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
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
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.
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Australian Government Guarantee Scheme: In this table, products labeled as 'Banks' include Credit Unions, Building Societies & other financial institutions covered by the Australian Government Guarantee Scheme and regulated by APRA. The AGGS guarantee's deposits (with conditions) when temporarily held by the financial institution.
For more information, please visit Australian Government Guarantee Scheme.
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Star Ratings in this table were awarded November 2022. The search results do not include all providers and may not compare all features relevant to you. View the Canstar International Money Transfers Star Ratings Methodology report. The rating shown is only one factor to take into account when considering products.
Any advice provided on this website is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Consider the Product Disclosure Statement and Target Market Determination before making a purchase decision. Canstar provides an information service. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Research provided by Canstar Research AFSL and Australian Credit Licence No. 437917. You must not reproduce, transmit, disseminate, sell, or publish information on this website without prior written permission from Canstar.