Top 10 Money Transfer Services - Australia
|
Service
|
Features
|
Score
|
Transfer Money Now
|
||||
|---|---|---|---|---|---|---|---|
|
1
|
No fees on all size transfers
Send money to 200+ countries
Price beat guarantee |
AUD
-
GBP
Low
AUD
-
USD
Low
AUD
-
NZD
Low
|
ASIC
|
||||
|
Time to Open Account
A few minutes
Sending Options
Bank transfer
Receiving Options
Bank transfer
Required Documents
ID, Proof of Address
Recurring
Transfers
Phone
Support
24/7
Processing
|
|||||||
|
2
|
Best for transfers over AU$1,000
No transfer fees & Bank-beating rates
Most transfers occur within minutes |
AUD
-
USD
Low
AUD
-
EUR
Low
|
ASIC, FinCen, FCA
|
||||
|
Time to Open Account
A few minutes
Sending Options
Credit Card
Debit Card Bank Account Receiving Options
Bank Account
Required Documents
ID, Proof of Address
Mobile
Transfer
Phone
Support
Advanced
Currency Solutions
|
|||||||
|
3
|
Dedicated personal account manager
Great exchange rates, no transfer fees |
AUD
-
EUR
Low
AUD
-
GBP
Low
|
ASIC
|
||||
|
Time to Open Account
A few minutes
Sending Options
Credit Card
Debit Card Bank Account Receiving Options
Bank Account
Required Documents
ID, Proof of Address
Spot Contracts &
Forward Contracts
Market
Insight
Phone
Support
|
|||||||
|
4
|
Free international transfers
Pay suppliers and taxes in a local currency |
AUD
-
NZD
Low
|
FCA, ASIC
|
||||
|
Time to Open Account
A few minutes
Sending options
Wire Transfer
Debit Card Receiving Options
Bank Account
Required Documents
ID Card, Proof of Address
Local Account
Solutions
Mobile
Transfers
Locked-in
Exchange Rates
|
|||||||
|
5
|
Low fees, best rates for small transfers
Numerous cash pick-up collection points |
AUD
-
EUR
Med
|
FCA
|
||||
|
6
|
Instant card-to-card transfers
Send money to 90+ countries |
AUD
-
CNY
Med
|
FCA
|
||||
|
7
|
Bank-beating exchange rates
Same-day transfer available |
AUD
-
GBP
Med
|
ASIC, CBI
|
||||
|
8
|
No minimum transfer amount
Good customer service |
AUD
-
USD
High
|
FCA
|
||||
|
9
|
Good fit for medium-large transfers
TrustPilot Best in “Money” category 2016 |
AUD
-
USD
High
|
FCA
|
||||
Advertiser Disclosure
Latest Reviews
"Couldn't believe how fast the transfer was to New Zealand, my money was transferred and there within an hour. Plus the service made everything so easy. Much better rates as well"
Pros
-
No Fees on money transfers
-
Highly competitive exchange rates
-
Excellent customer support and service
-
Fully licensed and regulated by Australian authorities (ASIC)
Cons
- Registration is required before any exchange rates can be seen
- Send and receive transfer methods are limited to bank to bank transfers
- FAQ section does not provide information on supported countries, currencies, or rates
"After many hours of researching my best options for funding my daughter's overseas tuition, I went with XE.com and I am very satisfied with the cost being minimal and the process expedient."
Pros
- Fully regulated by the FCA, FinCen, ASIC, and FMA.
- $0 fees per transaction with highly competitive “mid-market” exchange rates
- Free accounts (personal & business)
- 170+ countries and 60+ currencies available
- Instant and professional customer support 24/7
Cons
- Cheques and cash payments are not accepted
- Maximum transfer amount of $500,000
"Excellent professional and speedy service. I recommend it highly and would use again."
Pros
- Registration is free
- Mobile money transfer option available
- All transactions can be conducted online
- Award-winning money transfer services
- £50 refer a friend gift card from Amazon
Cons
- No information on transfer costs, or Forex charges unless a specific quote is requested
- There have been instances of money not arriving on time, or where it was supposed to arrive
How to Compare Money Transfer Services
Top10MoneyTransfer recommends checking the following features when comparing online money transfer companies so you can find the best provider for your international transfer.
Safety
Check your chosen money transfer provider is regulated by a government authority, to ensure your money is safe & protected when transferred. The main regulators include:
– FCA (Financial Conduct Authority), UK
– ASIC (Australian Securities and Investments Commission)
– FinCEN (Financial Crimes Enforcement Network), USA
Fees & Rates
Some money transfer services charge a fixed transaction fee, others take a percentage of the transfer sum, while some services waive the transfer fee completely. The conversion rate is another money-maker for many services and as such poses yet another crucial pricing component to examine carefully. Consider the above to find the most cost-effective solution for your transfer.
Customer Support
Check the customer support channels available are convenient for you. These generally include email, online chat, phone or online ticketing system. In addition, some money transfer services provide a personal account manager to assist with special transactions and important tasks. Try checking this beforehand, to avoid stress when you need help.
Sending & Receiving Options
It’s important to confirm the sending options offered by your preferred money transfer provider are convenient for you. You should also ensure that your recipient is able to easily collect the money sent. Common sending options include bank transfer or credit card. Common receiving options include bank transfer and cash pickup.
Transfer Amounts
Another important element to consider is the amount of money you wish to transfer. Some services offer better features and benefits for large transfer amounts or business transfers, while others better handle small transfer amounts or cash transfers. Use our comparison table to determine which provider best suits your money transfer needs.
Transfers from Australia
Safety
ASIC, the main regulatory financial authority in Australia, is responsible for monitoring activities of Australia based financial services. It is highly recommended to use the services of a company registered and licensed by the ASIC when making a money transfer from Australia.
Ease of Onboarding
Most top-rated Australia based money transfer services offer a completely digital account opening and user-authorization process. Any required proof of ID documents can be supplied digitally, eliminating waiting times. With this option, new customers are able to complete the onboarding process online, in just a few minutes.
Fees and Rates
Australia is at the center of the modern FinTech industry, hence you can find a lot of different money transfer services to choose from. This gives users the option to use a service that charges minimal or no transaction fees combined with fair mid-market exchange rates. You can save on average up to 8 times on rates & fees by using top services like XE instead of a high-street bank such as Commonwealth Bank.
