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
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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