Best money transfer services 2023

We’ve picked the best companies for 6 different types of international money transfers.

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Looking for the best way to send money overseas? With so many options it can be hard to know which is the best for your transfer needs.

Don't worry, we've gone ahead and done the hard work for you. We've scoured providers' fees and compared their exchange rates to come up with our top picks for 6 different transfer options - including large transfers, business transfers and cash transfers. Let's take a look.

Best money transfer services in Australia

    • TorFX – Best for large transfers
    • Revolut – Best for small transfers
    • Wise – Best for exchange rates
    • Instarem – Best for fast transfers
    • Western Union – Best for cash transfers
    • Qantas – Best for business transfers

TorFX - Best for large transfers

If you need to make a large money transfer, you will want a provider with no transfer limit but still offer strong exchange rates and low fees. TorFX is just that sort of service as they offer fee-free transfers and a price-match guarantee on its exchange rate.

It's suitable for sending large amounts because there's no maximum limit and you will have a dedicated account manager. You'll also get access to plenty of forex tools such as forward contracts to hedge your risk. TorFX isn't competitive for transfers under $2,000 as you will get a better rate with XE and Wise.

Here's why TorFX is our winner for large transfers:

  • No maximum limit
  • Fee-free transfers
  • Price match guarantee
  • Forex tools
1 - 1 of 1
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
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Revolut - Best for small transfers

When it comes to small money transfers, you don't want expensive transfer fees or weak exchange rates to eat into the amount your recipient gets. Revolut's app is as user-friendly as they come which makes sending money overseas quick and easy. It also doesn't have a transfer limit on the majority of major currencies. However, keep in mind that limits may apply depending on your plan.

Here's what made Revolut our winner for small transfers:

  • User-friendly app
  • Transfer over 25 currencies abroad
  • Get the real exchange rate during market hours
  • Lowest cost provider when we reviewed exchange rates when converting AUD $1,000
1 - 1 of 1
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Revolut
Within minutes
$0
Sign up and get $15 top-up after completing your first transaction
Send money without fees in 25+ fiat currencies Monday to Friday.
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Wise - Best for exchange rates

It's hard to beat Wise when it comes to exchange rates as it is one of the few providers that offer the mid-market rate. The mid-market rate is used by banks to exchange currencies with each other. Money transfer providers typically add a markup in order to make a profit.

This means that whatever exchange rate you are quoted by Wise is going to be the best exchange rate around. However, exchange rates are just one piece of the puzzle, so it is still worth comparing the overall cost of the transfer to make sure you are getting the best deal.

Close runners-up were OFX and Remitly. OFX offers competitive exchange rates but doesn't quite have the same reach or easy-to-use user experience as Wise. Meanwhile, if you are a new customer with Remitly, you can benefit from a promotional rate which makes them very competitive. But if you are an existing Remitly user, then the exchange rate is comparatively weak.

Here are the key features that meant we picked Wise as our winner for best exchange rates:

  • Always offers the mid-market rate
  • Wide reach - send money to 80 countries
  • Multiple payment options including Google Pay & Apple Pay
1 - 1 of 1
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
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Learn more about how to get the best exchange rate in our helpful guide.

Instarem - Best for fast transfers

It was neck and neck when it came to picking the best money transfer service for fast transfers. Instarem narrowly won out over Wise because - as the name suggests - it specialises in making instant transfers.

When using Instarem you can expect your money to arrive at your chosen destination within minutes or on the same day. The exact time varies depending on the currencies involved. But if you want to ensure an early arrival, pay with your debit or credit card for an almost instantaneous transfer.

Here's what we liked about Instarem for fast transfers:

  • Most transfers arrive instantly or within the same day
  • Zero transfer fees for many popular destinations
  • Earn loyalty points for every transfer you make

However, it is worth mentioning that if you are willing to pay a fee - or are happy to pay by credit card (and therefore risk a cash advance fee) - then there are a good amount of providers that support faster transfers.

1 - 1 of 1
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Instarem
Within minutes
From 0%
Use code FINDER20X2 to get $20 off your first two transfers.
Minimum transfer of $250 and max transfer of $500,000
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Take a look at our guide on how to make an emergency money transfer.

Western Union - Best for cash transfers

If you need to get cash to a loved one abroad then there is no better option than one of the biggest money transfer providers around, Western Union. Western Union has around 500,000 agent locations worldwide in more than 200 countries, making it one of the largest money transfer services on the market.

With Moneygram being its main competition, you are likely to find a Western Union location in whichever country or city you need. So if you need to get cash to someone without a bank account, or it's important the funds get there fast, Western Union's extensive network and experience are a huge help.

Here's what we liked about Western Union for cash transfers:

  • 500,000 agent locations in more than 200 countries.
  • Money is sent within minutes.
  • Hedging tools to get more flexibility.
1 - 1 of 1
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
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Take a look at our guide for the best cash pickup services.

Qantas - Best for business transfers

If you are a business that makes regular international money transfers, you will be looking for a service that offers competitive exchange rates and even perks like loyalty points.

We compared the best business transfer services around and our top pick is Qantas. Qantas Business Money is powered by Airwallex and helps your business make payments at exchange rates of up to 70% cheaper than traditional banks. There's also a Business Rewards program where you can earn 1 Qantas Point on every $10 equivalent converted on foreign currency conversions. These points can be redeemed to save on flights, hotels and other purchases — making it an attractive option in Australia.

Our main reasons for picking Qantas as our top pick for business transfers are:

  • Competitive exchange rates
  • Attractive business rewards program for Australians
  • Batch transfers feature to make multiple transfers at once
1 - 1 of 1
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Qantas Business Money
Within minutes
$0
Earn up to 100,000 bonus Qantas Points on your first conversions by 31 July. That's on top of 1 Qantas Point per every AUD$10 equivalent you transfer into foreign currencies. T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
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Deep dive into business money transfers in our extensive guide.

How did we pick these providers?

Our top picks are made from our selection of some of the best money transfer products and services on Finder, based on our extensive research and market experience. We have highlighted brands that our analysis shows are the best fit for specific categories. Our researchers tried their services based on the important features of that category and compared this with other providers. We also took into account any additional services we felt would be relevant.

When choosing a money transfer service, be sure to consider your own personal objectives, needs and circumstances before making a decision using our top picks.

Still looking for other options?

Check out the table below to see some other money transfer specialists and what they can offer.

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 20 of 22
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Send Payments
24 hours
$0
$100 cashback voucher for new registered users trading over 25k AUD within 30 days of registering in March. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Revolut
Within minutes
$0
Sign up and get $15 top-up after completing your first transaction
Send money without fees in 25+ fiat currencies Monday to Friday.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
Instarem
Within minutes
From 0%
Use code FINDER20X2 to get $20 off your first two transfers.
Minimum transfer of $250 and max transfer of $500,000
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Remitly
Within minutes
From $0
See terms and conditions for more information.
Remitly has quick, affordable transfers around the world, with both express and economy options.
SingX
Within minutes
From 0.5%
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
CurrencyFair
Within minutes
€3
New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Send Payments
24 hours
$0
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
SingX For Large Transfers
Within minutes
From 0.5%
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Qantas Business Money
Within minutes
$0
Earn up to 100,000 bonus Qantas Points on your first conversions by 31 July. That's on top of 1 Qantas Point per every AUD$10 equivalent you transfer into foreign currencies. T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
WorldFirst Business Transfers
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Send business
24 hours
$0
$100 cashback voucher for new registered users trading over 25k AUD within 30 days of registering in March. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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Bottom line

There isn't a one size fits all approach when it comes to international money transfers, as it depends on what your transfer needs are. This makes it difficult to declare a "best overall money transfer service".

Having said that, there are some stand-out money transfer specialists that are worth considering. We believe that Wise, TorFx and Revolut offer pretty good and versatile services overall, covering most of what you would need from a money transfer service.

More guides on Finder

International Money Transfer Offers

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4 Responses

    Default Gravatar
    AndyDecember 21, 2017

    i want to transfer 5000 aud into euro to a bank in berlin Germany

    what are the charges by bank here and in berlin

      Avatarfinder Customer Care
      HaroldDecember 22, 2017Staff

      Hi Andy,

      Thank you for your inquiry.

      The fee would depend on the service you choose. If you wish to send a money to Germany you may want to consider the options from our comparison table. You should be able to compare different services based on their minimum transfer amount, speed, fees, and exchange rates.

      When you are ready, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with your transfer or get in touch with their representatives for further inquiries you may have.

      Please ensure you review the relevant Terms and Conditions before sending.

      I hope this information has helped.

      Cheers,
      Harold

    Default Gravatar
    annetAugust 10, 2016

    Is it possible to use a credit card to pay an invoice in US$ and how does that compare in costs?

      Avatarfinder Customer Care
      ShirleyAugust 10, 2016Staff

      Hi Annet,

      Thanks for your question.

      If the invoice accepts international money transfers directly, then it should be possible to pay from your credit card. You can learn more about this topic through our guide about transferring money using credit cards.

      In terms of cost, the transaction might be treated as a cash advance which means you could get charged more interest plus a cash advance fee. It’s best to check with your credit card provider directly to enquire about how the transaction will be treated.

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