About the study
The Aussie dollar is the sixth most traded currency in the world and Australia’s economic growth is predicted to outperform most advanced economies over the next five years. This economic resilience and strong global ties saw foreign investment into Australia hit $4.9 trillion in 2024.
In light of this latest data, Money Transfer Australia (moneytransfer.com.au) commissioned a survey of 203 Australian business owners and decision makers to learn how they have been exchanging currency or sending money internationally. We discovered the methods they chose and why.
Respondents were categorised by State and by business size: micro (1-10 employees), small (11-50 employees), medium (51-200 employees), and large (201-plus employees)
Survey respondents were provided with the following seven statements and asked which ones were true for them this year, when it came to making international money transfers:
- I transact through one of the big four banks (Westpac, NAB, ANZ, CBA).
- I transact through a smaller bank, not one of the ‘big four’ banks.
- I always use the same bank or provider.
- I don’t know how much I’m paying in fees.
- I don’t know how much I’m paying in currency exchange mark-ups.
- I don’t usually check the currency exchange rate.
- I have never considered using a specialist money transfer service to save on fees and mark-ups.
Respondents who transferred money through a bank were also asked why they chose a bank and not a specialist provider in 2024. They were given five options:
- I trust a bank more than a specialist provider.
- My bank has ‘people on the ground’ here that I can deal with – a specialist provider is often online.
- I don’t like to switch services to a new provider that I don’t know much about.
- I have a premium bank account offering preferential rates.
- I like to have all my finances in one place, even if it means higher fees.
How have businesses been making overseas money transfers in 2025?
Nearly two thirds (62%) of respondents have made international transfers through one of the big four banks – Westpac, NAB, ANZ or CBA. By comparison, only 14 per cent made transactions through a smaller bank. (Respondents were only permitted to choose one of these options). A further 15 per cent had never even considered using a specialist money transfer service to save on bank fees and mark-ups.
Almost a third of respondents (31%) preferred to stick with the same bank or provider, and 9 per cent admitted they did not check the currency exchange rate when they made international business payments. A similar proportion (11%) also did not know how much they were paying in currency exchange mark-ups, and 12 per cent did not know how much they were paying in fees.
- I transact through a ‘big four’ bank (Westpac, NAB, ANZ, CBA)
- I transact through a smaller bank
- I don’t know how much I’m paying in fees
- I have never considered using a specialist money transfer service to save on fees and mark ups
- I always use the same bank or provider
- I don’t usually check the currency exchange rate
- I don’t know how much I’m paying in currency exchange mark-ups
By State and Territory
Victorian business owners and decision makers are most likely to stick with the big four banks, at an equal 75 per cent. A fifth (20%) of Victorian respondents had never considered using a specialist money transfer service to save on fees and mark-ups.
ACT business owners are the most reluctant to consider a non-bank provider, with 67 per cent never considering a specialist money transfer service. A third (33%) used the big four banks and preferred to stick with the same provider.
- I transact through a ‘big four’ bank (Westpac, NAB, ANZ, CBA)
- I transact through a smaller bank
- I don’t know how much I’m paying in fees
- I have never considered using a specialist money transfer service to save on fees and mark ups
- I always use the same bank or provider
- I don’t usually check the currency exchange rate
- I don’t know how much I’m paying in currency exchange mark-ups
By State and Territory
West Australian businesses are more likely to make international transactions through smaller banks, at 26 per cent. This compares with 23 per cent in South Australia, 18 per cent in Queensland and 15 per cent in NSW. Just 4 per cent of Victorians used international business banking other than the big four, while no ACT respondents did so.
Victorian, Queensland and NSW businesses are the least likely to know how much business payment fees and currency exchange mark-ups are. In Victoria, 18 per cent of respondents did not know how much they paid in fees, compared with 13 per cent in Queensland and 10 per cent in NSW. A further 15 per cent of Queenslanders are unaware of currency exchange mark-ups, followed by 13 per cent in NSW and 9 per cent in Victoria.
- I transact through a ‘big four’ bank (Westpac, NAB, ANZ, CBA)
- I transact through a smaller bank
- I always use the same bank or provider
- I don’t know how much I’m paying in fees
- I don’t know how much I’m paying in currency exchange mark-ups
- I don’t usually check the currency exchange rate
- I have never considered using a specialist money transfer service to save on fees and mark ups
By business size
Nearly three-quarters of medium-sized and large businesses prefer to use the big four banks – at 72 and 74 per cent respectively. This is closely followed by 68 per cent of small businesses and 45 per cent of micro businesses.
There was also a strong tendency across the board to stick with the same bank or provider. Four in 10 (42%) of large businesses agreed with this, followed by an equal third (33%) of small and medium-sized businesses, and a quarter (25%) of micro businesses.
More than a fifth (21%) of large businesses do not know how much they are paying in currency exchange mark-ups, and 16 per cent did not know how much they were paying in fees. Small business owners are more aware of such expenses, with only 2 per cent not aware of currency exchange mark-ups .
More than a quarter (27%) of micro business owners had never considered using a specialist money transfer service to save on fees and mark-ups. This rate compares with just 5 per cent of large businesses.
- I transact through a ‘big four’ bank (Westpac, NAB, ANZ, CBA)
- I transact through a smaller bank
- I always use the same bank or provider
- I don’t know how much I’m paying in fees
- I don’t know how much I’m paying in currency exchange mark-ups
- I don’t usually check the currency exchange rate
- I have never considered using a specialist money transfer service to save on fees and mark ups
Why do businesses transfer money through a bank and not a specialist provider?
Trust was the main reason business owners chose not to use a specialist provider, with 51 per cent of respondents saying they trusted banks more.
Having ‘people on the ground’ rather than online was another contributing factor, with 31 per cent of respondents saying this was why they transferred internationally through banks. A further 30 per cent did not want to switch services to a new, unfamiliar provider.
Only 7 per cent of respondents chose to transfer through a specialist provider rather than through a bank.
- I trust a bank more than a specialist provider
- My bank has “people on the ground” here that I can deal with – a specialist provider is often simply online
- I don’t like to switch services to a new provider that I don’t know much about
- I have a premium bank account offering preferential rates
- I like to have all my finances in one place, even if it means higher fees
- I don’t transfer money through a bank, only a specialist provider
By State and Territory
Tasmanian and ACT businesses are most likely to trust a bank over a specialist provider, at 75 per cent and 67 per cent respectively. This was followed by 58 per cent of WA businesses , 52 per cent of Victorian businesses, an equal 50 per cent of NSW and NT businesses, and an equal 46 per cent of Queensland and SA businesses.
Forty (40) per cent of NSW respondents cited ‘people on the ground’ over online support as their reason for choosing banks over specialist providers. An equal third (33%) of ACT and Queensland respondents agreed, followed by 31 per cent in South Australia, 25 per cent in Victoria, and 21 per cent in Western Australia.
A further 37 per cent of NSW business owners and decision makers do not like switching to an unfamiliar provider, followed closely by Victorian respondents at 34 per cent, Queensland at 28 per cent, and Western Australia at 21 per cent.
- I trust a bank more than a specialist provider
- My bank has “people on the ground” here that I can deal with – a specialist provider is often simply online
- I don’t like to switch services to a new provider that I don’t know much about
- I have a premium bank account offering preferential rates
- I like to have all my finances in one place, even if it means higher fees
- I don’t transfer money through a bank, only a specialist provider
By State and Territory
Queensland businesses are equally willing to pay higher fees and business payment costs to keep their finances in one place, with 28 per cent saying this was why they chose banks over money transfer companies. By comparison, 14 per cent of respondents in Victoria, 11 per cent in Western Australia and 10 per cent in NSW gave this reason.
Premium bank accounts with preferential rates are the second top reason among WA businesses, at 32 per cent.
- I trust a bank more than a specialist provider
- My bank has “people on the ground” here that I can deal with – a specialist provider is often simply online
- I don’t like to switch services to a new provider that I don’t know much about
- I have a premium bank account offering preferential rates
- I like to have all my finances in one place, even if it means higher fees
- I don’t transfer money through a bank, only a specialist provider
By business size
Trust is the number one reason for choosing banks over specialist providers across all business sizes. Large businesses are the most likely to value this, at 58 per cent, followed by micro and medium-sized businesses, at an equal 51 per cent, and small businesses, at 49 per cent.
Having people on the ground and sticking with known providers were next in line, with people over online support most popular among medium-sized businesses – at 49 per cent. Small business owners valued people and familiarity equally, at 32 per cent.
A quarter of medium-sized businesses cited the benefits of premium bank accounts with a preferential rate, compared with 9 per cent of micro businesses. Micro businesses are also less likely to sacrifice higher fees for the convenience of keeping finances in one place. Just 8 per cent chose this answer compared with 21 per cent of large businesses, 18 per cent of small businesses and 15 per cent of medium-sized businesses.
Bank and specialist provider sentiment by business size
- I transact through a ‘big four’ bank (Westpac, NAB, ANZ, CBA)
- I transact through a smaller bank
- I always use the same bank or provider
- I don’t know how much I’m paying in fees
- I don’t know how much I’m paying in currency exchange mark-ups
- I don’t usually check the currency exchange rate
- I have never considered using a specialist money transfer service to save on fees and mark ups
What This Means for Australian Businesses
Our survey reveals that many Australian businesses still default to the big four banks for their international payments, even though these banks typically charge higher fees and offer less competitive exchange rates than specialist money transfer providers.
What’s more, a large number of businesses don’t actually monitor what they’re paying in currency conversion mark-ups or transfer fees, meaning they could be losing money on every transaction without realising it.
Just as the ACCC found when investigating consumer trends in overseas transfers, our research shows that trust is the same underlying factor driving business behaviour. Perhaps even more so for businesses, security and peace of mind are paramount.
Whether we dissect the respondents by business size or location, businesses want to feel certain their money is safe. Over half say they feel more comfortable with a bank, often because they value face-to-face support or prefer to keep all financial matters in one place.
But this sense of comfort often comes at a price. Sticking with a familiar name can mean missing out on better exchange rates, lower fees and modern tools designed to make cross-border payments faster and more efficient.
The same ACCC report found that the average cost of an A$10,000 transfer with one of Australia’s big four banks was 3.81% ($381), 1.8% with a traditional IMT supplier ($180), and 0.9% with a fintech ($90). That’s a saving of up to $291 simply by switching providers.
Exchange rates from the big banks tend to be just as uncompetitive for SMEs as they are for consumers, while transfer fees are usually higher.
The ACCC’s advice to consumers is as follows: “Consumers should consider using non-bank suppliers as they are often better priced, and consumers can save. The more consumers that are willing to switch the more likely prices will continue to fall.”
The same applies to businesses. A sensible first step is to test the waters, perhaps run a few low-value transfers with a reputable specialist to check service quality and security, then gradually increase how much business you send their way.
Taking the time to understand how and why you choose your transfer partners is the first step to smarter international payments, and could help protect precious profit margins, especially in a challenging economy.
How to Avoid Overpaying on International Transfers
The good news is that businesses can take practical steps right away to stop overpaying on overseas payments. Here are some tips:
- Compare providers regularly: Check the rates and fees of specialist transfer services alongside your bank to see the difference in real terms. Our comparison tool lets you do this for free.
- Ask for quotes: For larger transfers, ask multiple providers for a rate and you may be surprised by how much you can negotiate.
- Check the FX margin: Don’t just focus on transfer fees; always look at the exchange rate you’re being offered. Our tool displays how far each provider’s rate is from the interbank rate.
- Consider using a specialist for routine transfers: Many specialist services offer better rates for recurring payments or larger sums.
- Leverage technology: Online platforms often have better rates and faster processing times than traditional bank branches.
- Review your transfer habits annually: Make it part of your yearly financial check-up to ensure you’re still getting the best deal.
Even small savings per transaction can add up to significant amounts over a year, particularly for businesses that trade regularly overseas.
Conclusion
Most Australian businesses are sticking with the big four banks for international transfers out of habit and a sense of security, but this loyalty is costing them more than they realise. With over 60% using a major bank and many admitting they don’t check rates or fees, it’s easy to see how costs quietly add up.
Despite the availability of specialist providers offering better rates and lower fees, many businesses remain hesitant to switch. This study highlights a simple truth: in exchange for perceived safety, Australian businesses are often paying more than they need to for international payments.
For any company looking to protect its margins, the first step is to question the status quo, compare providers, and not assume that your bank always offers the best deal.