Fact checked
International money transfers are a highly efficient way for you to send money to just about any country around the world. However, you might be wondering how quick this process actually is. Find out how long it takes for your transfer to reach its destination and compare a variety of providers right here with Savvy 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.
In general terms, it takes between zero and five days for an international money transfer to arrive at its destination. However, the time between your transfer being sent and received will ultimately come down to the provider you choose to transfer with.
Specialist transfer providers will get your money to its destination, on average, in zero to three days, with some providers able to have the transfer completed in seconds to certain countries and under certain conditions. International money transfer providers are specialists at transferring money 24/7, so they’ve developed very efficient processes for moving funds overseas.
Sending your money overseas via a bank will probably take longer than if you use an international money transfer provider, with an average transfer time of at least three to five business days. This is because banks generally use the SWIFT payment network, which can be slower comparatively.
In addition, if you transfer your money using a bank, the funds first have to go through the Australian banking system and then your destination country’s system, which can delay the process. How long your money takes to arrive can be impacted by many banking delays at multiple points in its journey. International money transfer companies don’t use the international SWIFT banking system, so they can move money faster.
You could also pay for an express cash service and send money overseas to be collected in cash by someone waiting at the other end instantly. However, you’ll pay a premium for this express cash delivery service, so it may not be the most affordable and convenient option available.
It’s not only the delivery provider which can affect how quickly your transfer is made. There are other factors at play, which include:
Destination
The destination you wish to send money to will also affect how long it takes to arrive. International transfers are faster to more popular destinations, just like there are wider, faster motorways leading to the most popular tourist spots. However, if you wish to send money to a less popular or common transfer destination, your funds may take longer to arrive at their destination. Some of the most popular (and therefore often the fastest) transfer destinations from Australia are:
Timing of transfer
Weekends and public holidays either in Australia or in your destination country can delay the delivery of your funds. Therefore, if you make your transfer well before the banks close for the weekend (such as mid-week), you stand a higher chance of having your money delivered swiftly. If you book your transfer over the weekend in Australia, you’ll likely have to wait longer for it to be received overseas.
Size of transfer
The size of your transfer can also affect how long your money takes to arrive and the speed of delivery. Under Australia’s anti-money-laundering rules, all international transfers over $10,000 have to be reported to the Australian Transaction Reports and Analysis Centre (AUSTRAC). This is the government’s intelligence agency responsible for detecting and disrupting criminal abuse of the financial system for serious criminal activity. AUSTRAC requires an explanation to be provided for the nature of the transfer, which could cause delays to occur in transferring the funds in some cases.
Banking system
Another factor influencing international transfer speed is the banking system used by the destination country. If the destination banking system is compatible with Australia’s (like New Zealand’s, for example), the transfer will be quicker. If you send money to New Zealand, you may even get same-day service because of this bank compatibility.
Some companies charge a set fee to transfer funds overseas for you, which can range up to $15. Others charge a small percentage fee (usually from 0.4% to 0.5%) based on the size of the transfer you wish to make. On average, banks charge between $6 and $30 for an international transfer. However, international transfer companies on average will charge less than $10 to transfer your funds, making them the cheaper option in most cases.
However, others don’t charge a fee at all in some cases, which may be offered on transfers above a certain amount, such as $10,000. One of the ways lenders may make money from the transfer is by marking up the exchange rate they quote you. A mark-up, otherwise known as a ‘margin,’ is a small percentage increase (or decrease) in the international exchange rate you’re quoted to change your money from Australian dollars to your destination currency. This margin can make the difference of hundreds or even thousands of dollars if you’re transferring a large sum. The closer your quote is to the mid-market exchange rate, the better it is for you.
Which type of transfer fee will be the cheapest will depend largely on the amount you wish to send overseas. Generally, if you want to transfer small amounts more frequently, a percentage fee may prove to be your cheapest option. If you wish to transfer a large amount of money on a one-off basis, though, a set fee may be your best choice.
For example, if you wanted to make a money transfer to Japan of $40,000 to pay for some business machinery you’re having made, you can compare fee structures to see which would be the best for you:
| Provider | Exchange Rate | Fees | Total converted | Total Received |
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Provider 1 |
92.6190 |
Set fee $15 |
$39,985 |
JPY 3,703,371 |
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Provider 2 |
92.6190 |
Percentage fee 0.5% = $200 |
$39,800 |
JPY 3,686,236 |
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Provider 3 |
92.1538 |
No fee |
$40,000 |
JPY 3,686,152 |
As the example shows, in this instance, the best way to send your money overseas would be to pay a $15 set fee (with a better exchange rate, as could be offered by OFX) rather than a percentage of the transfer amount (for instance, offered by Wise) or a free transfer with a lower exchange rate. However, if you were only sending $100 overseas, a percentage fee (such as offered by Remitly) would be your cheapest option rather than a $15 flat fee, as this would only cost you less than $1.
Compare with Savvy
Compare the various providers of international money transfer services right here with Savvy and select which one best suits your money transfer needs before moving ahead with the process. It's important to take the time to find the right provider for you, as you could end up saving yourself a substantial amount overall.
Receive email and follow link
Once you’ve contacted your chosen provider, you’ll be asked to provide your email address and phone number. You’ll receive an email giving you instructions on how to open your account. This could be via a link that is provided, or by downloading that company’s mobile app.
Provide your details and ID
As part of the process to open an account, you’ll be asked to provide identification documents about yourself. This may be your passport or driver’s licence, depending on which company you choose.Â
Detail who you want funds sent to
When your account is open, you’ll have a username and password which you can use any time to make an international transfer. Just provide details of the recipient of your money and any bank numbers or ID details requested. The recipient of your funds should be able to provide you with their SWIFT code, BIC, IBAN or whatever identification method is requested by the transfer provider.
Send the transfer and keep your receipt
Once you have all the required information, you can send your money overseas. After the transfer has been completed, you’ll be sent a notification or email receipt for the transfer of funds. Make sure you keep this receipt safe just in case there are any issues in the future.
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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.
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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.
