Look for a good currency exchange rate and check the fees when sending money overseas. A small difference can mean more money gets to your family or friend.
Types of overseas money transfers
Money transfer company
A money transfer company is usually the cheapest way to get money to someone overseas. The company can either move the money to the other person's bank account, or arrange for the person to collect the money in cash at a local branch or agent.
You can transfer money:
- online, and pay using your credit card
- in person at a branch or agent, and pay using cash or EFTPOS
The transfer is usually faster if you do it in person than online, but you'll pay higher fees.
You can transfer money online or in person with Western Union through Australia Post. See International money transfer with Western Union on the Australia Post website.
Bank transfers
You can transfer money by moving money from your bank account directly into an overseas bank account. This is called a money transfer, a telegraphic transfer (TT), or a wire or SWIFT transfer.
Banks can be a more expensive option. The ACCC found the big four banks are consistently more expensive than other suppliers for foreign cash and international money transfers. The exchange rate is generally less competitive. A bank transfer can also take up to five business days to go through.
International money order
An international money order is when the bank gives you an internationally guaranteed cheque. This also called an international bank draft.
You then post the cheque to the other person, and they cash or deposit it at their bank.
This is more secure than sending a personal cheque, but it's slower and more expensive than an online transfer.
Keep your receipts and transfer documents. Check the time limit for claiming a refund, in case the other person doesn't receive or claim the funds.
Compare exchange rates for money transfers
It's worth shopping around for a good currency exchange rate. There are significant price differences amongst companies. You can save a lot of money, especially if you transfer a large amount or often.
Compare the rates and types of transfers on these independent sites:
Compare these features:
Currency exchange rate | - the value of your currency versus the currency of the country you are transferring money to (for example, how many Australian dollars it takes to buy 1 euro)
- whether the advertised rate is the rate that will be applied to your transaction
|
Exchange rate guarantee | - whether the exchange rate is set (for a period of time) or might change
|
Transfer fees and commission | - the type of conversion fee (a flat rate or a percentage, or both)
- the fees for the receiver
- the 'margin' fee to convert your currency
|
Payment method | - online via credit card, or cash or EFTPOS
|
| Transfer time | - how long it takes for the recipient to get the money (it could be instant, or take a few minutes, or take up to five business days)
|
Transfer amount | - the minimum (or maximum) transfer amount
|
Receive method | - how the recipient gets the money — for example:
- picked up as cash
- deposited into their bank account
- delivered as cash
- transferred to an online wallet linked to their phone number
|
If something goes wrong
You and the recipient should both contact the money transfer company if there's a problem with the transfer.
If you're not satisfied with their response, you can complain to the Australian Financial Complaints Authority (AFCA).
Scams
If you send money to someone and that person turns out to be a scammer, it's almost impossible to get your money back. Be very careful who you send your money to. Visit the Scamwatch website for more information.
FAQs
You can transfer money by moving money from your bank account directly into an overseas bank account. This is called a money transfer, a telegraphic transfer (TT), or a wire or SWIFT transfer. Banks can be a more expensive option.
Can I transfer money from Australia to USA? ›
You can send money overseas directly from your Australian bank account to an account in the USA (your bank may even have a specific international money transfer service). This method of transfer to the USA may take several days to complete.
How much money can I send overseas from Australia? ›
There is no limit to the amount of money that you can travel with, receive and send overseas. You also don't need to declare money that you transfer overseas or receive from overseas through a bank or a remittance service provider (money transfer business).
How do I transfer money to an overseas bank account? ›
You'll need the following information from your recipient:
- Their full name and street address (not a PO Box).
- The IBAN or bank account number.
- A SWIFT code or BIC (this identifies their bank) or, if not available, the full bank address.
- Any other information they have like sort codes or routing code.
Can I send money through Zelle internationally? Zelle is only available for customers with a US bank account and US registered mobile number. That means it's not an option for sending international payments to friends and family overseas. Read on for some international Zelle alternatives.
How to transfer money from an Australian bank account to an American bank account? ›
How to send an IMT
- Log on to NetBank > choose Transfers and BPAY > International Money Transfer. ...
- Choose the destination country.
- Add the recipient's details.
- Double-check the details you've entered are correct.
Zelle services domestic money transfers only. This means it can only be used to send and receive funds to someone who has a bank account within the United States. If you need to send an international wire transfer, visit any U.S. Bank branch.
What is the best way to transfer money from Australia to USA? ›
Bank Transfer
Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.
How to send money overseas from Australia? ›
Bank transfers
This is called a money transfer, a telegraphic transfer (TT), or a wire or SWIFT transfer. Banks can be a more expensive option. The ACCC found the big four banks are consistently more expensive than other suppliers for foreign cash and international money transfers.
How much money can I legally send overseas? ›
If you send an international wire transfer over $10,000¹, your bank or financial institution is required by law to report it directly to the IRS. Your bank may also ask for additional information, including the following¹: Evidence for the source of the funds.
Our Top Picks for the Best Ways to Send Money Internationally
- Wise — Best for Low Fees.
- PayPal — Best for Peer-to-peer Money Transfers.
- Western Union — Best for Availability.
- MoneyGram — Best for Cash Transfers.
- OFX — Best for Large Amounts of Money.
- WorldRemit — Best Mobile Option.
- XE — Best for Business Transfers.
Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.
How can I send money overseas without fees? ›
OFX gives you a better and cheaper way to send your money internationally. With us, there are no setup costs or monthly fees to keep your account open.
How do I send money to someone in Australia? ›
Send money online with a credit card or debit card
- Wise: Bank transfer, Card (debit or credit), SWIFT, Google Pay, Apple Pay, Online.
- TorFX: Bank transfer, SWIFT, Debit card, Cheque, Online.
- XE: Online.
- OFX: Bank transfer, Direct debit, Online.
- CurrencyFair: Online.
What is the best app for transferring money?
| App Name | Best for |
|---|
| OFX | Send money conveniently in app with no upper limit, and 24/7 phone support if you need it |
| XE | Transfer to 130+ countries from Australia and get live rate data in the same app |
| CurrencyFair | In app payments to 150+ countries, 20 currencies |
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How to send money to Australia
- Create an account. Sign up with your email address and choose a strong password. ...
- Start a transfer. Select the receive country, enter amount and choose the receive method. ...
- Enter receiver's details. Keep your receiver's information ready! ...
- Pay for your transfer.
So, you can send an international wire of as much as you like, provided that it's within the maximum wire transfer limits set by your bank. However, you should be aware that transfers over $10,000 will automatically be reported to the IRS.
Can Australia send money to USA through PayPal? ›
Yes you can, using your web browser on desktop or mobile. Here's how. Choose “Send & Request” from the top navigation pane. Enter your recipient's name, PayPal username, email, or mobile number.
How much money we can transfer to USA? ›
How much money can I send from India to the USA?
| Account Type | Limits |
|---|
| Resident Indian | USD$ 2,50,000 or its equivalent in one financial year |
| Non Resident | • From NRE A/c: No limit • From NRO A/c: USD$ 1,000,000 and equivalent per financial year (No limit for Current Income) |
1 more rowExternal transfers
For inbound transfers (from accounts elsewhere to your U.S. Bank account), you'll never pay a fee – and you have a choice of speeds. Use free standard delivery to receive the funds in your U.S. Bank account in two to three business days.
