Best Way to Make an International Transfer
With more Australians sending money overseas than ever, the question is simple: what’s the best way to do it? Banks charge high fees and offer poor rates, while transfer companies provide better value and faster service.
Best international money transfers of 2026
These are the best ways to transfer money internationally from Australia in 2026.
| Rank | Company | Best for | Rate | Fee | Transfer Time | |
|---|---|---|---|---|---|---|
| #1 |  | Large Transfers |  |  | 1-2 days | Go To XE |
| #2 |  | All in one | |  | 1-2 days | Go To Revolut |
| #3 |  | Business Transfers |  | | 1-3 days | Go To TorFX |
| #4 |  | E-commerce |  | | 1-2 days | Go To OFX |
| #5 |  | Small Transfers | | | 0-2 days | Go To Wise |
What else do I need to know?
Sending money abroad from Australia can often seem unnecessarily complex. However, with the right insights, it’s easy to match your needs to one of the many money transfer companies available.
In this guide, we’ll explore the different options for international transfers, examining the cost, safety, and speed of each method. By the end, you’ll have a clear idea of the best way to send money abroad, based on your personal requirements.
How to send money overseas?
A wide range of options are available for sending money abroad, from traditional Australian banks to innovative fintechs and everything in between.
To help you understand each of these better, providers can be grouped into five main categories:
Banks
Currency brokers
Money transfer apps
Cash delivery services
eWallets
Let’s dive into each category to see what they offer.
Bank-to-bank – international wire transfers
Even in 2026, banks remain the most popular option to send money abroad.
If you choose this option, your money will be routed through the SWIFT network, and you’ll need the recipient to share their bank details in an international format.
We’ve already written a guide on Australia’s best bank for international transfers. Though we rarely recommend them as the best option, you’ll find a thorough comparison of Australia’s largest banks, including a side-by-side look at their various costs.
Example banks:
Destination SWIFT/BIC
Beneficiary details
(account number, name, and address) / IBAN
Local routing code
Currency brokers
Unlike banks, currency brokers offer highly competitive exchange rates, along with exceptional service.
As international payment specialists, top currency brokers will transfer your funds at a lower cost and often faster than traditional banks.
Registering with a broker is straightforward, and approval typically doesn’t take long.
Your money might be sent over SWIFT, or routed via the broker’s own network of local accounts.
A significant benefit of working with a currency broker is being assigned a dedicated account manager. You’ll get an FX expert guiding you through every step of the process and recommending different currency hedging tools.
It’s up to you whether you want to trade online or over the phone, but most of the benefits come from having that relationship with your account manager.
Example brokers:
Money transfer apps
Money transfer apps offer a convenient and flexible way to send money abroad.
The whole process is streamlined and conducted by you. This reduces costs for the provider, and ultimately reduces costs for you.
It’s a DIY service, but when you’re sending smaller amounts, it’s definitely a method we’d recommend.
You can easily operate a money transfer app alongside your everyday banking account and fund payments via card or bank transfer.
Example money transfer apps:
Cash delivery services
If the recipient would like to collect funds in cash, you’ll need to opt for a remittance company.
When you initiate the transfer, you’ll have to supply the receiver’s first and last name, as it appears on their government-issued ID.
The beneficiary then needs to bring that government-issued ID and a confirmation number to collect their funds.
You could even choose to initiate the transfer at various Australia Post locations too.
We don’t recommend using a cash pickup provider unless there’s a specific reason to do so.
Example remittance companies:
eWallets
eWallets like PayPal have revolutionised digital payments by allowing users to send money using just the recipient’s username, email, or phone number.
However, they can only be used to send money to other digital wallets on the same platform.
When it comes to international transfers, a company like PayPal also costs a fortune.
For instance, if you make a transfer from AUD to GBP, the total fees and losses can be up to 8% of the transfer total. More on this later.
Example eWallets:
How much do international
transfers cost?
There are two main costs you need to be aware of when you send money abroad:
- Payment fees / intermediary bank fees
- Exchange rate markup (also known as a variable fee)
Payment fees and exchange rate mark-ups can vary massively from one provider to the next.
Being aware of them plays a crucial factor in determining the best choice for you.
Let’s take a look at payment fees first.
Payment fees
As a general guide, banks and remittance companies charge high fees, eWallets charge moderate fees, money transfer apps charge low fees, and currency brokers charge no payment fees.
We can see how our five categories of providers stack up with their range of payment fees:
| Money Transfer Provider | Fee |
|---|---|
| Banks | 6.00 – 32.00 AUD |
| Currency brokers | 0 AUD |
| Money transfer apps | 2.00 – 5.00 AUD |
| Cash delivery services | 0 – 30.00 AUD |
| PayPal | 5% of the send amount, min 0.99 AUD, max 5.99 AUD |
Banks will charge you more if you want to arrange the transfer in-branch or over the phone ($20-$32). You’ll pay less in transfer fees if you make it online ($6-$10). You may have to pay more when you sell AUD for a more exotic currency too.
Currency brokers will charge no payment fees, regardless of whether you make the transfer online or through your account manager over the phone.
Fees are quite minimal when you use a money transfer app, but keep in mind they are just that – a completely online or app-based service. You tend to pay a bit more when you sell AUD for a more exotic currency.
Remittance companies will charge you much higher fees for funding a transfer at an agent in cash. It’s usually better to arrange it online and pay by card if you want to save on fees. You’ll also pay more when sending money to exotic currencies too.
PayPal’s international fees are pretty average but various other fees may apply if you’re buying goods & services, or making a donation. They also charge a hefty FX markup.
Let’s look more into FX markups now.
Exchange rates
The much more expensive component in an international transfer is the exchange rate markup, occasionally shown as a variable fee.
Since it’s calculated as a percentage, it rises with the amount you send and often blitzes the payment fee out of the water.
On a grouped level, we can again see how our five categories of providers stack up:
| Money Transfer Provider | Guideline Margin |
|---|---|
| Banks | 2.5% – 4.5% |
| Currency brokers | 0.15% – 2% |
| Money transfer apps | 0.4% – 1.2% |
| Cash delivery services | 0.8% – 4% |
| PayPal | 4% |
Banks and currency brokers apply a lower margin to larger transfers made to major currencies. Higher margins are applied to small transfers and transfers involving exotic currencies.
The difference is currency brokers just charge a significantly smaller margin than banks.
See our currency comparison tool for a real-time comparison of exchange rates and money transfer fees.
Money transfer apps tend to charge a pretty flat percentage fee, regardless of the amount you send. They just charge higher fees for more exotic currencies.
You may pay a weekend markup with Revolut, depending on your plan, but outside of that, their FX spreads can be very sharp.
Cash delivery services apply higher markups for exotic currencies and for paying for your transfer in cash. Their high spreads apply to small transfers because there are limits as to how much you can send (generally $20k-$50k).
PayPal applies a flat 4% on your currency exchange, regardless of the currencies involved and how much you’re sending. It’s even more expensive than using your bank.
Overall, you can see, selecting the right provider can save you thousands.
How long do international transfers take?
The time a transfer takes varies on a lot of factors.
Most banks say they’ll take 1-5 working days to process your transfer (Westpac states 1-3, while CommBank says on average 3).
A rather generic timeframe that isn’t particularly helpful.
Let’s dig a bit deeper.
As a transfer with a bank will definitely be routed via the SWIFT network, the majority will usually arrive the next day at the earliest.
That’s because the SWIFT network relies on a chain of connected banks to move money onto the next.
If two banks don’t have a relationship, they need to find a common intermediary bank to assist in the chain.
The more banks required, the longer the transfer will take, and the more costly it will be.
Currency brokers can be faster than banks, as they often bypass the SWIFT network, preventing your funds from passing through intermediary banks.
Money transfer apps are the same too.
If you’re sending money for cash collection, the money doesn’t have to move between any accounts, and should be ready to collect within minutes of sending.
A transfer on PayPal should be instant, but remember that’s only because it’s to another digital wallet on their platform. The same would apply to money transfer apps like Revolut and Wise when you send money to another user. Withdrawing money should be instant but might take a day or so.
What’s the safest method?
The safest providers of all are probably banks. Your money is insured with the FCS up to $250,000 per banking institution, and Australia’s largest banks have a significant amount of assets under management.
But saying that, Revolut and Wise are highly trusted digital payments providers, large currency brokers like OFX and TorFX have been safely handling client money for over 20 years, and remittance companies such as Western Union and Remitly are also incredibly safe.
PayPal, Wise, Remitly and OFX are even publicly-traded, with OFX being an Australian-founded company that’s traded on the ASX.
As MoneyTransferAustralia only features companies we deem safe, we recommend any of the specialist providers on this site as a safe way to make transfers overseas.
Our criteria for featuring payment providers includes being ASIC authorised to deal, make a market in and provide financial product advice in relation to foreign exchange contracts, and having a good online reputation from a sizable number of verified reviews.
What’s the best way to send money overseas?
In absence of a ‘one size fits all’ solution, the most appropriate payment provider will depend on your own requirements.
Transfer size is always a good place to start.
Banks are rarely the best option, as they are very costly and usually not the fastest, regardless of the amount sent.
The same applies for eWallets like PayPal.
So for bank transfers, this leaves us with currency brokers and money transfer apps.
Who you should use depends on how much you’re sending.
In our view, the best way to transfer large amounts of money is through a broker.
Having a dedicated account manager at a broker can provide valuable guidance to time your transfer, taking advantage of favourable currency swings.
They also offer a variety of FX tools that allow you to lock in a favourable rate or set limits for initiating the transfer, with your funds held until then.
So, for transfers over AU$20,000, the smart choice is to work with a top-rated currency broker.
The best way to send under AU$20,000 is to use a money transfer app, such as Wise.
Such apps provide fair, accurate, and bank-beating rates even on small sums.
You won’t get the benefits that a brokerage has, and you won’t be able to negotiate over the price, but their online journey is considered smooth and transfers are fast.
Lastly, if you’re sending cash, remittance companies are your only option. They’ll be expensive, but Remitly will probably come in a little cheaper than Western Union.
If you’re looking to receive money from abroad, see our guide.
Top 5 money transfer companies in Australia
Below, we list the best money transfer companies in Australia.
Each of them specialises in a different area and has unique strengths. We’ll explain why each company made it into our top 5 and when they’re the best option.
XE: recommended for large transfers
XE — Money Transfer has grown into one of the world’s most recognised currency specialists, providing a fast and secure way to send money abroad.
Their stellar reputation has been built from having millions of users worldwide, offering bank-beating rates and a top-notch service.
Originally founded in 1993 in Canada, XE merged with HiFX in 2019, bringing together XE’s currency expertise with HiFX’s established international transfer services, including a strong presence in Australia since 2001.
With offices in Sydney and Melbourne, the XE team are on-hand to share their expertise with clients, and enhance their digital services to move money as reliably and rapidly as possible.
It’s easy to register for an account, request a quote, and when you’re ready, initiate your transfer.
Revolut: the all-in-one money app
Revolut is a UK-based fintech company founded in 2015 that offers international money transfers, multi-currency accounts and money management through its mobile app.
With 70+ million users globally, the platform has become popular among travellers, freelancers, and digital-first users who want to manage and send money across borders quickly.
One of Revolut’s biggest advantages is its multi-currency account, which allows users to hold and exchange 30+ currencies directly in the app. Transfers between Revolut users are usually instant, while transfers to external bank accounts typically arrive within 1-2 business days depending on the destination country.
Revolut also offers several subscription tiers, such as Standard, Plus, Premium, and Metal, each providing different limits and benefits. Paid plans typically offer higher transfer limits, reduced fees, and additional features.
Revolut is generally used by frequent travellers, digital nomads, and users who want an all-in-one financial app that combines everyday money tools with international transfers.
Consider PDS & TMD at revolut.com/en-AU. Revolut Payments Australia Pty Ltd (AFSL 517589)
OFX: recommended for e-commerce
OFX, established in 1998 and originally known as OzForex, is renowned for reliability, security, and cost. The company has facilitated around $100 billion in transfers to date, highlighting the scale and reliability of its operations.
Like the aforementioned currency brokers, OFX provides better rates than traditional banks, and charges no transfer fees.
One of their major offerings is a global currency account for online sellers. This makes it possible to receive revenues from online marketplaces like Amazon in multiple currencies, including USD, EUR, GBP, CAD, AUD, and HKD, making it ideal for e-commerce business.
For ecommerce businesses needing to manage currency risk, OFX also offers forward contracts and target rate orders, allowing businesses to lock in favourable rates or set specific rates for future transactions.
Uniquely, OFX provides 24/7 customer support from six global offices, ensuring assistance is always available.
All of this is again supported by the OFX platform, available online and app whenever you want to manage beneficiaries, create payments or check rates.
TorFX: recommended for business transfers
TorFX, a well-established money transfer service, has built a robust international presence since its founding in 2002.
Highly regarded for its reliable and friendly service, TorFX offers very competitive rates and, like Send, does not charge transfer fees.
Each customer at TorFX is also assigned a dedicated account manager. This approach has contributed significantly to the company’s stellar reputation, underscored by prestigious awards such as the Canstar 5-Star Rating for ‘Outstanding Value in International Money Transfers’. An accolade it has won five consecutive years.
TorFX’s local Australian office is run by a team based in Queensland. This local support provides customers with access to knowledgeable experts well-versed in the nuances of international money transfers for business.
Their suite of services includes options like forward contracts and market orders, appealing to businesses that want to be sure of budgeting and forecasts.
The offering is supported by an online platform and mobile app, enabling clients to manage and track their transfers on the move.
Wise: recommended for transfers under $20,000
Wise, founded in 2011, excels in providing low-cost international money transfers.
Known for its transparency and efficiency, Wise is ideal for individuals, freelancers, and even SMEs with small transfer requirements. The company serves over 16 million customers and transfers more than $15 billion every month.
Wise offers a multi-currency account supporting over 50 currencies, and users can even receive local bank details for USD, EUR, GBP, AUD, plus six others.
Wise’s transparent fee structure, typically ranging from 0.4% to 1% of the transfer amount, ensures users get the best value on small transfers.
The platform’s user-friendly app is highly rated, with a 4.8/5 rating on the App Store and a 4.8/5 rating on Android. It allows real-time transfer tracking, rate alerts, and notifications via email and SMS.
Regulated by the FCA in the UK, FinCEN in the US, and ASIC in Australia, Wise ensures high security and compliance standards. The company has also received accolades like the FinTech50 and the Europas Award for its innovative financial solutions.
Guides you should not miss
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Australia’s remittances reveal surprising winners and losers across migrant communities and global economies.
Understand the tax implications and requirements for sending and receiving international funds in Australia.
Understand how SWIFT works, including correspondent fees, and gain insights into the costs involved in international transfers using the SWIFT network.
Learn the best methods and strategies for receiving international payments efficiently, avoiding fees and delays.