International Money Transfers
Updated 15 Nov, 2025
Fact checked
Canstar's 2025 International Money Transfers Award
2025 Outstanding Value Award highlights
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| Provider | Why they stood out | Key features |
|---|---|---|
| TorFX | Consistently low FX margins, paired with $0 transfer fee | Flexible account-loading options, broad currency coverage |
| Wise | Uses real mid‑market rates (or close to them) with low fees | Low transfer fees for common currency pairs |
| XE | No transfer fees via bank transfer, competitive margins | Supports multiple transfer methods |
Source: Canstar Research. Information current as at November, 2025, data collected as part of Canstar’s International Money Transfers Outstanding Value Awards.
Getting the Most from Your International Money Transfer: Our 2025 Outstanding Value Awards
Sending money overseas is something many Australians do regularly–for travel, family, or business. On the surface, it can seem simple, but the actual cost can vary a lot depending on the provider, the transfer method, and the currencies involved. Even small differences in fees or exchange rate margins can quickly add up, especially for larger or frequent transfers.
As part of our Outstanding Value Awards, we analysed providers based on these fees and foreign exchange (FX) margins, as well as a range of features–from account loading options to flexible transfer methods–to see which deliver the most value for Australians sending money abroad.
Our research showed that a large part of the total cost often comes from the FX margin–the difference between the wholesale rate (what institutions trade at) and the rate you’re offered. While many providers advertise $0 transfer fees, the total cost frequently comes down to this less visible factor, which can significantly affect how much actually lands on the other side.
Because even small differences can add up quickly, choosing the right provider matters for getting the most value from your transfer.
Why comparing providers matters
Convenience doesn’t always equal value. Many Australians stick with their bank because it feels easy, but our analysis shows that banks can carry higher costs once FX margins and fees are combined. Specialist providers on the other hand often offered tighter FX spreads and more flexible transfer options.
FX rates fluctuate constantly, and the Aussie dollar has seen notable swings against major currencies in the past year. Trying to ‘time the market’ can be stressful, but picking a provider with consistently low margins and transparent pricing helps simplify the transfer process and get the most value from your transfer.
Canstar Research Analyst, Tom Pownall: “A lot of banks advertise $0 transfer fee, but that doesn’t mean your transfer is actually free. Your bank might be great for savings or everyday banking, but when it comes to international transfers, you could end up paying more than you realise.”
Our Outstanding Value Awards are designed to help you cut through the complexity. This year’s winners highlight the providers that consistently delivered the best combination of cost and features, so you can make informed choices without needing to track daily FX fluctuations.
What we looked at
To determine which providers offer outstanding value, we looked at:
- Transfer fees
- Foreign exchange (FX) margins
- Features such as transfer facilities, account loading options and supported currencies
Read the methodology for more detail.
Rather than relying on a single snapshot, we tracked prices and rates over an observation period to see which providers consistently deliver value, even as markets shift.
Canstar Research Analyst, Tom Pownall: “Even when banks advertise $0 transfer fees, FX margins had the biggest impact on value. Across our sample, 75% of banks in our assessment offer $0 transfer fees, but recorded some of the highest total cost, while specialist providers typically delivered tighter spreads and lower overall costs.”
Who we looked at
We assessed a range of international money transfer providers, including major Australian banks and specialist providers. The brands we looked at include:
- Banks: ANZ, Commonwealth Bank, NAB, Westpac (including BankSA, Bank of Melbourne, Bendigo Bank, St.George Bank), Suncorp Bank, Bank of Sydney, Arab Bank Australia, HSBC
- Specialist providers: Wise, TorFX, XE, OFX, CurrencyFair, Instarem, Revolut, OrbitRemit, SingX, SendFX
Staying safe when sending money overseas
When sending money overseas, you should feel confident your funds are secure, whether you’re using a bank or a money transfer company. Banks offer protection under the Financial Claims Scheme, which safeguards funds held before a transfer. While specialist providers don’t offer this government protection, those recognised by Canstar must meet strict eligibility and regulatory standards. To be eligible, providers must have at least five years of continuous operation and, where required, either hold an Australian Financial Services Licence (AFSL) or only offer spot transactions.
Providers that don’t meet these standards may raise red flags and pose a higher risk to the safety of your funds. If you’re unsure, keep an eye out for the following warning signs:
- No AFSL or regulation: A provider should hold an AFSL or be registered with ASIC. Without licensing, there’s no oversight or accountability.
- No physical address or contact info: Legitimate providers offer verifiable contact details and real customer support. Avoid companies that only provide web forms.
- Requests for upfront payment or sensitive data: Be cautious if asked for unexpected fees or login credentials unrelated to the transaction.
- No clear terms and conditions: Reputable companies tend to clearly outline fees, refund policies, and dispute resolution processes.
- No HTTPS or data security: Always look for HTTPS in the website URL. Avoid sharing personal details on unsecure platforms.
International Money Transfers FAQs
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About our finance experts
Nina Rinella, Editor-in-Chief
As Canstar’s Editor-in-Chief, Nina heads up a team of talented journalists committed to helping empower consumers to take greater control of their finances. Previously Nina founded her own agency where she provided content and communications support to clients around Australia for eight years. She also spent four years as the PR Manager for American Express Australia, and has worked at a Brisbane communications agency where she supported dozens of clients, including Sunsuper and Suncorp.
Nina has ghostwritten dozens of opinion pieces for publications including The Australian and has been interviewed on finance topics by the Herald Sun and the Sydney Morning Herald. When she’s not dreaming up ways to put a fresh spin on finance, she’s taking her own advice by trying to pay her house off as quickly as possible and raising two money-savvy kids.
Nina has a Bachelor of Journalism and a Bachelor of Arts with a double major in English Literature from the University of Queensland. She’s also an experienced presenter, and has hosted numerous events and YouTube series.
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You can also read more about Canstar’s editorial team and our robust fact-checking process.
Josh Sale, Group Manager, Research, Ratings & Product Data
As Canstar’s Group Manager for the Research and Product Data departments, Josh Sale is responsible for the methodology and delivery of Canstar’s flagship Star Ratings and Awards. With tertiary qualifications in economics and finance, Josh has worked behind the scenes for the last five years to develop Star Ratings and Awards that help connect consumers with the right product for them.
Josh is passionate about helping consumers get hands-on with their finances. Josh has been interviewed by media outlets such as the Australian Financial Review, news.com.au and Money Magazine.
You can follow Josh on LinkedIn, and Canstar on X and Facebook.
Important information
For those that love the detail
This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.
