The Cheapest Ways to Transfer Money Overseas from Australia in 2024

What are your best options for sending money from Australia to other countries? Should you use an Australian bank, or are there other ways to save time and money? We have the answers.

The Cheapest Way To Send Money Overseas From Australia

You have plenty of options if you want to send money internationally from Australia. You could choose to use an Australian bank, your PayPal account or a dedicated money transfer provider. Each of these comes with different fees, exchange rates, transfer times and services. We’ll break down each one so you can understand the costs and make a more informed choice.

In almost every case, the cheapest and fastest way to send money internationally from Australia will be through a specialist money transfer provider. They charge much lower fees than Australian banks and are fast, safe, reliable and easy to use. You can easily compare dozens of providers now, using our comparison tool.

The 8 Cheapest Providers to Send Money Overseas From Australia

We’ve looked at all the options for sending money overseas from Australia, and some excellent currency exchange providers can save you money. Any of the providers below will save you plenty of cash, compared to sending money through an Australian bank.

Remitly

Remitly is an American international money transfer provider that consistently ranks as one of the best overall services for country corridors all around the world. Often beating its competitors in customer reviews and price, Remitly was ranked the best and cheapest international money transfer for transfers coming from Australia by Monito's comparison engine in 2022.

SingX

SingX is a trusted money transfer provider for customers sending money from Australia to Singapore and other countries in the South East Asian region. SingX ranked as the second-best overall international money transfer service from Australia on Monito's comparison engine in 2022.

Wise

Wise is a large, innovative and trusted money transfer provider. They offer the most competitive exchange rates of any currency exchange business, and low, transparent fees. They’re best used for transfers of under $10,000 in value and they provide a superb customer experience. 

Azimo

Azimo is a trusted money transfer provider headquartered in Amsterdam. They ranked as the fourth cheapest overall provider for transfers from Australia in 2022.

InstaReM

InstareM is an excellent currency exchange provider, especially if you’re sending money to Asian countries, where they have a large network and very competitive rates. They charge a small commission on transfers, rather than a fixed fee, which makes them ideal for sending smaller amounts. 

CurrencyFair

CurrencyFair is currently offering a fee-free transfer the first time you use them. They offer very competitive exchange rates between many countries, and their rates to Europe are among the lowest you can get.

OrbitRemit

OrbitRemit is a specialized, New Zealand-based money transfer and currency exchange provider that offers international money transfer services from Australia, New Zealand and the United Kingdom. They offer exchange rates that are better than those offered by banks, flat fees and 24-hour customer service.

XE Money Transfer

XE Money Transfer is a specialist foreign exchange service based in Australia that can walk you through every aspect of your currency exchange. They offer a fee-free transfer the first time you use them. 

Australian Residents Send a Lot of Money Overseas, Here’s How To Save Your AUD

People in Australia send around USD 17 billion overseas each year, with China, India, Vietnam, the U.K. and France being popular destinations. When you’re deciding to transfer money internationally, it’s important to keep your costs as low as possible—here’s how.

Understand Exactly What the Fees Will Be for Your Money Transfer Out of Australia

Banks and money transfer providers will often charge fees for making a transfer out of your account. This fee reduces the amount of money the beneficiary will get, so you need to consider it when calculating your currency transfer.

Know How Much You’re Being Charged Through the Exchange Rate Between AUD and Other Currencies

The base or interbank rate banks use to exchange money isn’t likely the same rate you get when you send Australian dollars overseas. Instead, you’ll get the institution’s “retail” exchange rate, which won’t be as good. That’s because many businesses make money on the difference, or “spread” between the rate they offer you, and the rate they can make the transfer at.

Understand Hidden Fees for You and the Beneficiary

The upfront fees and exchange rates may not be the only fees you have to pay. When you’re sending money from Australia, you or the beneficiary may face other fees including:

• A charge depending on how you decide to pay for the transfer
• A charge depending on how they receive the transfer
• Intermediary bank fees if the transfer needs to go through other financial institutions
• A receiving bank fee when the money arrives in the beneficiary's account

Work Out How Long the Transfer Is Likely To Take

Sending money outside Australia could take between one and five business days to reach the beneficiary. If they need money urgently, it’s important to know how long it will take to arrive in their account.

Keep an Eye on the Exchange Rate Between Aud and Your Destination Currency

Exchange rates change all the time. You can get a daily update on exchange rates and never miss a great exchange rate again. 

Compare International Currency Exchange Providers To Get the Best Deal

The best way for you to send money will depend on several factors including:

• Where you’re sending money outside Australia
• The currency you’re exchanging into
• How you’re paying for the transfer
• How the beneficiary is picking up their money
• Various other factors

Additionally, specialist currency exchange providers are always tweaking their fees and exchange rates to win customers. You can get an up-to-the-minute comparison of how much it will cost you to send money from Australia, so you’re certain to get the best deal. 

Sending Money Overseas From Australia? Why Sending Money With an Australian Bank Isn’t a Good Idea

We’ve already mentioned the high fees and poor exchange rates offered by Australian banks, but it’s worth explaining why a bank won’t be your best option for sending money overseas. Banks around the world, including Australia, charge high, fixed fees for making an international money transfer. These fees are often in excess of $25 AUD and can really eat into the money you’re sending.

Banks also offer poorer exchange rates than specialist money transfer providers. The combination of fixed fees and poor exchange rates means you could be reducing the value of your transfer by a great deal once you’ve taken fees and exchange rates into account. We’ve shared the costs associated with some popular Australian banks below.

ANZ Banking Group International Money Transfer Fees

ANZ Bank fees are:

• International transfer from a branch or over the phone: $32
• International transfer from internet banking or the app: $18
• Midmarket, base exchange rate for $1,000 AUD to USD: Beneficiary receives $707.31 USD
• Commonwealth Bank exchange rate for $1,000 AUD to USD: Beneficiary receives $680.01 USD
• Beneficiary receives $27 USD less, just from the retail exchange rate
• When taking fees into account, a transfer of $1,000 AUD will cost around $55 AUD

International transfers from ANZ Bank typically take two to four business days to reach the beneficiary.

Westpac Banking Corporation International Money Transfer Fees

Westpac fees are:

• International transfer from a branch: $32
• International transfer from internet banking: $20
• Midmarket, base exchange rate for $1,000 AUD to USD: Beneficiary receives $707.31 USD
• Commonwealth Bank exchange rate for $1,000 AUD to USD: Beneficiary receives $666.50 USD
• Beneficiary receives $41 USD less, just from the retail exchange rate
• When taking fees into account, a transfer of $1,000 AUD will cost around $85 AUD

International transfers from Westpac typically take one to three business days to reach the beneficiary.

National Australia Bank International Money Transfer Fees

NAB fees are:

• International transfer from a branch: $30
• International transfer from internet banking: $30
• Midmarket, base exchange rate for $1,000 AUD to USD: Beneficiary receives $707.31 USD
• Commonwealth Bank exchange rate for $1,000 AUD to USD: Beneficiary receives $673.40 USD
• Beneficiary receives $44 USD less, just from the retail exchange rate
• When taking fees into account, a transfer of $1,000 AUD will cost around $90 AUD

International transfers from NAB typically take one to two business days to reach the beneficiary.

Commonwealth Bank of Australia International Money Transfer Fees

Commonwealth Bank fees are:

• International transfer from a branch: $30
• International transfer from internet banking or the app: $6 under $1,000 AUD, $12 over $1,000 AUD
• Midmarket, base exchange rate for $1,000 AUD to USD: Beneficiary receives $707.31 USD
• Commonwealth Bank exchange rate for $1,000 AUD to USD: Beneficiary receives $668.60 USD
• Beneficiary receives $39 USD less, just from the retail exchange rate
• When taking fees into account, a transfer of $1,000 AUD will cost over $60 AUD

International transfers from Commonwealth Bank typically take one to three business days to reach the beneficiary.

All fees and exchange rates are correct as of July 2019

Why Sending Money Through PayPal Isn’t a Good Idea

PayPal is a popular way to send money internationally. Unfortunately, PayPal offers less than ideal exchange rates when you’re converting between AUD and another currency. This means you could pay around five to seven percent more than through using a specialist provider.

Comparing Costs for Sending Money From Australia Through a Specialist Currency Provider

We’ve said that specialist money transfer services will give you the best deal, so let’s compare some popular providers and destinations. We’ll highlight providers for sending $500, $2,000 and $10,000 AUD respectively, whether you’re sending to India, the United Kingdom or France.

Sending $500 AUD to India, the United Kingdom or France

Look at these three scenarios:

1. Sending $500 AUD to India from Australia

• InstaReM: Beneficiary gets 24,200 INR after exchange rates and fees
• TransferWise: Beneficiary gets 24,073 INR after exchange rates and fees
• OFX: Beneficiary gets 23,121 INR after exchange rates and fees

Compared to the banks:

• Westpac: Beneficiary gets 22,476 INR after exchange rates and fees
• Commonwealth Bank: Beneficiary gets 21,609 INR after exchange rates and fees
• ANZ: Beneficiary gets 21,502 INR after exchange rates and fees

2. Sending $500 AUD to the U.K. from Australia

• OrbitRemit: Beneficiary gets 280.70 GBP after exchange rates and fees
• OFX: Beneficiary gets 280.61 GBP after exchange rates and fees
• CurrencyFair: Beneficiary gets 280.50 GBP after exchange rates and fees
• TransferWise: Beneficiary gets 279.17 GBP after exchange rates and fees

Compared to the banks:

• Westpac: Beneficiary gets 255.23 GBP after exchange rates and fees
• ANZ: Beneficiary gets 250.05 GBP after exchange rates and fees
• Commonwealth Bank: Beneficiary gets 248.83 GBP after exchange rates and fees

3. Sending $500 AUD to France from Australia

• CurrencyFair: Beneficiary gets 312.10 EUR after exchange rates and fees
• InstaReM: Beneficiary gets 311.98 EUR after exchange rates and fees
• OFX: Beneficiary gets 311.97 EUR after exchange rates and fees
• TransferWise: Beneficiary gets 310.58 EUR after exchange rates and fees

Compared to the banks:

• Westpac: Beneficiary gets 283.70 EUR after exchange rates and fees
• ANZ: Beneficiary gets 278.19 EUR after exchange rates and fees
• Commonwealth Bank: Beneficiary gets 276.51 EUR after exchange rates and fees

Sending $2,000 AUD to India, the United Kingdom or France

Look at this $2,000 AUD amount with the three same scenarios

1. Sending $2,000 AUD to India

• InstaReM: Beneficiary gets 96,813 INR after exchange rates and fees
• OrbitRemit: Beneficiary gets 96,618 INR after exchange rates and fees 
• TransferWise: Beneficiary gets 96,470 INR after exchange rates and fees
• WorldFirst: Beneficiary gets 95,705 INR after exchange rates and fees

Compared to the banks:

• Westpac: Beneficiary gets 94,910 INR after exchange rates and fees
• ANZ: Beneficiary gets 91,597 INR after exchange rates and fees
• Commonwealth Bank: Beneficiary gets 90,859 INR after exchange rates and fees

2. Sending $2,000 AUD to the U.K.

• CurrencyFair: Beneficiary gets 1,122 GBP after exchange rates and fees
• OrbitRemit: Beneficiary gets 1,123 GBP after exchange rates and fees
• OFX: Beneficiary gets 1,123 GBP after exchange rates and fees
• TransferWise: Beneficiary gets 1,119 GBP after exchange rates and fees

Compared to the banks:

• Westpac: Beneficiary gets 1,080 GBP after exchange rates and fees
• ANZ: Beneficiary gets 1,066 GBP after exchange rates and fees
• Commonwealth Bank: Beneficiary gets 1,047 GBP after exchange rates and fees

3. Sending $2,000 AUD to France

• CurrencyFair: Beneficiary gets 1,248 EUR after exchange rates and fees
• InstaReM: Beneficiary gets 1,248 EUR after exchange rates and fees
• OFX: Beneficiary gets 1,248 EUR after exchange rates and fees
• TransferWise: Beneficiary gets 1,244 EUR after exchange rates and fees

Compared to the banks:

• Westpac: Beneficiary gets 1,201 EUR after exchange rates and fees
• ANZ: Beneficiary gets 1,186 EUR after exchange rates and fees
• Commonwealth Bank: Beneficiary gets 1,165 EUR after exchange rates and fees

Sending $10,000 AUD to India, the United Kingdom or France

Let's look at a $10,000 AUD tranfer:

1. Sending $10,000 AUD to India

• InstaReM: Beneficiary gets 484,124 INR after exchange rates and fees
• OrbitRemit: Beneficiary gets 483,279 INR after exchange rates and fees 
• TransferWise: Beneficiary gets 482,624 INR after exchange rates and fees
• WorldFirst: Beneficiary gets 480,661 INR after exchange rates and fees

Compared to the banks:

• Commonwealth Bank: Beneficiary gets 461,963 INR after exchange rates and fees
• Westpac: Beneficiary gets 460,691 INR after exchange rates and fees

2. Sending $10,000 AUD to the U.K.

• CurrencyFair: Beneficiary gets 5,610 GBP after exchange rates and fees
• OFX: Beneficiary gets 5,615 GBP after exchange rates and fees
• OrbitRemit: Beneficiary gets 5,614GBP after exchange rates and fees
• TransferWise: Beneficiary gets 5,595 GBP after exchange rates and fees

Compared to the banks:

• Westpac: Beneficiary gets 5,337 GBP after exchange rates and fees
• Commonwealth Bank: Beneficiary gets 5,324 GBP after exchange rates and fees

3. Sending $10,000 AUD to France

• CurrencyFair: Beneficiary gets 6,244 EUR after exchange rates and fees
• InstaReM: Beneficiary gets 6,241 EUR after exchange rates and fees
• OFX: Beneficiary gets 6,248 EUR after exchange rates and fees
• TransferWise: Beneficiary gets 6,223 EUR after exchange rates and fees

Compared to the banks:

• Westpac: Beneficiary gets 5,930 EUR after exchange rates and fees
• Commonwealth Bank: Beneficiary gets 5,921 EUR after exchange rates and fees

All fees and exchange rates are correct as of July 2019

Information You’ll Need To Provide When Sending Money to a Beneficiary Outside Australia

It’s important to have all the correct details from your beneficiary if you want to send them money quickly and safely. Here’s the information you’ll typically need to provide:

• Their name and address
• The name and address of their bank
• Their banking details including  routing number / sort code and account number
• In some cases you’ll need to provide a SWIFT code for their bank, you can normally get this from the bank’s website
• You may also need to provide an International Bank Account Number or IBAN, depending on where the beneficiary’s bank is located, they should be able to get this from their internet banking service or by calling their bank

There you have it, our complete guide to sending money overseas from Australia. We hope you’ve found it useful. To find the best deals right now, try out our currency provider comparison tool.