-to-bank transfers: Wise, Instarem, or CurrencyFair
Large bank-to-bank transfers: OFX or TorFX

For larger bank transfers such as above $7,000 USD or 10,000 AUD, OFX and TorFX are my top choices. Both excel in customer service which is very important for peace of mind during large transfers. OFX even provides fee-free transfers through this link, while with TorFX, you can start by getting a quote from the right region here:
AUS/NZ and Asia โ€“ Get a Free Quote
UK and Europe โ€“ Get a Free Quote

Before making your decision, thoroughly compare the speed and convenience, customer reviews, exchange rates, and costs of transfers of different services. We recommend checking our comparison table to help you compare these services easily.

Happy sending!

How can I send money from USA to Australia?

There are lots of ways. You can do MoneyGram or WesternUnion for cash transfers. Wise or Instarem for small bank transfers. OFX or TorFX for large bank transfers. However, before deciding which service to use, compare their fees, speed, convenience, or rates to know which service suits better to your needs.

What is the cheapest way to transfer money to Australia?

For small bank transfers, Wise and Instarem can be the cheapest ways to transfer money to Australia from the USA. Wise offers mid-market exchange rates and an average fee of 0.67%. Instarem offers special FX rates and zero fees for new customers only. But, it is best to compare their features, speed, and reviews before deciding which service to use.