The Best Way to Make an International Money Transfer

The best way to send money abroad is completely case-defendant. You must ask yourself a list of questions in order to narrow you search, and find your preferred method. “Best” means different things for different people. Does the best way to transfer simply mean cheap transfers? does it mean safe? does it mean fast? or is it a combination of all three (plus additional considerations)?

Quick-look at the best international transfers of 2024

These are our favourite ways to transfer money internationally in 2024.

Company NameOnline Transfer?Large Transfer SpecialistsAppBest for
Send PaymentsLarge Transfers
TorFXBusiness Transfers
WiseInternational Money Transfer App
PayPalSpeed and Comfort

Best bank or best money transfer company?

If you are set up on the notion that you will be using a bank (as in an actual bank with a banking license and not a Fintech alternative) then you should head over to our article about Australia’s best bank for international transfers. There, you can find a thorough comparison of the various options Australians have to send money internationally with a bank.

This guide, however, will focus on finding the best international money transfer services – companies which aren’t banks, but rather focused only on making currency exchanges and moving money across borders. Those companies (there are 16 listed so far on our companies database) will enable customers to enjoy better rates, lesser fees, and a premium service compared to banks but they are not insured in the same way. Although supervised by ASIC (and other regulators, as most companies are regulated in multiple countries), money that is transferred through them, does not have the same level of insurance as money in a bank account.

This is perhaps the first decision to be making when choosing how to transfer money abroad.

Where to start with money transfer companies

Transfer size is always a good place to start.

That’s why we will begin this guide with the simplest distinction of all. For us, transfers above A$20,000 are “large transfers” and below that number “private transfers”. We’ll also have a section for business transfers of all sizes, as businesses have somewhat different needs.

Large international money transfers and small private transfers are two very different things in essence. It is true that some people have both requirements, but you can always move smaller amounts with a solution that is tailored to larger sums.

In our view, the best way to transfer large amounts of money is through a brokerage service. A service that assigns an expert to each customer with significant requirements, and helps them through the process.

To us, the mere fact you have a person who is familiar with you, the reason for which you are making the transfer, your considerations, your limitations, and is able to follow up on transfers and give you a real-time reflection of where the transfer is at and when it’s expected to land, how much with the recipient get (on the penny), and also offer you ways to manage with fluctuating rates – is a game changer.

In terms of rates, brokerages may not offer the best rate compared to digital providers, but because the whole nature of the business is bespoke, you can definitely negotiate the rate and by that achieve also a mean that, depending on their current liquidity and the current volatility on the market, they may be offer to offer the best rate.

The best way to send money internationally online, especially when sending smaller sums, is to use companies like Wise. Such apps are able to provide fair, accurate, and bank-beating rates even on lower sums, and their online journey is considered very smooth. You won’t get the benefits that a brokerage has – you won’t be able to negotiate over the price, get someone’s cellphone number in case you need assistance, or get any sort of protection against currency valuations.

Apps operate in a very straightforward manner. While some of them have enhanced functionality in terms of holding and receiving money, they are still pretty limited when catering to businesses or large money transfers.

Best foreign currency transfer services of 2024

Below, we will list the best money transfer services in Australia. Each one of them is a specialist in a different area:

Send Payments: Best for Large Transfers

Send Payments specializes in handling large transfers efficiently, offering competitive exchange rates and lower fees that become more advantageous as the transfer amount increases. It has 99% positive ratings which keep flowing on customer review platforms. The staff is professional and has vast experience in the space.

TorFX: Best for Business Transfers

TorFX stands out for business transfers with its personalized service and currency analysis, helping businesses optimize their foreign exchange outcomes and manage market risks effectively. They offer private and corporate clients the possibility to use Forward Contracts and other ways to defend against currency fluctuations,

OFX: Best for e-commerce

OFX is tailored for e-commerce businesses, offering flexible transfer options and tools that integrate seamlessly with online business models, facilitating global payments with ease. OFX also offer a wide range of currencies in it’s e-commerce focused multi-currency product.

Wise: Best International Money Transfer App

Wise is recognized for its transparent fee structure and real exchange rates, making it the top app for international money transfers, especially for users seeking cost-effective and straightforward transactions. It also offers a multi currency account with many options including a debit card, making it a popular choice among travelers and nomads.

PayPal: Best for Speed and Comfort

PayPal is known for its speed and convenience, providing instant transfers globally. Its wide acceptance and user-friendly interface make it a comfortable choice for casual and small-scale international transactions. It is the most expensive option on the list, even more than banks.