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How much does it cost to transfer money to Australia?
Money transfer to Australia can be more affordable than you might think. However, understanding the fees can be confusing. This confusion arises because money transfer providers make money in different ways. They can charge transfer fees, mark up the exchange rate, or do both simultaneously.
Let's imagine you want to send $1,000 from the United States to Australia.
After analyzing the 20+ providers in our database, we have found that your best option would be to use your debit or credit card to send money via Instarem. They do not charge any fees and only apply a 0.03% markup over the USD-AUD mid-market rate.
On the other hand, Wise is a more expensive option, even though they offer the mid-market rate. While Wise is faster than Instarem, their service is more expensive because you would incur a $20.69 transfer fee.
Mid-market rate versus markup
The mid-market rate is the average between the buying and selling prices of two currencies. It fluctuates over time. The markup is the additional amount charged by the provider above this rate.
At MoneyTransfers.com, we make it easy to compare rates by providing the updated exchange rate markup for each money transfer provider. Additionally, you can review fees, transfer times, and read customer reviews.
Best services to send money to Australia
When choosing a method to send money to Australia, you'll want to consider factors like convenience, cost, and transfer times.
Instarem focuses on providing a great balance between low fees, competitive exchange rates, and fast transfer times to and from Australia.
TorFX prioritizes keeping the costs down, so you have always a cheap way to send money to Australia.
Wise offers the fastest transfer times and a handy multi-currency account that could really simplify your financial life.
Use our data to find the best options for you and discover the money transfer providers that offer the exact service you need.
The suggestions below are created by combining data from thousands of real-life searches that were conducted on MoneyTransfers by individuals who, like you, wanted to send money internationally to Australia.
Data collected through our comparison tool over the past six months reveals that Instarem tops the list as the best way to send money to Australia.
This conclusion isn't just our opinion; it's based on real, objective findings from comprehensive user research.
Here's why Instarem stands out:
Cost: Users consistently find Instarem to be one of the most cost-effective option for sending money to Australia. This means you're likely to get more bang for your buck.
Speed: Time matters, especially in money transfers. Users report that Instarem excels in quick processing and delivery times, ensuring that your funds reach Australia without unnecessary delays. This speed is a significant factor, especially for those needing timely transactions.
User Experience: A service isn't just about costs and speed; how easy it is to use matters too. According to user feedback, Instarem scores highly on ease of use and customer support.
Based on the data from the last six months, TorFX has consistently proven to be the most affordable option for transferring money internationally to Australia.
If you are looking for a transfer that is easier on the wallet, even if it may take a bit longer, TorFX is a reliable choice.
As we point out in our review of this remittance provider, TorFX is a reliable service that handles transfers for over $8 billion every year.
While this is often seen as the best option to send large sums of money internationally, their convenient fee-structure has also made it the cheapest way to send money to Australia in the last six months.
When it comes to speed, Wise has been leading the way in sending money to Australia for the past six months. If you prioritize a quick transfer to Australia, typically within hours, Wise is a top-notch option.
Wise is also a great choice for saving on fees, especially if you frequently transfer money to Australia.
Their multi-currency account makes international money transfers easy and fast. It allows you to leverage their network to quickly receive your money at the destination.
What many people appreciate about Wise is that they charge a percentage of the total amount being transferred, in addition to a separate fixed fee. This means you won't encounter any hidden fees or markups on the exchange rate to AUD, as Wise always applies the mid-market rate.
Watch our video review of Wise
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Best Ways to Send Money to Australia
You can transfer money to Australia in many ways, and the best option will depend on factors such as speed, cost, and convenience. Here are the most popular ways to send money to Australia:
International Wire Transfer: You can transfer money directly from your bank account to an Australian bank account using international wire transfer services. Wiring money to Australia is secure & convenient but will be more expensive than other methods.
Bank Transfers & SWIFT Transfers: These are standard international bank transfers. SWIFT is a common way of sending money outside Europe but is slow and expensive. SWIFT involves transferring money through a chain of banks where fees get deducted along the way. Contact your bank to find out more about these.
PayPal: PayPal is widely used for international transactions. It's convenient, but fees may vary, and currency conversion rates might not be the most favorable.
Online Money Transfers: According to our research Ana analysis, money transfer companies such as Instagram, TorFX and Wise are your best options. These companies offer fast transfer and much lower fees compared to bank or PayPal. However, they are not as convenient as using your bank directly.
High Street Money Transfer Companies: These companies have a global network of physical locations, allowing the recipient in Australia to collect cash. While convenient, fees can be higher compared to other methods.
Foreign Exchange Brokers: Forex brokers such as OFX and CurrencyFair specialize in foreign exchange and may offer better rates than other methods. However, these are better for larger transfer to due processing times.
What is the cheapest way to send money to Australia?
Money transfer services are the cheapest way to send money to Australia
Whether you need to transfer money to your loved ones in Australia, pay for tuition fees, or send large amounts of money to invest in a property, money transfer services help you avoid bank charges and processes.
The exact cost of transferring money to AUD can be influenced by factors like:
The country of origin
The amount you need to send
The payment method you select
The current exchange rates
Our comparison engine helps you find the best deal for your transfer by comparing the exact costs of all the most reliable money transfer services on the market in 2024.
USD to AUD Live Exchange Rate
Sending money to Australia requires an understanding of exchange rates. An exchange rate can be compared to a constantly changing price tag that indicates the value of your currency in relation to another country's currency, in this case Australia's AUD.
A favorable exchange rate means that you will receive more foreign currency for each unit of your own currency, making your transfer more effective.
Use the tool on this page to get the latest exchange rate for your currency to AUD. It's pre-set to USD but, you are dealing with different currencies such as Euros or Canadian dollars, you can easily adjust the settings and get the values you need. This helps you know exactly how much money will arrive in Australia when you send it.
Expert Tip: Watch the Exchange Rate
Did you know you can save money by keeping an eye on exchange rates? If you're not in a hurry to send money to Australia, watching how the rates change can be smart. When the USD to Australian Dollar rate is good, your money will get you more in Australia. This means you can send more money without spending extra!
Sign up for our automated notifications. We'll let you know the best time to send money. With these alerts, you won't miss out on a great rate. It's like having a money-saving expert in your pocket!
How long does it take to send money to Australia?
Quick and efficient - that's what you need when transferring money to Australia. Money transfer services offer a great solution to those times when speed is of the essence, as their transfer times tend to be much shorter compared to banks.
Take, for instance, an urgent need to transfer $1,000 from the USA to Australia. Services like Wise excel in this regard, offering near-instantaneous transfers. Even other providers like Instarem and TorFX, while not as fast, ensure your money arrives swiftly.
Bear in mind that speed, like costs, can be influenced by:
The amount you're transferring. Smaller sums often move through the system quicker, while larger amounts may face delays due to necessary security verifications.
The time you start the transfer. To maximize speed when you send the money via bank transfer, initiate the operation before your bank's cut-off time. Miss this, and your transfer gets postponed to the next business day.
How to send and receive money in Australia
Sending money to Australia, is easy, especially when you gather the necessary documentation, and meet all legal requirements. To help you avoid unnecessary complications and delays, we have compiled a simple step-by-step process.
Transfer limits in Australia. You can send as much money as you want to Australia, but if you send more than $10,000 AUD, it needs to be reported. This is for legal reasons. Usually, the company you use to send the money will take care of this. But, it's a good idea to double-check with them first.
Australian tax laws. When you send a lot of money, it's smart to know about tax rules in Australia. If you already paid taxes on the money in your country, Australia's agreements with many countries mean you might not be taxed again if you send it to your own account there.
What do you need to complete an international money transfer to Australia?
When you open an account with a money transfer service, you will be asked to provide your personal information. Before the transfer is executed, you will also need to share the necessary details of your recipient.
Your contact details
You will need to share your contact details with the provider of your choice, so make sure to double check your email and address are correct.
Photo ID
Money transfer services will need you to share a photo ID to confirm your identity. Have it ready and make sure it's valid.
Proof of address (optional)
Some providers may ask you to share a phone bill or a bank statement to prove your address.
Australia Money Transfer Guides
Financial regulators in Australia
Australia is regulated by multiple financial regulators to ensure the safety of AU citizens and money within the country. If you want to learn more about AU regulations, we've put together the following guides:
Analysis and methodology
At MoneyTransfers.com, we're not just another comparison site; we're your ally in beating the high costs and complexities of international money transfers. Our platform is designed to turn the tables on overpriced banks and providers, ensuring you get the best deal every time.
What sets us apart
Unmatched Transparency: We believe in honesty and clarity. With us, what you see is what you get - no hidden agendas, no preferential treatment for providers.
Comprehensive Provider Network: We go the extra mile to include an extensive range of providers in our comparisons. From industry giants to innovative newcomers, we partner with a diverse array of trusted providers, ensuring you have access to the best options available.
Tailored Solutions: We understand that every customer's needs are unique. That's why we offer personalized recommendations based on your specific requirements, ensuring you find the perfect match to send money to Australia.
The results displayed on this page are based on data we collected via our comparison engine during the past six months and show you a simple way to get the best fees, fastest transfer times, or most helpful customer support.
