Canstar’s Top International Money Transfer Services In 2017

Canstar has researched and rated 19 institutions including Authorised Deposit-Taking Institutions (ADIs) and non-ADIs to determine which offer the best value international money transfers.

Canstar’s International Money Transfers Star Ratings use a sophisticated and unique ratings methodology that compares both cost and features across international money transfer providers. After spending hundreds of hours analysing data, Canstar has announced three 5-Star recipients for international money transfers:

Non ADI

  • OFX
  • World First

These non-ADIs offer very competitive costs when transferring internationally. They do not charge transfer fees and offer competitive exchange rates across all nine currencies measured by Canstar.

ADI

  • Citi

Compare International Money Transfers

Citi is the only ADI that received a 5-Star rating, achieving high scores for both price and features. It is the best priced product out of the ADIs with a competitive exchange rate across all nine currencies measured. Citi allows instant international transfers between Citi accounts using Citibank Global Transfers with no transfer fees, however there is a $25 fee when transferring funds in branch to other institutions.

As with all ADIs, Citi is covered by the Australian Government Guarantee Scheme that covers consumer’s deposits of up to $250,000 should anything happen to the ADI. It is important to note that this guarantee only covers funds that are held by Australian ADIs while the deposit is held with the institution, and does not cover funds once the international transfer has been initiated.

The difference between using a 5-Star service and the average major bank service for a $1,000 transfer could be as much as 5%.

$1,000 Transferred
End Deposit
USD GBP NZD
5-Star USD 778 GBP 602 NZD 1,063
Majors USD 740 GBP 573 NZD 1,015
Difference USD 38 GBP 29 NZD 48
AUD Equivalent AUD 50 AUD 50 AUD 46

Source: Canstar.com.au based on exchange rates as at 25 October 2017

The 5-Star recipients can be seen below based on a $15,000 transfer to the UK.


Compare International Money Transfers

Similar Topics:

Share this article

Enjoyed reading this article?

Sign up to receive top stories straight to your inbox

By subscribing you agree to the Canstar Privacy Policy.

Thanks for signing up!

Good things are coming your way.