Last updated: 13 October 2025
Whether it’s paying rent, sending a salary, transferring a pension, or celebrating a special occasion, sending money internationally is part of many expats’ lives. Choosing the right provider can make a noticeable difference in how much your recipient actually receives. Even a small difference in exchange rates can add up to hundreds of dollars.
Here’s a clear guide to help you make the smartest choice in 2025.
Banks Are Usually More Expensive
It might seem convenient to use your bank for international transfers. After all, you already have an account there. But banks often come with higher fees and less favourable exchange rates.
According to the Australian Competition & Consumer Commission (ACCC), the big four banks—ANZ, Commonwealth Bank, NAB, and Westpac—tend to be the most expensive for overseas transfers.
For example, sending AUD $20,000 to the US through an online service like OFX could save you up to USD $450 compared to using a bank. Banks may also charge additional fees for the recipient, which can further reduce the amount received.
Online Transfer Services: Faster and Cheaper
A cost-effective alternative is using online money transfer providers. Popular options include SendFX, Wise (formerly TransferWise), OFX, and Western Union.
Advantages of online services:
-
Better exchange rates: Lower operational costs mean more of your money reaches its destination.
-
Low transfer fees: Many online providers charge significantly less than banks.
-
Faster transfers: Some services can send funds in just a few hours; most transfers take a couple of days.
Potential drawbacks:
-
No face-to-face support—you’ll manage the process online.
-
Many providers exist, making comparison necessary.
-
Always check that the provider is regulated, for example, by the Australian Securities & Investments Commission (ASIC).
Compare Services Carefully
In a constantly changing market, comparing options is essential. Exchange rates fluctuate daily, fees vary, and transfer speeds differ.
Even banks may waive some fees depending on your account type or relationship, so it’s worth checking. For online services, vigilance is key—once money is sent, it’s very hard to reverse. Use resources like Scamwatch to verify providers and Finder for tips on safe transfers.
The Australian Government’s MoneySmart recommends comparing:
-
Exchange rate: How much currency you get per Australian dollar.
-
Rate guarantee: Whether the rate is locked or can change.
-
Transfer fees: All charges related to the transaction.
-
Payment and receipt methods: How the money is sent and received.
-
Transfer time: How long it takes for funds to reach the recipient.
-
Transfer limits: Minimum and maximum amounts allowed.
Palmers Relocations Tip
Whether using a bank or an online provider, a few minutes of research can save you hundreds of dollars and ensure your money arrives safely. Compare rates, check fees, and choose the option that makes sense for your move.
At Palmers Relocations, we partner with SendPayments to offer clients competitive rates and smooth international transfers as part of our end-to-end relocation services. It’s just one way we make moving overseas easier and more cost-effective.
Note: Palmers Relocations is not a financial adviser. This article provides general information only and does not constitute financial advice. We are not liable for any loss arising from the use of this information.