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Send money overseas with TorFX
TorFX guarantees to match any competitor's exchange rate. Conditions apply. Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Our table below lets you compare the services you can use to send money overseas. Input how much you want to send and to what currency, and you'll be shown a list of services that can help you.
Tip: Click "Show details" to find out more about the product.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
We only list licensed services that are overseen by a government regulator.
Every service we compare has been assessed and reviewed by our editorial team.
What is an international money transfer?
An international money transfer is what happens when you send money to someone overseas. You provide funds and your recipient's details to a bank or an independent transfer provider, which then exchanges the money into your desired currency and sends it to your recipient. You can send money over the phone, in person, through a mobile app or online.
You also have options when it comes to paying, depending on what the service you choose offers:
Cash
Credit or debit card
Bank transfer
And you have options for how your recipient receives the transfer:
Bank account
Mobile wallet
Cash pick-up
Door delivery
Learn more about money transfers for:
Promoted
Send money overseas with TorFX
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
There are two main ways to send money out of Australia: a specialist money transfer service or your bank. Both banks and transfer services offer online transfers, with some offering in-branch transfers or the ability to send money over your phone via an app or calling an agent.
We'll go through the steps each method takes if you were sending online.
Through a money transfer specialist
The following steps give a good example of a typical transfer using a money transfer company.
Register online with the transfer service of your choice.
Input transaction details, including the amount you want to transfer.
Get approved by the transfer company. You may need to scan or email a copy of your ID for the first transaction.
Transfer funds through your bank using the account details from your transfer company.
Get your money. Your transfer service will deposit your funds in your destination account.
For you if You want a more competitive exchange rate and lower fees than a bank transfer.
Not for you if You want the familiarity and convenience of a known bank and don't have time to be verified.
Through your bank
If you choose to use a bank to carry out your transfer, the process is a little different.
Navigate to the international money transfers section of your account.
You'll usually need to know the address of the receiving bank, the account details of the receiving account, the account name and often the receiving bank's SWIFT code (an international bank identification system).
It's a good idea to check with your bank about exchange rates.
You can use this method to send an international money order online to your home bank account or to a third party.
For you if You want the convenience of sending money directly from your existing bank account immediately.
Not for you if You want fewer fees and a better exchange rate.
How to save on your international transfer
While there's no best way to transfer funds overseas, there are a few things you can do to make it cheaper.
Know your transfer currency's mid-market rate. This rate is the midpoint between worldwide supply and demand for that currency – and the rate banks and transfer services use when they trade among themselves. Use it as a baseline to compare against the rates you're being offered. The company that's closest is offering you the best rate.
Send more money per transfer. Many services discount the fees or waive them altogether when you send larger amounts.
Use forward contracts and limit orders if sending money regularly. A forward contract allows you to lock in a favourable exchange rate for future transfers. This means you'll avoid unpredictable movements in exchange rates. A limit order allows you to wait until a favourable exchange rate is found, and then lock it in for your transfer.
What should you watch out for?
Keep an eye out for the following when you send money overseas:
Hidden fees. No transfer is truly free. If a service is advertising "fee-free transfers", there's probably a larger margin added to the exchange rate. Compare the rate you get quoted against the mid-market rate (which you can find on Google) to see if you're getting a good deal.
Fake rates. If you see a great exchange rate advertised on a provider's website, make sure the rate you see is the rate you will actually receive. Some companies advertise the mid-market exchange rate, which is the rate at which banks purchase foreign exchange, rather than the rate they actually offer their customers.
Failing to do your research. If you want to save some money, compare several transfer providers before choosing one to sell your transaction. Shop around for a company that offers reliable and affordable transfers, instead of just diving in head-first.
Scams. Scams cost Australians over $630 million in 2019. With this number increasing each year, it's important to keep an eye out for the most common scams. In general, it's best to only send money to someone you know personally.
Taxes and regulation. Each country regulates money transfers differently. Make sure you've read up on if your recipient needs to pay taxes on the money they're being sent. In Australia, for example, money transfers over $10,000 get automatically reported to our regulatory body AUSTRAC and you don't need to do much. But other countries, like India or the US, have stricter regulations.
How long does an international money transfer take?
The length of time it takes for your money to arrive depends on the transfer service you choose and how you pay. In general, if you pay with credit or debit card, your money will arrive fast – often within the day. Paying by bank transfer is a lot slower and will generally take two to five days to clear.
Each service charges different amounts and this can vary between currencies as well. In general, there are two ways you're charged for money transfers. Let's break it down.
Upfront fee. This is typically a flat fee or a percentage of your transfer.
Exchange rate margin. This fee is a hidden mark-up on the mid-market rate, which is the rate you'll see on Google or the news. Nearly all services skew exchange rates for a profit and some more than others. Make sure to check the exchange rate you're being offered against the mid-market rate to see how much you're actually being charged.
Other fees will depend on how you're paying for your money transfer and how you'd like your recipient to pick it up. Credit or debit card transfers are often your most expensive option, though often the fastest, while cash pick-ups can also increase what you'll pay.
Are there limits to how much I can send?
You can send as much or as little as you want, but it all depends on the service you choose. Some are aimed at bigger transfers and will have minimums that can get as high as $5,000. You can also find several that specialise in smaller transfers and have minimums as low as $1.
There are no limits in Australia to how much you can send out of the country, but the service will need to do extra verification on you to comply with the law. This could mean presenting more proofs of identity or address, like utility bills, car registration or your passport.
Are there free international money transfers?
Some services offer "first transfer free" deals for new customers and promo codes so you can get discounts on your second and third transfers. There are also services that advertise "fee-free" transfers, but you'd still be paying a hidden fee on the exchange rate mark-up.
Check out some of the latest promo codes on offer below to see if you qualify for a free first transfer:
Deal
Better exchange rate on your first transfer
Available for transfers to the Philippines, India, Nepal, Pakistan, Sri Lanka, Bangladesh and more.
Rosie Russell is a money transfers producer at Finder. She is on a mission to make personal finance easier to understand. Rosie has a Bachelor of Communication (Journalism) and Bachelor of Arts in International Studies from the University of Technology Sydney.
To find the best rate for your next money transfer, check out our comparison of the fees, exchange rates and transfer speeds of Western Union and MoneyGram.
TorFX guarantees to match any competitor's exchange rate. Conditions apply. TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
New customers get their first transaction for free with code FIRSTFREE. T&Cs apply.
Send money in minutes at competitive exchange rates with this Australian money transfer service.
How you may get your money back if the supplier did not send you your goods is beyond the money transfer company’s control. The money transfer company would only process transferring the money to the sender’s designated recipient and whatever deal you have with your supplier is none of the money transfer company’s liability. It is best that you speak with your supplier on assurance of getting your goods before or after the money transfer.
1. How much is $100 to Zambian kwacha?
Answer – In general, as of this time, US$ 100 =520 833.33 Zambia kwacha. Please note conversion rate differ based on your preferred provider.
2. Is possible that someone living in another Country can receive the money using Money Gram by just using his/her name and the Country?
Answer – Yes, it is possible as long as that person uses the needed and correct information. MoneyGram is available in over 197 countries. Please be sure to read our MoneyGram review page to learn more.
Friends have sold their properties in USA and are moving to Australia to live they have their super etc. They have made enquiries with their bank and western union and have found they will loose about 15% if transferring to a bank, They wish to buy a home here and that amount affects their options. Someone mentioned the money market but they do not know how to go about this, Can you help?
We are a comparison website and as such, provide general advice only.
There are migrant bank accounts especially designed for people who intend on moving to Australia. Migrant accounts come with different features and may waive certain fees for a period of time if you open an account before you arrive in Australia. Be sure to check the fees in detail though as each product charges different fees and has different features.
You may also find our Australia to the US movingto help you learn more about moving to Australia from the US. Hope this helps.
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finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
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Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
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Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
If I transfer money to a supplier from overseas and I do not receive the goods, can I get my money back?
Hi Frank,
Thank you for getting in touch with Finder.
How you may get your money back if the supplier did not send you your goods is beyond the money transfer company’s control. The money transfer company would only process transferring the money to the sender’s designated recipient and whatever deal you have with your supplier is none of the money transfer company’s liability. It is best that you speak with your supplier on assurance of getting your goods before or after the money transfer.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
How much is $100 to Zambian kwacha?
Is possible that someone living in another Country can receive the money using Money Gram by just using his/her name and the Country?
Hi Simon,
Thank you for your inquiry.
1. How much is $100 to Zambian kwacha?
Answer – In general, as of this time, US$ 100 =520 833.33 Zambia kwacha. Please note conversion rate differ based on your preferred provider.
2. Is possible that someone living in another Country can receive the money using Money Gram by just using his/her name and the Country?
Answer – Yes, it is possible as long as that person uses the needed and correct information. MoneyGram is available in over 197 countries. Please be sure to read our MoneyGram review page to learn more.
I hope this information has helped.
Cheers,
Harold
Friends have sold their properties in USA and are moving to Australia to live they have their super etc. They have made enquiries with their bank and western union and have found they will loose about 15% if transferring to a bank, They wish to buy a home here and that amount affects their options. Someone mentioned the money market but they do not know how to go about this, Can you help?
Hi Maggi,
Thanks for your question.
We are a comparison website and as such, provide general advice only.
There are migrant bank accounts especially designed for people who intend on moving to Australia. Migrant accounts come with different features and may waive certain fees for a period of time if you open an account before you arrive in Australia. Be sure to check the fees in detail though as each product charges different fees and has different features.
You may also find our Australia to the US movingto help you learn more about moving to Australia from the US. Hope this helps.
Regards,
Clarizza
what is the cheapest method of transferring Australian currency for the purchase of property in Cyprus
Hello George,
Thanks for your question.
You may safely send money to Cyprus by clicking on this link https://www.finder.com.au/international-money-transfers/send-money-to-cyprus We have created this page to provide you so with information on fees and processes on how you may successfully process a remittance to Cyprus.
Hope this helps.
Cheers!
Chester
USD transfer sent from HSBC to the USA, Bank of New York Mellon, Western Union Business Solutions and finally to a USA based credit union.
I am not concerned about the exchange rate, though I would like an idea of how long this would take in business days.
Your estimates above are confusing.
Also would it have been any different if the transfer had of just been from HSBC directly to the USA based credit union?
Many thanks.
Hi Karen,
Thanks for your comment.
Our table shows HSBC transfer could take 1 to 2 business days online if transferred only or 3 to 5 business days if transferred via phone transfer.
Hope this helps.
Clarizza