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.
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Important information
For those that love the detail
This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.