The best international money transfer providers 2022

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

Finding a way to send money overseas can be complex. From securing the best conversion rates to dodging hefty transaction fees, or making sure you're getting the best deal there are a fair few things to think about. 

So, choosing the cheapest international money transfer (IMT) provider is important if you want to keep more money in your pocket rather than absorbed by fees.

That’s what the 2021 Mozo Experts Choice Awards for International Money Transfer is for. Announced in July 2021, out of 28 IMT providers (both banks and non-banks), Mozo’s experts named the top three services, as well as the best bank for sending money overseas.  The awards span and are valid for 12-month period between July 2021 and July 2022.

The judges compared quotes from providers across a handful of different currencies, and weighed up any potential fees that could be charged to a customer making the transfer.

“Out of all the IMT 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. 

For the best value IMT services, CurrencyFair, InstaReM and Wise all snagged 2021 Mozo Experts Choice Awards as IMT providers. Meanwhile, Citi was crowned best International Money Transfer (Bank) for the sixth year in a row, and remains the only bank to have ever won in this category.

“Online specialist services shone brightly again, as they offer competitively sharp prices when compared with similar services from traditional banks,” Marshall explained. 

“That being said, since 2016 when the IMT Mozo Experts Choice Awards first began, Citi continued to dominate among the banks that offer this type of service.”

But we hope to make your search easier by having information on a range of IMT options, some of which have picked up awards in 2021 and 2022.

The best international money transfers providers in Australia 

  • 2021 Mozo Experts Choice Award winner^ for best International Money Transfer
  • $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 $50, $500 or $5,000, this award-winning online IMT specialist offers competitive exchange rates across a bunch of different currencies. Plus, InstaRem also offers transfers that can take as little as one business day, and has low fees between 0% to 1.00% per transfer.

  • 2021 Mozo Experts Choice Award winner^ for best International Money Transfer
  • $10 AUD transfer minimum (no maximum)
  • Low transfer fees

CurrencyFair is a peer-to-peer marketplace IMT option that boasts competitive exchange rates, fast transfers and low fees. CurrencyFair operates between users of the platform in Australia, the UK and Ireland, and offers transfers across a range of currencies. There is a minimum transfer amount of $10 AUD and don’t forget the small fee of $4 AUD per transfer as well as a standard rate adjustment on each transfer. CurrencyFair may transfer funds within 1-2 business days, but depending on which currency you are converting some transfers can take up to 5 business days.

Best bank for international money transfers: Citi

If a traditional bank is more your style, that’s not a problem as you can still find a Mozo award-winning option. 

As mentioned above, Citi was once again named the best IMT bank in the Mozo Experts Choice Awards^ bank category. 

“Citi is an international bank, with branches not only in Australia but throughout Asia, Europe and the US,” Marshall said. 

“The bank can offer better prices on their international money transfer service than other local banks due to this global branch network.” 

With Citi, customers have the option of using Citibank OnlineTransfers (from Citi account to non-Citi account) or Citibank Global Transfers (from Citi account to Citi account). Here's a rundown of what you need to know about these services.

Citibank Online TransfersCitibank Global Transfers
Transfer limit: $100,000 AUD per dayTransfer limit: $100,000 AUD per day
Fees: None (may be subject to fees from other bank transferring into)Fees: None
Transfer time: Within 72 hoursTransfer time: Instant

Customer favourites: Best international money transfer providers from 2022 Mozo People's Choice Award winners

mozo people's choice award

Every year, Mozo sends out a survey asking every day Australians which financial service providers they love most. Then those providers are crowned winners of the Mozo People’s Choice Awards^. This year, we got the opinions of nearly 4,000 Aussies about their preferred international money transfer provider. Thanks to them, Wise was declared the overall winner by a landslide–claiming victory in every category.

International Money Transfer
  • 2021 Mozo Experts Choice Award winner^ for best International Money Transfer
  • 2022 Mozo People’s Choice Award^ winner in every category
  • Low transfer fees and no minimum transfer amount

If a top online international money transfer specialist is what you need, Wise is worth some attention. Not only does this provider offer solid exchange rates across a number of foreign currencies, fees are low at 0.7% per transfer under $10,000 AUD and 0.5% per transfer for those over $10,000 AUD ($2 AUD minimum fee). There is also no minimum transfer amount with Wise. But just remember if you are transferring from another currency to AUD, the maximum limit is $1,500,000, while the maximum limit differs depending on the currency if you are transferring from AUD. 

And let's not forget that Wise won in every category for the 2022 Mozo People’s Choice Award^ making it the people’s favourite. If that’s not enough to wow you, Wise also won the 2021 Mozo Experts Choice Award^ for best International Money Transfer.

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.

^See information about the Mozo Experts Choice International Money Transfer Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.