Whether it’s your first or fiftieth time transferring money internationally, it can help to shop around for a provider offering Outstanding Value on rates and fees. After all, who wants to overspend on overseas transfers?
To help consumers who need to send money to friends, loved ones or associates who are based abroad, Canstar has assessed and rated the 20 international money transfer providers on our database to determine which ones offer Outstanding Value in 2019.
Compare International Money Transfer Platforms
This year Canstar Research expanded its ratings to include peer-to-peer providers for the first time, and CurrencyFair was one of the new entrants to receive a 5-Star Rating. Unlike traditional providers who offer services direct to customers, peer-to-peer international money transfer services operate by creating a marketplace in which buyers and sellers of foreign currencies can be matched.
Across the board, providers were assessed based on 500 transfer scenarios involving seven different currencies, namely the United States Dollar (USD), the British Pound (GBP), the Euro (EUR), the New Zealand Dollar (NZD), the Singapore Dollar (SGD), the Japanese Yen (JPY) and the Indian Rupee (INR). The cost of the transfers included both the fees charged and foreign exchange rate offered by each provider across a six-week period. In addition, Canstar Research considered product features such as transfer facilities and loading options offered by the provider.
This year, four providers (shown below in alphabetical order) were awarded a 5-Star Rating for their international money transfer services:
Peer-to-peer provider CurrencyFair has won a 5-Star Rating in its first year of inclusion in the International Money Transfers Star Ratings. Canstar Research found it to be one of the leading providers on price, with its 0.4% exchange rate margin and relatively small fixed fee comparing favourably to many of the other providers rated.
TorFX retained its 5-Star Rating this year by remaining highly competitive relative to the market across both price and features. During the observation period of the Ratings, TorFX was consistently among the most competitive on all exchange rates analysed.
TransferWise has won a 5-Star Rating this year with a competitive and transparent pricing model; TransferWise applies an up-front cost based on your Aussie dollar amount, and the funds are then converted at a market exchange rate with no other fees applied.
WorldFirst has picked up a 5-Star Rating for the fourth consecutive year, helped by a new simplified pricing model which applies a single, flat 0.5% fee on top of the exchange rate and charges no other fees.
For more information on how providers are rated, take a look at Canstar’s International Money Transfers Star Ratings methodology.
This advice is general and has not taken into account your objectives, financial situation, or needs. It is not personal advice. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. You may need financial advice from a suitably qualified adviser. For more information, read Canstar’s Financial Services and Credit Guide (FSCG) and our detailed disclosure. Canstar may receive a fee for referring you to a product provider – for further information, see how we get paid. Payment of fees for ads does not influence our Star Ratings or Awards.
Canstar is a comparison website, not a product issuer, so it’s important to check any product information directly with the provider. Consider the Product Disclosure Statement (PDS), Target Market Determination (TMD) and other applicable product documentation before making a decision to purchase, acquire, invest in or apply for a financial or credit product. Contact the product issuer directly for a copy of the PDS, TMD and other documentation.
Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular credit product or loan. If you decide to apply for a credit product or loan, you will deal directly with a credit provider, and not with Canstar. Rates and product information should be confirmed with the relevant credit provider. For more information, read the credit provider’s key facts sheet and other applicable loan documentation for that product. Read the Comparison Rate Warning.
The Star Ratings referred to in this article were published in November, 2019. View the International Money Transfers Star Rating Methodology and Results for more information. The results are general advice only and not personal financial advice. Consider whether this general advice is right for your personal circumstances. The Star Ratings do not include all providers and may not compare all features relevant to you. Star Ratings are only one factor to take into account when considering products. Current rates and fees may be different to what was rated. Costs, features and other product information should be confirmed with the relevant financial institution. Consider the Product Disclosure Statement before making a purchase decision. Read our FSCG.
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.