About TransferWise

TransferWise is one of the newer international money transfer providers to hit Australia’s shores, and it’s rather unique in the IMT space. But just because it’s new doesn’t mean Transferwise hasn’t already made a splash. In fact, it was named one of Australia’s best International Money Transfer providers in the 2019 Mozo Experts Choice Awards.

TransferWise has bank accounts in different countries around the world which enables you to transfer money across borders without your money ever actually leaving Australia. Interesting concept hey? Say you want to transfer $1000 AUD to the US. Your money first goes into TransferWise's Australian bank account and is then is paid to your recipient in US Dollars from TransferWise's US bank account.

TransferWise uses the real exchange rate, also known as mid-market rate, at the time of the transfer, and because the money is kept local you don’t pay high bank fees.

Comparing TransferWise

Rates and fees verified as correct at 20 October, 2020. Other information correct at the time of writing.

You can send out and receive money from a range of major currencies with TransferWise including pounds, USD and Euro but there are some currencies that are only available to send out. See below for today’s rates for currencies that Mozo can help you to compare.

Currency At today's TransferWise Rate, 1 AUD buys* For 10,000 AUD recipient will get
United States Dollars (USD) USD
USD 0.6981 USD 6,981 Go to site
Euros (EUR) EUR
EUR 0.5913 EUR 5,913 Go to site
Great Britain Pounds (GBP) GBP
GBP 0.5399 GBP 5,399 Go to site
Canadian Dollars (CAD) CAD
CAD 0.9203 CAD 9,203 Go to site
Chinese Yuan (CNY) CNY
CNY 4.6983 CNY 46,983 Go to site
Danish Krone (DKK) DKK
DKK 4.401 DKK 44,010 Go to site
Hong Kong Dollars (HKD) HKD
HKD 5.4104 HKD 54,104 Go to site
Indian Rupee (INR) INR
INR 51.6824 INR 516,824 Go to site
Indonesian Rupiah (IDR) IDR
IDR 10242.6071 IDR 102,426,071 Go to site
Japanese Yen (JPY) JPY
JPY 73.776 JPY 737,760 Go to site
Malaysian Ringgit (MYR) MYR
MYR 2.8969 MYR 28,969 Go to site
New Zealand Dollars (NZD) NZD
NZD 1.0643 NZD 10,643 Go to site
Norwegian Krone (NOK) NOK
NOK 6.4774 NOK 64,774 Go to site
Philippine Peso (PHP) PHP
PHP 33.8939 PHP 338,939 Go to site
Saudi Riyal (SAR) SAR
SAR 2.6364 SAR 26,364 Go to site
Singapore Dollars (SGD) SGD
SGD 0.948 SGD 9,480 Go to site
South African Rand (ZAR) ZAR
ZAR 11.5443 ZAR 115,443 Go to site
Swedish Krona (SEK) SEK
SEK 6.134 SEK 61,340 Go to site
Swiss Francs (CHF) CHF
CHF 0.6339 CHF 6,339 Go to site
Thai Baht (THB) THB
THB 21.8507 THB 218,507 Go to site
UAE Dirham (AED) AED
AED 2.5639 AED 25,639 Go to site

TransferWise key details

Wondering whether TransferWise could be a good option for your next overseas money transfer? Here are some of the key details you’ll need to know: 

FAQs about TransferWise

It can be hard to get your head around IMT and understand the difference between TransferWise's services compared to other IMT providers. But don't fear, we've got you covered! Here are the answers to all your budding questions about transferring money overseas with TransferWise. 

Can anyone use TransferWise to send money overseas?Can anyone use TransferWise to send money overseas?

Yes, TransferWise was developed for everyday people like you who need to transfer money internationally either occasionally or every week. In fact, the company was set up by two friends who lived in separate countries (London and Estonia) but each had financial commitments in the other country so they devised a way to send money to each other and bypass bank fees and lousy exchange rates. 

How is TransferWise different from other IMT providers? How is TransferWise different from other IMT providers? 

TransferWise lets you send money overseas at the lowest possible cost. Instead of burying hidden fees in the exchange rate, TransferWise uses the mid-market rate (also known as interbank rate), which is the midpoint between the buy and sell rate on the global currency markets. It then charges you a small (and fully transparent) fee. 

How does sending money with TransferWise work? How does sending money with TransferWise work? 

The way TransferWise operates is by having bank accounts in different countries around the world. So say you want to transfer money to France from Australia for example, your money first goes to TransferWise's Australian bank account and is then paid to your recipient in Euros from TransferWise's French bank account. The money never actually crosses any borders, which means low-cost transfers for you.

Is using TransferWise safe?Is using TransferWise safe?

All transactions are protected using industry standards https encryption. It is also registered with and authorised by the UK Financial Conduct Authority (FCU).

Can I cancel a transfer with TransferWise?Can I cancel a transfer with TransferWise?

Yes, but only if you cancel the transfer before the transfer is complete. You simply go to the page of the relevant payment and press the cancel payment button.

Why use TransferWise for IMT?

Now that you've read all about TransferWise, you're probably wondering what sets it apart from other banks and IMT providers out there. If you're considering using TransferWise to transfer funds overseas, you would choose it because:

TransferWise is cheap: Its unique money transfer strategy means that money never actually crosses any borders, meaning low-cost transfers for you.

TransferWise is safe and secure: TransferWise is encrypted with security and operates in a regulated industry. 

There really is no minimum: Some IMT companies require you to transfer a minimum amount of dollars, but not TransferWise. This is why if you're looking to trade smaller amounts across to another country, you would choose them.

TransferWise is easy: Gone are the days when you had to visit financial experts to transfer money overseas. With TransferWise you can send funds overseas quite simply on your lunch break using the app and track your transfers on the go. 

Visit TransferWise website

Go to site

How do you make an international money transfer with TransferWise?

Transferring money internationally isn’t a daunting process with TransferWise, in fact, you’ll be surprised by how simple it is. First you’ll need to set up a TransferWise account, then to transfer money there are 4 steps.   

Step 1: Specify how much and where you want the payment sent.
Step 2: Upload your money to TransferWise via debit card or EFT.
Step 3: TransferWise pays your recipient from it's local bank account in their country.
Step 4: You get notified of the completed transfer.

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*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.