Money Transfer Companies

What are money transfer companies

Money transfer companies streamline the process of sending money internationally, with their biggest selling point – offering competitive rates than traditional banks.
These companies have risen in popularity due to their ability to undercut the hefty fees banks typically charge and by offering better exchange rates and their “no transfer fees” policy.

Essentially, they pass on the savings from operating thinly into their customers (as opposed to big banks).

Setting up is straightforward: once you’ve signed up and your account is all set, you can initiate transfers with just a few clicks online or through the phone, depending on the company you opted to use.

Money Transfer Companies in Australia

Company NameType of ServiceFoundedFounders
Send Payments
Brokerage
Online Payments
Online Money Transfer App
Multi-Currency Accounts
B2B Payments
Card Payments
Remittances Oriented
2019
Paul Billing, Ian Cragg
Paul Billing, Ian Cragg
Go to Send
TorFX
Brokerage
Online Payments
Online Money Transfer App
Multi-Currency Accounts
B2B Payments
Card Payments
Remittances Oriented
2004
Jon Beddell
Go to TorFX
Wise
Brokerage
Online Payments
Online Money Transfer App
Multi-Currency Accounts
B2B Payments
Card Payments
Remittances Oriented
2011
Kristo Käärmann, Taavet Hinrikus
Kristo Käärmann, Taavet Hinrikus
Go to Wise
Revolut
Brokerage
Online Payments
Online Money Transfer App
Multi-Currency Accounts
B2B Payments
Card Payments
Remittances Oriented
2015
Nikolay Storonsky, Vlad Yatsenko
Nikolay Storonsky, Vlad Yatsenko
Go to Revolut
OFX
Brokerage
Online Payments
Online Money Transfer App
Multi-Currency Accounts
B2B Payments
Card Payments
Remittances Oriented
1998
Matthew Gilmour
Go to OFX
XE
Brokerage
Online Payments
Online Money Transfer App
Multi-Currency Accounts
B2B Payments
Card Payments
Remittances Oriented
1993
Steven Dengler, Beric Farmer
Steven Dengler, Beric Farmer
Go to XE
WorldFirst
Brokerage
Online Payments
Online Money Transfer App
Multi-Currency Accounts
B2B Payments
Card Payments
Remittances Oriented
2004
Jonathan Quin, Nick Robinson
Jonathan Quin, Nick Robinson
Go to WorldFirst
CurrencyFair
Brokerage
Online Payments
Online Money Transfer App
Multi-Currency Accounts
B2B Payments
Card Payments
Remittances Oriented
2009
Brett Meyers, Jonathan Potter, Sean Barrett, David Christian
Brett Meyers, Jonathan Potter, Sean Barrett, David Christian
Brett Meyers, Jonathan Potter, Sean Barrett, David Christian
Brett Meyers, Jonathan Potter, Sean Barrett, David Christian
Go to CurrencyFair
InstaReM (Nium)
Brokerage
Online Payments
Online Money Transfer App
Multi-Currency Accounts
B2B Payments
Card Payments
Remittances Oriented
2014
Prajit Nanu, Michael Bermingham
Prajit Nanu, Michael Bermingham
Go to Instarem
World Remit
Brokerage
Online Payments
Online Money Transfer App
Multi-Currency Accounts
B2B Payments
Card Payments
Remittances Oriented
2010
Ismail Ahmed, Catherine Wines, Richard Igoe
Ismail Ahmed, Catherine Wines, Richard Igoe
Ismail Ahmed, Catherine Wines, Richard Igoe
Go to WorldRemit
Remitly
Brokerage
Online Payments
Online Money Transfer App
Multi-Currency Accounts
B2B Payments
Card Payments
Remittances Oriented
2011
Matthew Oppenheimer, Josh Hug, Shivaas Gulati
Matthew Oppenheimer, Josh Hug, Shivaas Gulati
Matthew Oppenheimer, Josh Hug, Shivaas Gulati
Go to Remitly
Payoneer
Brokerage
Online Payments
Online Money Transfer App
Multi-Currency Accounts
B2B Payments
Card Payments
Remittances Oriented
2005
Yuval Tal
Go to Payoneer
TransferMate
Brokerage
Online Payments
Online Money Transfer App
Multi-Currency Accounts
B2B Payments
Card Payments
Remittances Oriented
2010
Terry Clune, Barry Dowling
Terry Clune, Barry Dowling
Go to TransferMate

In-Depth Analysis into market leaders

View our detailed money transfer company reviews below.

Western Union

Learn about WorldRemit's global transfer services.

Western Union Review
MoneyGram

Learn about WorldRemit's global transfer services.

MoneyGram Review
Revolut

Learn about WorldRemit's global transfer services.

Revolut Review
Instarem

Find out what makes Instarem a popular choice for money transfers.

Instarem Review
WorldRemit

Learn about WorldRemit's global transfer services.

WorldRemit Review
PayPal

Discover what users say about PayPal for money transfers.

PayPal Review
XE

See which transfer options does Xe offer

XE Review
Remitly

Check out the rates for Remitly transfers.

Remitly Review
Wise

Learn what Wise is about and what it is the market’s leader in Australia and globaly.

Wise Review
Send Payments

Get insights and read reviews on Send Payments for informed decisions.

Send Payments Review
OFX

Explore international money transfer options with OFX.

OFX Review
TorFX

Explore reviews for TorFX and make your transfer with confidence.

TorFX Review

Head to Head Comparisons

Are money transfer companies safe?

Transferring money with regulated companies in Australia is generally safe. Regulated money transfer companies must adhere to strict Australian regulations. They are overseen by authorities like APRA and ASIC. Safety measures which are required by regulators include encryption and fraud prevention. Errors are scarce, but when they do happen they are mainly due to human mistakes. On the consumer side, a part of the safety of your transfer is to always verify details to avoid scams. Choosing a reputable company enhances security. That is why on MoneyTransfer.com.au we are working towards making extensive reviews of all money transfer companies that operate in Australia. Make sure that when a company say that they are regulated they actually appear as authorised in the ASIC registrar available here.

Types of money transfer companies

There are brokerages (more personal touch), apps (completely streamlined online process) and there are crosses i.e. money transfer companies which are a combination of the two. These firms make their money on the ‘spread’—the difference between the buying and selling price of 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. That 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 for a smaller transfer. The latter, a broker, is for those who prefer to conduct business over the phone or on email rather than through an online system. Those who use a broker can have a bunch of specific requirements, for example wanting to hedge a future trade, that online money transfer companies don’t allow.

Largest money transfer companies in the world

RankingCompany NameRevenue (in AUD)
1PayPal$41.678 billion
2Western Union$6.146 billion
3MoneyGram$1.876 billion
4Wise$1.539 billion
5Remitly$1.219 billion
6Payoneer$1.106 billion
7Moneycorp$0.401 billion
8WorldRemit$0.271 billion
9OFX$0.229 billion

Out of the 9 largest money transfer companies, the vast majority operate in Australia. The exception is only Moneycorp, which is a UK brokerage, which does not take on Australian customers. Out of the 9 largest companies, 5 are remittances oriented. 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 offer a cheaper alternative to banks. Truthfully, this might be the one thing making individuals and businesses use them. It’s not too difficult to beat the bank’s prices in Australia, averaging at 2.5-3% markup per transfer, and some of the companies featured in the comparison below are going to beat a bank quote by as much as x6. There are exceptions, though, of specific companies or specific methods in which the bank will be a cheaper alternative to a money transfer company. First off, there are companies like PayPal or Skrill which are featured on MoneyTransfer.com.au and their main selling point is simplicity, speed and effectiveness rather than pricing. Secondly, there are corridors in which the recipient receive the money in cash and due to that high risk business, companies like Western Union can charge upwards of 6-7% of the transaction (unlike for online transfers in which Western Union is on average cheaper than banks as you will see in the comparison below.

Compare money transfer service rates

0 AUD -> NZD
£
  • Fee & exchange rate
    Fee: 0
    Exchange rate: 0
    This 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.
    0.05% below the mid-market rate
    You RECEIVE
    0
    0
  • Fee & exchange rate
    Fee: 0
    Exchange rate: 0
    This 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.
    0.05% below the mid-market rate
    You RECEIVE
    0
    0
  • Fee & exchange rate
    Fee: 0
    Exchange rate: 0
    This 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.
    4.12% below the mid-market rate
    You RECEIVE
    0
    0
  • Fee & exchange rate
    Fee: 0
    Exchange rate: 0
    This 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.
    1.66% below the mid-market rate
    You RECEIVE
    0
    0
  • Fee & exchange rate
    Fee: 0
    Exchange rate: 0
    This 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.
    2.97% below the mid-market rate
    You RECEIVE
    0
    0
Last updated: 19/06/2024