The demand for international money transfers is on the rise, with more people opting for alternative providers. We break down everything you need to know about these money transfer companies in a clear and concise overview.
Compare money transfer service rates
- 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
What are money transfer companies?
Money transfer companies streamline the process of sending money internationally, with their biggest selling point – offering more competitive rates than traditional banks.
These companies have surged in popularity due to their ability to undercut the hefty fees banks typically charge, offering better exchange rates a “no transfer fee” policy.
Essentially, they pass on the savings from operating thinly onto their customers (as opposed to big banks).
Getting started is straightforward: once you’ve signed up and your account is all set, you can initiate transfers with just a few clicks online or over the phone, depending on the company you choose.
Money Transfer Companies in Australia
| Rating | Company Name | Type of Service | Founded | Founders | |
|---|---|---|---|---|---|
| #1 |  |        | 1993 |  | Go To XE |
| #2 |  |   | 1998 | | Go to OFX |
| #3 |  | | 2004 | | Go To TorFx |
| #4 |  |   | 2011 | | Go To Wise |
| #5 |  | | 2015 | | Go To Revolut |
| #6 |  |  | 1851 | | Go To Western Union |
| #7 |  | | 1998 | | Go To Moneygram |
| #8 |  | | 2014 | | Go To Instarem |
| #9 |  | | 2010 |  | Go To World Remit |
| #10 |  | | 2011 | | Go To Remitly |
| #11 |  | | 1998 | | Go To PayPal |
| #12 | | | 2005 | | Go To Payoneer |
| #13 | |  | 2004 | | Go To WorldFirst |
| #14 |  | | 2009 | | Go To CurrencyFair |
| #15 |  | | 2010 | | Go To TransferMate |
XE: Most complete money transfer offering in Australia
With options for online and mobile app transfers, cash pickups, and account management for large trades and B2B payments, XE provides one of the most comprehensive solutions for international money transfers in Australia.
When you send money with XE, you’re actually leveraging the combined expertise of three major money transfer providers—XE, HiFX, and Ria—all of which operate under the secure global payments giant Euronet.
Backed by competitive exchange rates and a trusted global reputation, XE is a go-to choice for both individuals and businesses seeking an efficient, cost-effective way to move money internationally.
In-Depth Analysis into market leaders
View our detailed money transfer company reviews below.
Find out how Send Payments offers personalized service and competitive rates for informed desicions.
Read our full review to explore rates, fees, delivery methods, and alternatives for sending money overseas.
Discover XE’s competitive exchange rates and seamless international money transfer solutions.
Learn what Wise is about and what it is the market’s leader in Australia and globaly.
Learn how WorldRemit offers a fast, affordable, and convenient way to send money across borders.
Learn about Western Union's global money transfer services and how it helps millions send funds securely.
Learn how TorFX provides expert guidance and tailored currency solutions for large money transfers.
Explore how Revolut's multi-currency accounts and innovative features simplify global spending and transfers.
Explore how PayPal enables fast, secure, and convenient online payments and international transfers.
Discover why MoneyGram is a trusted choice for fast and secure international money transfers worldwide.
Are money transfer companies safe?
Transferring money with regulated providers in Australia is generally safe, as these companies must comply with strict regulations set by authorities like APRA and ASIC. Mandatory security measures, such as encryption and fraud prevention, help protect transactions.
While errors are rare, they usually stem from human mistakes rather than system failures. On the consumer side, ensuring you verify recipient details and remain vigilant against scams is essential. Choosing a reputable provider further enhances security.
At MoneyTransfer.com.au, we’re committed to providing in-depth reviews of money transfer companies operating in Australia, helping you make informed decisions. Before using any provider, always confirm their regulatory status by checking the ASIC register here.
Types of money transfer companies
There are brokerages (offering a personal touch), apps (a completely streamlined online process) and hybrids—money transfer companies that combine both approaches.
These firms make their money on the ‘spread’—the difference between the buying and selling price of a currency. They keep this spread modest, ensuring they remain competitive against banks and other currency transfer services.
This business model has proven effective, providing a win-win for both the companies and their customers who are after a more economical and efficient service.
How do money transfer companies operate
Money transfer companies operate in two main models. One being–all online–which means that while there is a support team, there is no access to a currency dealer.
The second one–a brokerage–means that you have an account manager of some sort with professional expertise in currencies.
The first one is more geared towards people who are both internet-savvy and confident, and for the most part are making smaller transfers. The latter, a broker, is for those who prefer to conduct business over the phone or on email rather than through an online system. Brokers cater to clients with more complex requirements, such as hedging future trades, which many online money transfer companies don’t support.
Largest money transfer companies in the world
| Ranking | Company Name | Revenue (in AUD) |
|---|---|---|
| 1 | PayPal | $41.678 billion |
| 2 | Western Union | $6.146 billion |
| 3 | MoneyGram | $1.876 billion |
| 4 | Wise | $1.539 billion |
| 5 | Remitly | $1.219 billion |
| 6 | Payoneer | $1.106 billion |
| 7 | Moneycorp | $0.401 billion |
| 8 | WorldRemit | $0.271 billion |
| 9 | OFX | $0.229 billion |
Of the 9 largest money transfer companies, the vast majority operate in Australia. The only exception is Moneycorp, a UK-based brokerage that does not take on Australian customers.
Among the largest players, 5 are remittances oriented, while all 9 offer online money transfer services. Wise is the fastest growing company in the bunch, relative to year established and market size.
Are money transfer companies always cheaper than banks
For the most part, money transfer companies provide a cheaper alternative to banks. In fact, money transfer companies are almost always the cheapest way to send money from Australia—full stop.
For many individuals and businesses, this is the main reason for choosing them. Australian banks typically charge a 3-4% markup per transfer, whereas some of the companies in our comparison can offer rates up to six times better than a bank’s quote.
That said, there are exceptions where banks may be the more cost-effective option. PayPal and Skrill, for example, prioritise simplicity, speed, and convenience over pricing. Additionally, certain cash pickup corridors—where recipients collect money in cash—are considered higher risk, leading companies like Western Union to charge 6–7% per transaction. However, for online transfers, Western Union is often cheaper than banks, as you’ll see using our price comparison tool below.