Best ways to transfer money overseas in 2024
Working out the best way to send money overseas isn’t always easy.
From miserable exchange rates to hefty transfer fees and other hidden costs, there are some big traps to side-step if you want to avoid paying through the nose for your international transfer.
To help Aussies find the best value international money transfer options, Mozo’s team of money experts assessed 28 different money transfer providers by obtaining multiple quotes in different values and currencies to find out which providers offer the best exchange rates and lowest fees for the Mozo Experts Choice Awards.
Wise, CurrencyFair, and Revolut stood out in their field and have been awarded Mozo Experts Choice Awards for Best International Money Transfers for 2024^.
Read on for the expert run-down on some of the award Winners, along with our editors top picks for this month.
Best overseas money transfer winners
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
- Send money overseas at the real exchange rate with no mark-ups
- Low transfer fees and no minimum transfer amount
Expert verdict
Wise is shaking up the world of international money transfers by getting rid of exchange rate mark-ups so that customers can send money to 80 different countries in numerous currencies at the real mid-market exchange rate. Transfer fees start at a low 0.5% per transfer over $10,000 and 0.7% per transfer under $10,000, and there are no other hidden fees.
Mozo Editor’s picks - personal
TorFX
Expert verdict
TorFX has been taking on the big banks in Australia with fast, free money transfers for over ten years. As a specialist money transfer provider, TorFX offers ultra-competitive exchange rates for more than 40 currencies and no fees. Opening a free account is easily done online, with no obligation to trade, plus you'll get a personal account manager to help you with the trading process.
OFX
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).
Mozo Editor’s picks - business
WorldFirst - International Money Transfer
- Send and receive money in 40+ international currencies
- Collect payment from 100+ global marketplaces
- Xero integration for seamless bookkeeping
Expert verdict
Go beyond borders with WorldFirst to make business money transfers easy all over the globe. WorldFirst’s currency conversion rates are transparent and they guarantee a margin of below 0.60%, keeping their transfers competitive. You can collect payments from more than 100 global marketplaces like Amazon and Ebay, with more than 40 currencies from all over the world available for you to send and receive money. WorldFirst integrates with Xero to make your bookkeeping seamless.
Want to compare today's international exchange rates?
Compare top personal and business overseas transfer rates now at Mozo's international money transfer hub.
* 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
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