Fact checked
There are many different reasons for wanting to send money overseas, ranging from international business transactions to students and overseas workers sending money home to their families. For this reason, there’s a range of different types of international money transfer services to cater for diverse needs. Take a look at the different services offered by a variety of transfer providers with Savvy to give you the comparison information you need to start your transfer today.
OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
Before specialist international money transfer (IMT) companies entered the market, virtually the only way to send money abroad was through a bank transfer. These days, though, you can choose from a multitude of transfer providers who offer the fastest and most cost-effective way to transfer money internationally. Some of the ways to send your money overseas include:
Specialist international money transfer providers
International money transfer services move funds from your bank account to another account overseas without bank involvement and the money going through the international SWIFT payment system. Money transfer service companies transfer money faster and more cheaply than the banks can, with lower fees and markups on exchange rates, with the funds available at your destination possibly seconds after you send them and within two days in most cases.
Make sure you fund your transfer through a direct debit, rather than use your credit card, to avoid being charged additional fees by your credit card provider (which could be up to 3% of your transfer amount). Savvy has partnered with a trusted range of international money transfer providers offering you the most reliable way to transfer money overseas.
Cash transfers
Some providers can send cash overseas almost instantly for it to be collected by someone on the other end. This can be a very useful service if a family member has an emergency overseas and needs help. However, instant cash transfers and same-day transfers aren’t available with all providers, to all countries or destinations and they aren’t the cheapest way to send money overseas. Often higher fees are charged for cash transfers and the exchange rate you’ll be given may not be the most competitive.
Peer-to-peer transfers
Other companies offer another type of money transfer known as peer-to-peer transfers (P2P). Fundamentally, your currency needs are matched with those of another person in the receiving country, so the transfer is done without the banking system being involved. Often, P2P companies charge a small percentage fee but offer the mid-market exchange rate, so they don’t add on any commission to the deal.
International accounts
Having an international account, which is another type of international money transfer method, can offer you the opportunity to exchange your money when rates are strong and store it in your preferred currency until you want to send it overseas. This could save you hundreds of dollars in an environment where the exchange rate is moving against you.
Bank transfers
You could also use your usual bank to send money overseas. However, the fees charged for this service range from $6 up to $30 or more and there’s no guarantee you’ll receive the best exchange rate. Additionally, it may take from three to five days for your money to arrive at the destination bank account. In most cases, international money transfer services will get your money overseas more quickly and at a lower cost than your bank can. Get a quote and compare rates before booking your transfer through Savvy today.
Some of the main things to consider when you’re choosing which one of Savvy’s trusted partners you should use for your transfer include:
Savvy is partnered with a range of trusted and affordable money transfer services, so it’s important to compare your options. Some of our top picks include:
OFX is based in Australia and was established in 1998. Rated by TrustPilot as four out of five stars, they offer transfers directly from a bank account or debit card into the receiver’s bank account.
TorFX offers foreign exchange and international transfers for both individuals and business customers, with account managers ensuring your transfer is executed seamlessly.
A mobile app provider of transfer services, Remitly specialises in cheap, fast transfers from the USA to South American nations.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
