Depending on the method you need to send or receive money in Australia, you have the convenience of many options — cash, bank deposit, or peer-to-peer apps.
If you don’t need cash right away (such as through a service like Western Union or MoneyGram), there are online services available that can get your transfer to its destination in 1-5 days, with no fees and great exchange rates.
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Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to Australia with our money transfer partners.
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.
New Zealand bank
Online money transfer company
1 NZD = 0.895 AUD
1 NZD = 0.917 AUD
Up to 7 days
Total AUD received
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 AUD$27 more — 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 WorldFirst 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 pick-ups, 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.
What is the mid-market rate?
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. Best NZD to AUD exchange rates
Emergency cash transfers to Australia
Sometimes emergencies require faster delivery of your money 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.
Although time is crucial, taking a few extra steps before confirming your transaction could save you a lot of money — and prevent any nasty surprises down the road.
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 licence or passport.
Your recipient’s full name and contact information.
How you’re sending the money, whether for cash pick-up 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.
What is a SWIFT code?
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.
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
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 favourable rate for future transfers.
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, protections are in place that require banks, credit unions and money transfer companies to, for example, disclose all fees up front.
In some situations you may be able 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.
Cash pick-up locations in Australia
Bank of Sydney Address: 219/223 Castlereagh St, Sydney NSW 2000, Australia Hours: 9:30am–5pm Phone: +61-1-3008 88700
Standard Chartered Bank Address: 345 George St, Sydney NSW 2000, Australia Hours: 9:30am–5pm Phone: +61-2-9232 9333
Commonwealth Bank Address: 48 Martin Pl, Sydney NSW 2000, Australia Hours: 9:30am–4pm Phone: +61-2-9378 5000
UAE Exchange – SYDNEY – WESTFIELD Address: Shop 2021 Westfield Sydney Shopping Centre Sydney, 2000 Hours: 7am– 6pm Phone: +61-2-9269 8100
Travel Money – WYNYARD OZ – WYNYARD Address: Watson House 300 George Street Sydney, 2000 Hours: 8am–7pm Phone: +61-2-9231 1607
Travelmate Money Exchange Address: 300 George ST Sydney, 2000 Hours: 8am–10pm Phone: +61-2-92332222
MLC Centre Newsagency Address: Shop 10 Level 6 19 29 Martin Place Sydney, NSW 2000 Hours: 6:30am–5:30pm Phone: +61-1-8005 01500
Australia Post Address: 1 Martin Place Sydney, NSW 2000 Hours: 8:10am–5:30pm Phone: +61-1-8005 01500
City Exchange Mart PTY LTD Address: 75 King Street Sydney, NSW 2000 Hours: 10am–6pm Phone: +61-1-8005 01500
Bendigo Bank Address: 290/292 Collins St, Melbourne VIC 3000, Australia Hours: 9am–5pm Phone: +61-3-9620 7033
Commonwealth Bank Collins St Melbourne Branch Address: G., 01/325 Collins St, Melbourne VIC 3000, Australia Hours: 9:30am–4pm Phone: +61-3-9130 2021
Bank of Melbourne Branch Address: Melbourne Central, GD071/211 La Trobe St, Melbourne, VIC 3000 Hours: 9:30am–5pm Phone: +61-3-9982 4700
Travel Money OZ – ELIZABETH STREET – EL Address: 142 Elizabeth Street, Melbourne, 3000 Hours: 8am–4pm Phone: +61-3-9663 0633
Travel Money OZ- MELBOURNE CENTRAL Address: Shop 139A, Melbourne Central Shopping Centre, 211 LaTrobe Street, Melbourne, 3000 Hours: 10am–7pm Phone: +61-3-9663 4112
Rosie is a writer at finder.com, specializing in international money transfers. She's constantly planning her next trip overseas and is on a mission to make personal finance easier to understand.
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