While international travel has not been an option for most Aussies this past year, many of us still need to send funds to friends, loved ones and others internationally. If you need to transfer funds overseas, you may well be wondering which international money transfer providers offer outstanding value for money.
Canstar’s International Money Transfers Star Ratings recognise the providers who offer Australians the ability to transfer money while saving on fees and exchange rates, and offer a convenient customer experience.
We considered a total of 21 providers in 2021, narrowing the list down to five award winners.
In order to be eligible for inclusion in the Canstar International Money Transfers Star Ratings, providers were required to be Authorised Deposit-taking Institutions (ADIs) such as banks offering international money transfers, or non-ADIs that met the following criteria:
Canstar Research analysed the performance of each of the providers on our database to determine the score. The 5-Star-Rated recipients were awarded the Canstar International Money Transfers Outstanding Value Award. The methodology this year reflects how the modern consumer is transferring money internationally, recognising a marked shift away from legacy features such as cheque deposits and branch access, in favour of available online functions.
The products were assigned weightings as follows:
This year, we found that if you’re looking to save money on international money transfers, potentially lesser known providers may offer greater value to consumers relative to the big banks.
The following five providers, listed in alphabetical order, were found to offer outstanding value to Aussie consumers as part of this year’s International Money Transfers Star Ratings, receiving a 5-Star Rating and being awarded an Outstanding Value Award:
Our research found that these alternative providers tended to offer better exchange rates and low or no fees in comparison to some of their more-recognised (in the Australian market) competitors, and could potentially allow Aussie consumers to save money on international transfers.
One common feature of these award-winning providers was that many offered a purely online experience through desktop and mobile portals, offering consumers a simpler and more streamlined way to make international money transfers in a variety of currencies.
For more information on how providers are rated, take a look at the full results and Canstar’s International Money Transfers Star Ratings methodology.
Cover image source: Aruta Images/Shutterstock.com
Alasdair Duncan is a Senior Finance Journalist at Canstar, specialising in home loans, property and lifestyle topics. He has written more than 200 articles for Canstar and his work is widely referenced by other publishers and media outlets, including Yahoo Finance, The New Daily, The Motley Fool and Sky News. He has featured as a guest author for property website homely.com.au.
In his more than 15 years working in the media, Alasdair has written for a broad range of publications. Before joining Canstar, he was a News Editor at Pedestrian.TV, part of Australia’s leading youth media group. His work has also appeared on ABC News, Junkee, Rolling Stone, Kotaku, the Sydney Star Observer and The Brag. He has a Bachelor of Laws (Honours) and a Bachelor of Arts with a major in Journalism from the University of Queensland.
When he is not writing about finance for Canstar, Alasdair can probably be found at the beach with his two dogs or listening to podcasts about pop music. You can follow Alasdair on LinkedIn and Twitter.
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The Star Ratings referred to above were published in November, 2021. 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, Target Market Determination and other applicable documentation before making a financial decision. Read our FSCG.
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This advice 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.