Compare International Money Transfers

In order to send money overseas, you’ll need the recipient’s:

• Bank Identification Code (BIC)
• International Bank Account Number (IBAN)
• Account name
• Recipient’s home address and telephone number.

Additionally, you’ll have to satisfy the provider’s ID requirements before you can send money using their service. Always take care when providing personal and/or bank details.

In order to claim the funds you’ve sent via international money transfer, your intended recipient must have a bank account. If they don’t, you could potentially opt to send physical cash via a money transfer instead.

Your minimum and maximum transfer amount will differ depending on which international money transfer provider you choose to use. Some providers may choose not to impose a minimum or maximum amount, meaning you can send any amount of money you like. Some providers, however, may impose a transfer limit.

Typically, you’ll pay a percentage-based commission to the provider, and potentially a per-transaction currency exchange fee on top of that. Rates and fees will vary by provider.

You’re likely to receive a more favourable rate when transferring larger amounts, so if you’re going to be regularly transferring money to the same person or account, you may benefit from making a smaller number of larger transfers rather than a larger number of smaller transfers.

An exchange rate expresses the value of a foreign currency relative to our own (the Australian dollar, or AUD). When you make an international money transfer, the money is converted from AUD to a different currency, at the exchange rate listed by your provider at the time the transaction is performed. The exchange rate will differ depending on your provider and how much money you send, and more broadly on the strength of the foreign currency in question.