By Mozo Editorial · · 3 min read
Fact Checked
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Whether you are looking to send money overseas for business or personal reasons getting the best deal on your exchange is essential if you want to keep more money in your pocket than lose it to fees or poor foreign exchange rates.
There are a wide range of options available to Australians when it comes to sending money internationally, from regular banks through to specialistinternational money transfer (IMT) providers
We hope to make your search easier with info on a range of IMT options with the help of our editor's picks to providers that picked up Mozo awards.
- TorFX
- WorldFirst
- InstaRem
- OFX
- Wise
- Revolut IMT
Mozo’s Editors Pick
Below are some popular international money transfer providers for business and personal transfers that the editorial team believes are worth highlighting this month.
Mozo may receive payment if you click to the website of one of the products below. Mozo does not compare the entire market.
Important disclosures
Advertiser disclosure
Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
We provide only general advice
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.
TorFX
- No transfer fees
- $200 transfer minimum
- 40 different currencies
Go to site
TorFX offers transfers of over 40 different currencies to more than 120 countries. It has no fees on your international payments, but keep in mind that the minimum you can transfer is $200. According to TorFX, transfers can take between 24-48 hours. It has features like forward contracts (up to 2 years in advance) and automated regular transfers to pay overseas staff.
WorldFirst
- Only for business transfers
- Transfers of $10,000 or more are free
- No minimum transfer amounts
Go to site
WorldFirst offers transfers in more than 60 currencies to businesses around the globe. There are no minimum transfer amounts, but any transfer of about $10,000 is fee free. You have to pay a $10 fee for transfers between $2,000 and $9,999. For transfers under $2,000, there is a $20 fee. According to WorldFirst, transfers may take between 24-48 hours, but if you are sending USD to a country other than the US, it may take up to four days. WorldFirst services are only available for business transfers.
InstaRem
- $0 minimum transfer amount
- Low transfer fees
Go to site
Need to transfer money overseas quickly without hefty fees and below par exchange rates? Instarem may be what you’re after. Whether you need to transfer a lot or a little, this award-winning online IMT specialist offers competitive exchange rates across different currencies. It also offers transfers that can take just one business day and has low fees between 0% to 1.00% per transfer.
OFX
- Transfers over $10,000 are fee free
- $250 transfer minimum
Go to site
OFX (formerly known as OzForex) can transfer money to over 197 countries in 50 different currencies. Any transaction less than $10,000 will have a $15 flat fee, but if you send more than $10,000, your transaction will have no transfer fee. OFX says most transactions should take 24-48 hours, and they also offer same day transactions for the USA and UK. OFX offers forward contracts (up to 12 months), spot deals, automated regular payments, and limit orders (minimum transfer amount is $30,000).
The best international money transfers providers in Australia
Each year, Mozo money experts compare quotes from international money transfer providers and banks across a handful of different currencies and weigh up any potential fees that could be charged. Then they crown the top value providers as the winners of the 2024 Mozo Experts Choice Awards.^
Coming out on top for the best value IMT services this year for a second year running were specialist providers Revolutand Wise.Meanwhile, HSBCwas crowned the best International Money Transfer (Bank) again.
“Out of the 28 international money transfer providers our research team compared, the winners stood out with great exchange rates and minimal fees on international transfers,” Mozo’s Expert Judge, Peter Marshall said.
Mozo may receive payment if you click to the website of one of the products below. Mozo does not compare the entire market.
Important disclosures
Advertiser disclosure
Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
We provide only general advice
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.
Wise
- 2024 Mozo Experts Choice Award winner^ for best International Money Transfer
- 2024 Mozo People’s Choice Award winner^ in every category
- Low transfer fees and no minimum transfer amount
Go to site
This multi-award winning international money provider offers transfers to 80 countries in several different currencies. Fees start at a low 0.7% fee per transfer under $10,000 and 0.5% per transfer over $10,000 ($2 minimum fee). There are no transfer minimums but be aware that there is a maximum limit depending on the currency. Take note, Wise won every category in the 2024 Mozo People’s Choice Awards and it's a 2024 Mozo Experts Choice Award winner for best international money transfers.
Revolut IMT
- Competitive exchange rates and low fees to pay
- Enjoy instant transfers between Revolut users
- Go global and send to 100+ countries in 30+ currencies
Find out more
Join 30+ million people worldwide who have been using Revolutto transfer money abroad and conveniently send money at a low cost in 30+ currencies.Easily track the status of your transfers in real time and make cross-border transactions a breeze. Sign up todayto get 3 months of premium access for free (valid til 31/12/2024, T&Cs apply).
Best bank for international money transfers: HSBC
If a traditional bank is more your style for overseas money transferHSBC was named the best IMT bank in the Mozo Experts Choice Awards^ bank category.
“As an international bank, with branches not only in Australia but throughout Asia, Europe and the US, HSBC
can offer better prices on their international money transfer service than other local banks due to this global branch network,” said Marshall.
Customer favourites: Best international money transfer providers from Mozo People's Choice Award winners
In addition to our Mozo Experts Choice Awards, every year, Mozo sends out a survey asking everyday Australians to rate providers on a range of factors from customer service through to value.
The highest rated are then crowned winners of the Mozo People’s Choice Awards^. This year, 1,506 Aussies rated international money transfer providers and we sawWise win awards in all six awards categories.
2024 Mozo People’s Choice Award winners
Hereare the categories that this year's Mozo People’s Choice International Money Transfer Award-winners won in:
- Revolut:Outstanding Customer Satisfaction,Value for Money,Transfer Experience,Transfer Speed andMost Recommended.
- Wise:Outstanding Customer Satisfaction,Value for Money,Transfer Experience,Transfer Speed,Excellent Customer Service andMost Recommended.
- Commonwealth Bank:Transfer Experience,Excellent Customer Service
- Westpac:Excellent Customer Service
It’s important to note, whether you opt for an online IMT specialist service or a bank, all providers compared for these awards have an Australian Financial Services Licence issued by ASIC.
Want to know more about the Mozo Experts Choice Awards winners? Jump over to ourMozo Experts Choice International Money Transfer Awards page for the full methodology report and list of winners. If you want to learn more about IMTs check out our money transfer resources.
*The exchange rates offered by each provider are indicative exchange rates that have either been supplied by each provider or gathered by Mozo. Exchange rates fluctuate constantly and as a consequence the exchange rates listed here may vary to the actual exchange rate you are quoted by a provider. Please ensure you confirm the actual exchange rate with the relevant provider prior to conducting any transaction. These exchange rates are updated every hour.
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
