What is the cheapest way to send money overseas from Australia?
You have probably been asking – What is the cheapest way to send money overseas from Australia?
You can transfer money overseas using a bank transfer to transfer from your bank account to an overseas bank account but it is NOT the cheapest way.
Paypal is an option but it is also NOT the cheapest way to send funds overseas.
Bitcoin is another option but it can be complex to set up and often the transfer service will need you to transfer money into bitcoin in ways that will charge fees such as paypal. One option that does not require a fee charging service to load money into your bitcoin trading account is coinspot.com.au. They use Poli. Poli is free of charge if you have one of the listed Australian bank accounts.
There are NON-BANK Australian and international companies can help you to transfer money overseas, however, these companies have much lower fees and better currency exchange rates. Some of the cheaper and commonly used money transfer companies in Australia are: OFX (formally Ozforex), Hifx, Western Union, TorFX and World First.
It is all in the fees and exchange rate. Check the fees and exchange rates of your bank compared these other companies and you will find that banks are expensive! There are also differences in fees and rates between the different money transfer companies. Click here to get competitive rates.
Comparison table of money transfer companies.
| Sites/companies | Year established | Currencies offered | Transfer options | Minimum amount | Fees |
| Compass markets | 1998 | 50 | Online/phone | AU$1,000 | AU $10 |
| FC exchange | 2005 | 50 | Online/phone | £1,000 | £10 |
| HIFX | 1998 | 60 | Online/phone | AU $50 | AU $15 per transfer |
| OFX | 2005 | 55 | Online/phone/email | AU $250 | No fees |
| Torfx | 2004 | 45 | Online/phone | AU $200 | No fees |
| Transferwise | 2011 | 38 | Online/mobile/chat/email | AU $1 | No fees |
| Worldfirst | 2004 | 121 | Online/phone/email | AU $2,000 | AU $10 under $10 000 |
Currencies and countries that each company can do.
| Compassmarkets | FCExchange | HiFX | Ofx | Torfx | Transferwise | Worldfirst |
| United States Dollar
Great British Pounds New Zealand Dollars Euros Japanese Yen Swiss Francs Canadian Dollars Chinese Yuan Hong Kong Dollars Singapore Dollars Thai Baht Danish Kroner Norwegian Kroner Swedish Kroner South African Rand |
AE Dirham
Australian Dollar Bahamian Dollar Bahraini Dinar Botswana Pula British Pound Sterling Bulgarian Lev Canadian Dollar Cayman Island Dollar Chinese Yuan Renminbi Croatian Kune Czech Koruny Danish Krone East Caribbean Dollar Euro Ghanaian Cedi Hong Kong Dollar Hungarian Forint Israeli Shekel Indian Rupee Jamaican Dollar Jordanian Dinar Japanese Yen Kenyan Shilling Kuwaiti Dinar Sri Lankan Rupee Mauritian Rupee Mexican Peso Nigerian Naira New Zealand Dollar Norwegian Krone Ormani Rial Russian Ruble Saudi Riyal Singapore Dollar South African Rand Swedish Krona Swiss Franc Thai Baht Turkish Lira Ugandan Shilling US Dollar |
Australian Dollar,
Canadian Dollar, United States Dollar, Euro, Great British Pound, Hong Kong Dollar, Papua, New Guinean, Kina Singapore Dollar, Danish, Krone, Japanese Yen, Thai Baht, Vanuatu Vatu, Indian Rupee, New Zealand Dollar, Philippine Peso, Solomon Islands Dollar, Swedish Krona, United Arab Emirates Dirham, Central Pacific Franc, Fiji Dollar, Mexican Peso, Norwegian Krone, Samoan Tālā, South African Rand, Swiss Franc, |
Afghanistan
Belarus Burma Democratic Republic of Congo Republic of Congo Cote d’Ivoire Cuba Iran Iraq North Korea Lebanon Liberia Libya Rwanda Sierra Leone Somalia Sudan Syria Zimbabwe |
British Pounds,
US Dollar, Euro, Australian Dollar, Canadian Dollar, Czech Koruna, Danish Krone, Hong Kong Dollar, Hungarian Forint, Indian Rupee, Japanese Yen, New Zealand Dollar, Norwegian Krone, Singapore Dollar, South African Rand, Swedish Kroner, Swiss Franc, Thai Baht, Turkish Lira, UAE Dirham, |
Australian Dollars,
British Pounds, Brazilian Real, Bulgarian Lev, Canadian Dollar Chilean Peso, Chinese Yuan, Colombian Peso, Croatian Kuna, Czech Koruna, Danish Krone, Emirati Dirham, Georgian Lari, Hungarian Forint, Hong Kong Dollar, Indian Rupee, Indonesian Rupiah , Japanese Yen, Malaysian Ringgit, Moroccan Dirham, New Zealand Dollar, Norwegian Krone, Pakistani Rupee, Philippine Peso Russian Rouble Romanian Leu, Sri Lankan Rupee, South African Rand, Swedish Krona, Swiss Franc, Thai Baht, Turkish Lira, Ukrainian Hryvna, Bangladeshi Taka, Vietnamese Dong, |
United Arab Emirates dirham,
Australian dollar, Bulgarian lev, Canadian dollar, Swiss franc, Czech koruna, Danish krone, Euro, British pound, Hong Kong dollar, Hungarian forint, Israeli shekel, Japanese yen, Norwegian krone, New Zealand dollar, Polish zloty, Romanian leu, Saudi riyal, Swedish krona, Thai baht, Turkish lira, US dollar, South Africa rand, |
Get more info about some of the best ways to transfer funds overseas from Australia.
Find out about online international money transfers.
Read about the money transfer companies for sending money overseas.