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Top 10 Money Transfer Companies in Australia

From holidaymakers to business owners to expats, Australia’s remittance market is booming, valued at an estimated $492.9 million in 2021. Sydney – the economic and financial nucleus of the country – is home to a number of these companies. In this guide we will be providing a rundown of the best money transfer service providers offered to those sending funds to and from the country.

Updated: 28/09/2022
Read time: 6 minutes
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What is a money transfer company?

Most money transfer companies are set up to rival the traditional wire transfers offered by banks, by providing faster, cheaper and equally secure global remittance. Due to the industry’s rapid growth, international money transfer companies now typically offer the cheapest and fastest ways to send funds from one country to another, especially for those sending money online.

We dissect the different offerings of each money transfer company in a bid to enlighten our users of the impressive savings that can be made when opting for alternatives to high street banks. 

How are money transfer companies cheaper than banks?

The reason these companies are cheaper is because they typically charge lower fees than banking institutions or credit unions, while still adhering to the same regulatory compliance and same level of security. In addition to this, these companies can also offer instant or same-day transfers because they remain at the forefront of digital advancements in the fintech industry. 

What information do you need to send money to Australia?

The Australian dollar (AUD) is one of the most commonly traded types of money in the world, often ranking in the top 5 most popular currencies. 

To successfully send money to a recipient in Australia, using AUD, you will need to first secure a favourable exchange rate for your currency pairing. Once this has been achieved, collect the following details from your recipient: 

  • Full account holder name
  • Account number
  • Name of bank or financial institution
  • SWIFT/BIC code
Account number vs BSB number

BSB numbers are a crucial component for ensuring funds are sent to the correct Australian bank account, but they are not to be confused with account numbers.

Top 10 money transfer companies in Australia 

This is a list of the best money transfer companies that operate in Australia, compiled into an easy to understand top 10 list, to make things easier for users whose remittance needs are associated with this country. We have ranked these companies based on their ability to securely, efficiently and inexpensively transfer money to and from Australia. 

10. Pinoy First

The term “Pinoy” refers to a person of Filipino descent, which, as a money transfer service that helps individuals send money from Australia to the Philippines, is exactly the demographic Pinoy First caters to. With an array of pay-out options to choose from (bank transfer, cash pick up or home delivery) Pinoy First is an excellent choice for individuals who need to send money home to friends and family, or to someone without a bank account. Fast delivery speeds (cash transfers take just 2 – 3 hours to arrive) and affordable transaction fees (less than $10 AUD) are two of the most popular reasons for using this company. 

9. Transfermate 

This Irish money transfer provider opened offices in Sydney, Australia, as part of the company’s global expansion into additional international markets. Technically speaking, this service is best suited to customers who are transferring large amounts of money abroad, as transfers under €5,000 (or equivalent) will incur a fee of €10. Transfermate offers useful features such as software integration for customers with international business needs and designated Relationship Managers to assist with moving funds from A to B. 

8. Aussie Forex

This Sydney-based service provider specialises in transferring money to 10 countries in Asia: India, Pakistan, Bangladesh, Sri Lanka, Nepal, Indonesia, Philippines, Vietnam, Malaysia and Singapore. It is a great option for anyone in Australia who needs to send or receive money between these countries, with customers able to enjoy low to no transfer fees. In addition to the low-cost, Aussie Forex is easy to use on the  move, thanks to its handy mobile app and convenient transfer options.

7. Orbit Remit

Founded in 2008, Orbit Remit has set up offices in Australia, New Zealand and the United Kingdom and a disbursing network of almost 40 countries. The company is praised for competitively priced foreign currency, with an exchange rate spread of around 0.5% applied to most international transfers. Alongside this, Orbit Remit is transparent about all pricing and fees, making it a simple and straightforward service provider for anyone sending money to or from Australia.

6. WorldFirst 

This UK based company opened operations in Australia, along with Hong Kong, Singapore and Japan. WorldFirst wins over customers by offering bank-beating exchange rates and a choice of over 180 different currencies. The company upholds a high standard of customer service, with agents on hand to assist with any queries via phone or live chat. Unlike certain other providers, WorldFirst also supports a number of payment types, from debit card to BACS.

world first logo multi currency page

5. Airwallex 

This money transfer company is based in Melbourne, one of the most “livable cities” in the world and the expat hub of Australia. For this reason, Airwallex is well equipped to handle international remittances, with over 130 countries included in their network. The company applies relatively unnoticeable profit margins of 0.3 – 0.6% above the mid-market rate to foreign currency transactions, making it a very competitive service provider. Another popular feature is Airwallex multi-currency accounts, available as both virtual and physical debit cards.

4. Xe Money Transfer 

Xe has forged a reputation as one of most reliable and trusted authorities in the foreign exchange industry. Best known for its free currency converter tool, which presents live and interactive mid-market rates for every global currency, Xe also offers money transfer services via its website and mobile app. The company has offices in Melbourne and Sydney, a global disbursing network of more than 170 countries, and offers customers support in 11 different languages.

XE Money Transfer App logo

3. Instarem

Technically a Singapore-owned business, Instarem (short for Instant Remittances) has offices in Australia, where it operates as Instarem PTY Ltd and is regulated by the Australian Securities and Investments Commission (ASIC). The average foreign exchange spread for money transfers sent to or from Australia is 0.5% above the true market rate; a far lower rate than any high street bank services. Australian customers can benefit from dedicated 24/7 customer support accessible via phone, email and online chat. The lowest rates are given to transfers in AUD, SGD and HKD.

2. OFX

OFX, previously known as OzForex, is one of the biggest money transfer companies in Australia and has been operating since 1998. The company has offices in countries around the world – including the US and UK – and offers a wide range of currencies to their global customer base of personal and corporate clients. Further to their low-cost transfer options, another stand-out feature of OFX is their offer to “lock-in a rate” for currency pairings of your choice.

1. Wise 

Widely regarded as the most accessible and competitive money transfer service on the market. It is a fully regulated Australian company that offers personal and business features to its customers in the country, or those sending funds to friends and family in Australia. In addition to high quality and versatile remittance services, Wise also offers a range of financial products – such as multi currency accounts and debit cards – free of subscription fees. Although founded in the UK, Wise often tops the list of best international service providers, so it is no surprise that the company is popular in Australia.

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April Summers

April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.