Compare International Money Transfers

What is an international money transfer?

An international money transfer is when you send money from your bank account in Australia to the bank account of someone in a different country. It’s commonly used by people who are sending money to their family, friends and others overseas.

To make an international money transfer, you will typically need to know the full name and address of the person you’d like to send money to, their bank account number or International Bank Account Number (IBAN), and the SWIFT or Bank Identification Code (BIC) of their bank.

How can you transfer money overseas?

There are a few different ways you can transfer money overseas. Common methods include using a money transfer company or doing a direct transfer from your bank account.

Money transfer companies

A money transfer company is one that specialises in moving funds overseas. Companies can operate online or in person and will allow you to transfer funds directly to a bank account. Some companies can also arrange for the person to collect the money at an overseas branch.

Money transfer companies can offer a speedy transfer at a competitive exchange rate, but it’s important to check the fees and terms and conditions with the individual provider.

Bank transfers

An international bank transfer involves moving funds directly from your bank account to an overseas account. Bank transfers can generally be done online (such as through your bank’s mobile app) or in person at a branch.

ASIC’s Moneysmart notes that banks can be a more expensive option than using a money transfer company. The exchange rate is generally less competitive and it can take up to five business days for the funds to go through.

About our finance experts

Nina Rinella, Editor-in-Chief

As Canstar’s Editor-in-Chief, Nina heads up a team of talented  journalists committed to helping empower consumers to take greater control of their finances. Previously Nina founded her own agency where she provided content and communications support to clients around Australia for eight years. She also spent four years as the PR Manager for American Express Australia, and has worked at a Brisbane communications agency where she supported dozens of clients, including Sunsuper and Suncorp.

Nina has ghostwritten dozens of opinion pieces for publications including The Australian and has been interviewed on finance topics by the Herald Sun and the Sydney Morning Herald. When she’s not dreaming up ways to put a fresh spin on finance, she’s taking her own advice by trying to pay her house off as quickly as possible and raising two money-savvy kids.

Nina has a Bachelor of Journalism and a Bachelor of Arts with a double major in English Literature from the University of Queensland. She’s also an experienced presenter, and has hosted numerous events and YouTube series.

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Josh is passionate about helping consumers get hands-on with their finances. Josh has been interviewed by media outlets such as the Australian Financial Review, news.com.au and Money Magazine.

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