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With nearly a third of the country’s population born on foreign shores, numerous Australians undertake international money transfers from time to time, either for the purpose of managing overseas assets or to send money to friends and family.
The cost of sending money overseas from Australia has decreased due to improved competition in recent years, but according to a recent report by the competition regulator, consumers are still missing out on over $200 million in potential savings.
The Australian Competition & Consumer Commission (ACCC) found that consumers who used the most expensive bank to transfer $10,000 Australian dollars’ worth of US dollars in February 2024, could have saved more than $400 if they had instead chosen the cheapest money transfer service.
To help consumers make better choices, here is a look at how the global money market works and how to find a cheaper transfer mechanism, commonly referred to as an international money transfer (IMT) service.
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An IMT is an electronic transfer of funds via a network that is administered around the world by banks and specialist transfer services such as Moneygram, Western Union, Wise, OFX or XE.
Such transactions, also called telegraphic transfer (TT), wire transfer or SWIFT transfer, don’t actually involve the physical exchange of cash but are settled electronically. They are a secure and convenient method to move money from an individual account with one financial institution to another account with an institution in a different country.
According to the ACCC’s latest report, the total value of online IMTs from Australia has continued to grow each year, driven by a shift from in-store methods to online transfers.
The market has experienced significant transformation over the past five years, led by the growth in fintech businesses, which have significantly increased their market share by offering cheaper prices and, sometimes, better service than the big banks.
Still, IMT costs in Australia remain above the internationally agreed targets of 1% for transfer to advanced economies and up to 3% for remittances to emerging market or developing economies.
“Significant savings are available when consumers shop around, use online FX calculators to compare prices, and switch providers accordingly,” ACCC Chair, Gina Cass-Gottlieb, said.
While the major banks have lowered prices in response to competitive pressure, the big four banks’ prices remain higher than many of their digital rivals, the recent ACCC report found. Similarly, US payments giant Paypal has struggled to be competitive in the Australian IMT market, with its prices higher and services lagging its digital peers.
Here are our top picks for the best money transfer services available to Australians as of November, 2024. We have split our list into two sections: those that scored the best overall, including on price, features and customer service, and those IMTs that offer decent rates, but with fewer bells and whistles.
Note: The list below represents a selection of our top category picks, as chosen by Forbes Advisor Australia’s editors and journalists. The information provided is purely factual and is not intended to imply any recommendation, opinion, or advice about a financial product. Not every product or provider in the marketplace has been reviewed, and the list below is not intended to be exhaustive nor replace your own research or independent financial advice.
4.3
50+ currencies
Yes
4.3
50+ currencies
Yes
Among its competitors, Ria stands out for its transparent fees and offers the best rates in terms of the final amount received. That is partly a function of a low, flat fee structure and a competitive real-time exchange rate. Ria deals with 50+ currencies, offers instant transfer options as well as a number of extra benefits, including cash pickup and 24/7 customer support, which is reflected in its high customer ratings. On the downside, it has limited payment options by way of bank transfer or debit/credit card.
$1000 AUD receives £517.55 (GBP)
4.6
Over 100 currencies
Yes
4.6
Over 100 currencies
Yes
Remitly combines a low flat fee and competitive real-time exchange rate with more than 100 currencies, making it a strong choice. It offers an express option allowing delivery in minutes, as well as an economy option that can take three to five business days. Its fees and charges are clearly defined, and there is 24/7 customer support. Cash pick-ups through its partner networks are on offer, alongside numerous payment options.
$1000 AUD receives £506.40 (GBP)
4.2
40 currencies
Yes
4.2
40 currencies
Yes
Revolut charges relatively higher fees but makes up for this through a competitive exchange rate. It offers transfers in 40 currencies with clear display of fees and charges, offers fast transfer between Revolut accounts and provides 24/7 customer support. There are a number of payment options and customers can use cash pickups through its partner networks.
$1000 AUD receives £505.79 (GBP)
4.8
Over 100 currencies
Yes
4.8
Over 100 currencies
Yes
Ace offers a flat fee on money transfers—waived for the first transaction, while its real-time exchange rate makes it competitive among IMT providers. It deals with more than 100 currencies, catering to a much wider range of clients, and offers numerous payment options. There are instant payouts available, as well as cash pickups and several payment options, earning it high customer ratings. It lags in customer support, however, with no support outside of business hours and no live chat function on its app.
$1000 AUD receives £505.60 (GBP)
3.9
31 currencies
Yes
3.9
31 currencies
Yes
Instarem offers a real-time exchange rate for money transfers, but its high $10 flat fee and limited number of currencies make it less competitive in the IMT market. Still, the provider rates highly in terms of actual money received for our spot rate check and also offers instant transfers and several payment options.
$1000 AUD receives £508.60 (GBP)
These are our pick of the top five money transfer options that may not offer the above list’s bells and whistles, but nevertheless offer great rates on the AUD to UK pound pair, as well as decent features.
39
135 currencies
Yes
39
135 currencies
Yes
The US money transfer giant leverages on its extensive global network to offer transfers in the highest number of currencies among its IMT peers. One of its key selling points is zero transfer fees, although that is offset somewhat by a relatively higher forex rate compared to fintech peers and a one to five-day transfer time. There is 24/7 customer support, cash pickups are available and it allows several payment options.
$1000 AUD receives £510.05 (GBP)
36
50 currencies
No
36
50 currencies
No
OFX offers a mid-market rate with margin included for transfers, which is generally more favourable to customers, but this is partially offset by a high flat fee of $15. The FX calculator on its website is marked as “indicative only” and users will need to log in or create an account to view their actual rate. Still, it deals in more than 50 currencies, offers several payment options to customers, and most transfers are completed in one to two days.
$1000 AUD receives £506.10 (GBP)
35
60 currencies
Yes
35
60 currencies
Yes
The Melbourne-based fintech uses a favourable mid-market rate and low percentage-based fee to deliver better value for customers. It deals in 60 currencies, fees are clearly displayed and it allows several payment options. However, there are no cash pickups available and there are limited customer service options.
$1000 AUD receives £505.90 (GBP)
32
40 currencies
Yes
32
40 currencies
Yes
Wise, formerly known as TransferWise, is one of the oldest fintechs in the money transfer market. It uses a mid-market rate for IMTs but charges a hybrid flat fee plus a percentage of the total amount, making it difficult to easily determine the fees and charges. Still, it has high customer ratings thanks to most transfers being completed within one day and the wide range of payment options available. It also provides 24/7 customer support.
$1000 AUD receives £505.44 (GBP)
31
24 currencies
Yes
31
24 currencies
Yes
CurrencyFair offers quick transfers, some within an hour, which accounts for its popularity. However, the provider deals in only a limited number of 24 currencies and only allows bank transfer as a payment option. But it offers the favourable mid-market rate and a low flat fee to deliver better value on its transfers.
$1000 AUD receives £503.10 (GBP)
To establish the above list, Forbes Advisor Australia conducted extensive research into the international money transfer offerings available in the market. These were compared on the basis of a number of factors:
About Star Rankings
You will note that we have included a star rating next to each product or provider. This rating was determined by the editorial team once all of the data points above were considered, and the pros and cons of each product attribute was reviewed. The star rating is solely the view of Forbes Advisor editorial staff. Commercial partners or advertisers have no bearing on the star rating or their inclusion on this list. Star ratings are only one factor to be considered, and Forbes Advisor encourages you to seek independent advice from an authorised financial adviser in relation to your own financial circumstances and investments before you decide to choose a particular financial product or service.
The consumer watchdog recommends the following tips before undertaking any international money transfer:
International money transfers, particularly those involving the banking system, can incur a number of different fees and charges. These include:
According to the ACCC, the total value of online IMTs has increased over the past few years, partially driven by Australian consumers switching from in-store methods in an increasingly digital world, and also helped by the entry of new fintech suppliers who have significantly altered the competitive landscape.
Using IMTs comes with both advantages and disadvantages.
Data reporting by: Prashant Mehra
Based on their average customer ratings on Google Store, Apple Store and Trust Pilot, a number of money transfer apps rate highly including Ace Money Transfer, TorFX, Moneygram, Ria, Remitly, Moneygram, Revolut, Wise and XE.
Which money transfer service is the best will depend on the individual case based on the amount being transferred, the destination country and the currency involved. Ria, Remitly and Revolut feature among the top picks for money transfer services based on research by Forbes Advisor Australia.
Online money transfer is generally the cheapest way to transfer money internationally from Australia.
The information provided by Forbes Advisor is general in nature and for educational purposes only. Any information provided does not consider the personal financial circumstances of readers, such as individual objectives, financial situation or needs. Forbes Advisor does not provide financial product advice and the information we provide is not intended to replace or be relied upon as independent financial advice. Your financial situation is unique and the products and services we review may not be right for your circumstances. Forbes Advisor encourages readers to seek independent expert advice from an authorised financial adviser in relation to their own financial circumstances and investments before making any financial decisions.
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Johanna Leggatt is the Lead Editor for Forbes Advisor, Australia. She has more than 20 years' experience as a print and digital journalist, including with Australian Associated Press (AAP) and The Sun-Herald in Sydney. She is a former digital sub-editor on The Guardian and The Telegraph in the UK, and lives in Melbourne.
