Get more money to loved ones in Oz with the right money transfer service.
Australia and America enjoy a mutual attraction. More than a million Aussies visit the States each year, and tens of thousands live here. And Americans succumb to Australia’s adventurous allure — with more than 100,000 Americans living Down Under.
As people flow between these two countries with ease, so does money. For international money transfers, you’ll want to shop around for the best and most affordable option.
Banks vs. money transfer specialists
The familiarity and security offered by banks make them appealing to some. But banks typically offer weak exchange rates and high fees to send money to Australia.
For the majority of your international money transfers, you’re better off using an independent money transfer specialist.
Sending $1,000 to Australia
The Davenports need to send $1,000 for books and living expenses to their daughter studying in Sydney. While they appreciate the convenience of running down to their local bank, at their daughter’s nudging they’ve decided to compare their bank’s rates and fees to a popular online money transfer specialist.
|Major US bank||Online money transfer company|
|Exchange rate||1 USD = 1.2733 AUD||1 USD = 1.3182 AUD|
|Transfer method||Bank deposit||Bank deposit|
|Transfer speed||Up to 7 days||1–2 days|
|Total AUD received||1,273 AUD||1,318 AUD|
The Davenports are blown away: Not only can they save $30 in fees by sending money with a money transfer company, but their daughter will also receive 45 more Australian dollars — and in only a few days.
Get a better deal when sending money to Australia
By comparing just a few elements of your transfer, you can ensure that you get the cheapest deal for your needs:
- Exchange rates. Compare the rate you’re offered to the mid-market rate and look for the smallest margin between them.
- Fees. Generally, you’ll pay either a flat fee (for example, $5 for transfers up to $5,000 — or a percentage of your total transaction (such as 1% of your transfer amount).
- Transfer methods. Banks and other services offer transactions online, by phone or in person. Each option carries different fees.
- Transfer options. Independent transfer services like OFX and World First offer competitive exchange rates and fees. But if your recipient needs to pick up cash, compare options like WorldRemit.
- Transfer speed. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you’ve more time, you’ll get better rates and fees with an independent provider.
- Transfer amounts. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate — especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
- Customer service. Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.
The mid-market rate is what your money’s actually worth on the global market compared to another currency. It’s the midpoint between worldwide supply and demand for that currency — and the rate banks and transfer services use when they trade among themselves.
Use the mid-market rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll discover which companies offer the best rates.
Emergency cash transfers to Australia
Sometimes in life emergencies require faster delivery to friends, family and businesses in Australia. If you need to initiate a money transfer quickly, consider the exchange rate you’re offered against the transfer fees you’ll pay.
What will I need to send a money transfer to Australia?
In general, to initiate an international money transfer, you’ll need to provide:
- Your full name and contact information.
- Government-issued ID, such as your driver’s license or passport.
- Your recipient’s full name and contact information.
- How you’re sending the money, whether for cash pickup at an agent location or for deposit to your recipient’s bank account.
- If a bank transfer, your recipient’s bank name, routing and account numbers and SWIFT code.
- Accepted method of payment.
Short for the Society for Worldwide Interbank Financial Telecommunication, a SWIFT code is an international bank code used for incoming transfers. Overseas banks each have a unique SWIFT code that identifies which bank to send money to.
Find the cheapest, fastest money transfer to Australia
Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to Australia with our money transfer partners.
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.
With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
- If the provider quotes a different rate to the one above please let us know
Overseas money transfers are easy, no matter which method you choose. But knowing how to compare your options gives you a leg up in terms of cost, rates and transfer speeds. An informed choice is your better choice.
Frequently asked questions
Can I lock in an exchange rate in advance?
Yes, many money transfer specialists offer tools like limit orders and forward contracts for recurring payments. These tools allow you to lock in a more favorable rate for future transfers.
How safe is a money transfer?
When processed through a reputable bank or company, your funds are safely tracked until in the hands of your recipient. And if you’re sending money internationally, federal protections are in place that require banks, credit unions and money transfer companies to, for example, disclose all fees up front and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited.
I changed my mind. Can I cancel the money transfer?
In the US, you have up to 30 minutes to cancel your transfer, assuming it hasn’t yet been picked up or deposited. Contact your bank or money transfer service immediately to start the cancellation process.