The best international money transfer providers 2024

Woman using Mozo Experts Choice Award winning International Money Transfer service on her phone

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 specialist international 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.

Mozo’s Editors Pick

editor's pick imt

Below are some popular international money transfer providers for business and personal transfers that the editorial team believes are worth highlighting this month.

TorFX
  • No transfer fees
  • $200 transfer minimum
  • 40 different currencies

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

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
  • $1 transfer minimums (no maximum) (conditions apply)
  • Low transfer fees

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

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

meca 2024

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 Revolut and Wise. Meanwhile, HSBC was 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. 

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

Join 30+ million people worldwide who have been using Revolut to 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 today to get 3 months of premium access for free (valid til 31/12/2024, T&Cs apply).

Wise
  • 2024 Mozo Experts Choice Award winner^ for best International Money Transfer
  • 2023 Mozo People’s Choice Award winner in every category
  • Low transfer fees and no minimum transfer amount

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 2023 Mozo People’s Choice Awards and it's a 2024 Mozo Experts Choice Award winner for best international money transfers.

Best bank for international money transfers: HSBC

If a traditional bank is more your style for overseas money transfer HSBC 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

mozo people's choice award

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 saw Wise win awards in all six awards categories.

2024 Mozo People’s Choice Award winners 

Here are 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 and Most Recommended.
  • Wise: Outstanding Customer Satisfaction, Value for Money, Transfer Experience, Transfer Speed, Excellent Customer Service and Most 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 our Mozo 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.

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