Australia’s Big Four banks dominate over 90% of the market, all offering international payments via online banking and mobile apps. Despite growing competition from fintechs and money transfer companies, major banks still lead in international transfers. Here, we reveal the best Australian bank for sending money abroad and explore even cheaper alternatives.
Big Four Australian Banks
When Australians think about sending money overseas, the Big Four banks such as, Commonwealth Bank, Westpac, NAB, and ANZ are often the first options that come to mind. While these banks are trusted and secure, their international transfer services usually come with higher fees, slower delivery times, and larger exchange rate markups than dedicated transfer providers.
The table below compares the typical costs, exchange rate margins, and transfer limits of the major Australian banks against leading money transfer companies.
| Bank/Provider | Transfer Fee | Max Exchange Rate Markup | Avg Delivery Time | Transfer Limit (Day) | |
|---|---|---|---|---|---|
 | $0 | 0.6% | 1–2 days | no limit | Go To XE |
 | $5 | 0.5% | 0 –2 days | no limit | Go To Wise |
 | $30 | 5.0% | 2-7 days | $50 000 | Go to CommBank |
 | $25 | 4.0% | 2-7 days | $20 000 | Go to Westpac |
 | $20 | 3.0% | 2-6 days | $10 000 | Go to NAB |
 | $25 | 4.0% | 2-7 days | $50 000 | Go to ANZ |
Example based on a $10,000 AUD international transfer to GBP
To give a clearer picture of how bank transfers compare to modern alternatives, we’ve also included two leading money transfer providers XE and Wise in the table above. This allows you to see how their fees, exchange rate markups, and transfer times perform against the major Australian banks. By including these providers, you can easily understand how much more of your money actually reaches the recipient and why more Australians are choosing dedicated transfer services for international payments.
If you’d like to explore more providers and find the best deal for your next international transfer, see the full comparison below.
What Affects International Money Transfers?
When transferring money abroad, the total cost and delivery time depend on multiple factors, including the transfer method, currency exchange process, and network used. Understanding these influences helps you see why some money transfer services are quicker and cheaper than others.
Transfer Costs
Most Australian banks charge a flat fee for sending money overseas, typically between $20 and $35 AUD per transaction. The exact cost depends on how the transfer is made in-branch transactions are often more expensive than online ones and on the destination and currency. Some banks also pass on intermediary or receiving bank fees, so the final amount received may be lower than expected.
Providers such as Wise or XE keep costs down by moving money through local banking networks rather than the traditional SWIFT system. This approach removes intermediary fees and makes total pricing more predictable. Their small, fixed charges (often $0–$7) are shown upfront before you confirm the transfer.
Exchange Rate Markup
One of the most significant components of international transfer costs is the exchange rate markup. Traditional Australian banks generally apply a margin of 2.5% to 5% above the mid-market rate, which is not the rate typically found via public sources like Google. This markup can result in considerable losses; for example, on a transfer of $10,000 AUD, the recipient may receive up to $500 AUD less than expected.
In contrast, specialist providers such as Wise and XE operate with a much narrower margin, often between 0.5% and 0.7%, and publish the precise rate offered in real time. This enables users minimizes hidden costs.
Price Transparency
One of the most common complaints about banks is the lack of transparency. Traditional banks often list fees and exchange rates separately, but it’s not always clear what the final converted amount will be once all charges are deducted.
Providers simplify this by displaying the total cost upfront including fees, exchange rate, and recipient amount before the user confirms the transfer. This level of transparency helps build trust and reduces unpleasant surprises when the money arrives.
Daily Limits
Most Australian banks restrict online international transfers to between $10,000 and $50,000 AUD per day. Transactions exceeding these thresholds often necessitate additional verification, including telephone authorisation or in-person branch visits, which can be inconvenient for users abroad.
Digital money transfer platforms are better suited to large-value transactions. Once account verification is completed, services such as Wise, OFX, and XE typically support higher or even unlimited transfer limits, fully managed online without administrative delays.
Transfer Speed
Transfer speed depends on the network used and the destination. Banks rely on the SWIFT international payment system, which routes funds through multiple intermediary banks. Because each intermediary adds its own processing time and checks, delivery can take two to seven business days.
Providers use local settlement accounts in each country, allowing them to credit the recipient faster usually within a few hours to two days. Delays can still occur over weekends or public holidays, but the overall process is much quicker and easier to track online.
Customer Experience
Although Australian banks are secure and reliable, their security protocols can make user experience difficult. Customers may have issues such as blocked or delayed transactions, inaccessible digital platforms when abroad, or extended resolution times requiring branch visits.
Money transfer services have optimized compliance through automated verification systems and offer real-time status updates. Many also provide responsive customer support through in-app messaging or extended service hours, making them a more accessible and user-friendly alternative.
Comparing Australia’s banks with leading providers
Now that you understand what drives the cost, speed, and overall experience of international transfers, it’s time to see how much you could actually save.
Use the live comparison tool below to check real-time rates, fees, and delivery times from Australia’s top transfer providers and find the one that best fits your needs.
- Speed1-2 DaysPayment methodsFee & exchange rateFee: 0Exchange rate: 00 below the mid-market rate
- Speed1-2 DaysPayment methodsFee & exchange rateFee: 0Exchange rate: 00 below the mid-market rate
- Speed1Payment methodsFee & exchange rateFee: 0Exchange rate: 00 below the mid-market rate
- Speed1-2 DaysPayment methodsFeatureDedicated account manager for large transfersFee & exchange rateFee: 0Exchange rate: 0This margin is standard for large transfers, but depending on the size and circumstances, XE may offer even better rates.0 below the mid-market rate
- Speed0-2 DaysPayment methodsFee & exchange rateFee: 0Exchange rate: 0This company uses individualised quotes that depend on many factors. To receive a quote specific to your requirements, you will need to sign up with the company and ask for it. The rate displayed is representative of what you can receive, but it is not guaranteed.0 below the mid-market rate
- Speed1-5 DaysPayment methodsFee & exchange rateFee: 0Exchange rate: 0This company uses individualised quotes that depend on many factors. To receive a quote specific to your requirements, you will need to sign up with the company and ask for it. The rate displayed is representative of what you can receive, but it is not guaranteed.0 below the mid-market rate
- Speed1-5 DaysPayment methodsFee & exchange rateFee: 0Exchange rate: 00 below the mid-market rate
- Speed1-3 DaysPayment methodsFee & exchange rateFee: 0Exchange rate: 0This company uses individualised quotes that depend on many factors. To receive a quote specific to your requirements, you will need to sign up with the company and ask for it. The rate displayed is representative of what you can receive, but it is not guaranteed.0 below the mid-market rate
- Speed0-2 DaysPayment methodsFee & exchange rateFee: 0Exchange rate: 00 below the mid-market rate
- Speed1-5 DaysPayment methodsFee & exchange rateFee: 0Exchange rate: 00 below the mid-market rate
- SpeedInstantPayment methodsFee & exchange rateFee: 0Exchange rate: 0This company uses individualised quotes that depend on many factors. To receive a quote specific to your requirements, you will need to sign up with the company and ask for it. The rate displayed is representative of what you can receive, but it is not guaranteed.0 below the mid-market rate
- Speed1-2 DaysPayment methodsFee & exchange rateFee: 0Exchange rate: 0This company uses individualised quotes that depend on many factors. To receive a quote specific to your requirements, you will need to sign up with the company and ask for it. The rate displayed is representative of what you can receive, but it is not guaranteed.0 below the mid-market rate
- Speed0-1 DaysPayment methodsFee & exchange rateFee: 0Exchange rate: 00 below the mid-market rate
4.7Speed1-3 DaysPayment methodsFee & exchange rateFee: 0Exchange rate: 0This company uses individualised quotes that depend on many factors. To receive a quote specific to your requirements, you will need to sign up with the company and ask for it. The rate displayed is representative of what you can receive, but it is not guaranteed.0 below the mid-market rate- 0SpeedPayment methodsFee & exchange rateFee: 0Exchange rate: 00 below the mid-market rate
3Speed1-3 DaysPayment methodsFee & exchange rateFee: 0Exchange rate: 0This company uses individualised quotes that depend on many factors. To receive a quote specific to your requirements, you will need to sign up with the company and ask for it. The rate displayed is representative of what you can receive, but it is not guaranteed.0 below the mid-market rate- 0SpeedPayment methodsFee & exchange rateFee: 0Exchange rate: 00 below the mid-market rate
0SpeedPayment methodsFee & exchange rateFee: 0Exchange rate: 00 below the mid-market rate
When to use a bank to send money internationally?
You might choose to send money overseas through a bank if security and trust matter more to you than cost or speed. Australia’s Big Four banks are highly regulated, with strict financial protections in place, including the Financial Claims Scheme (FCS), which guarantees deposits up to $250,000 per account.
The best bank for international transfers
Among Australia’s major banks, NAB offers the best value for international transfers, thanks to exchange rate markups that are noticeably lower than those of other big banks. Westpac represents a notable jump in costs, with ANZ following closely behind, while CommBank stands out as the most expensive option.
However, even with NAB’s lower markups, a $20,000 transfer would still incur a $514 loss due to exchange rate markup—a cost that far exceeds what specialist money transfer providers charge.
In summary: benefits of banks for international transfers?
Using a bank in Australia for international payments still offers several advantages:
- Your money is insured up to $250,000 AUD by the Australian Government’s Financial Claims Scheme (it is not insured when using a non-bank).
- Banks are more strictly regulated than non-banks, ensuring safer transactions.
- Access to a wide range of financial services beyond just transfers (no need to sign up to a money transfer service specifically).
- Established reputation and reliability that a non-bank can’t copy… Fintech didn’t exist when these banks were founded.
Bank international payment reviews
Below you can explore a deep dive into Australia’s top banks, covering their fees, exchange rates, and international transfer capabilities. We also highlight their history, credibility, and a broad overview of their banking services.
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