Best money transfer to Australia • Cost, duration, comparison

We always speak about how small the world has become. People are traversing the globe regularly daily. The reasons for this trend varies from person to person. With this comes the opportunity to transfer money to Australia online from all over the world.

One of the unique aspects of the country down under is that is has experienced a massive influx of expats in search of employment opportunities. As a result, there are often occasions that online money transfers to this vast country are necessitated.

Fortunately, as one of the developed economies of the world, there are many options available.

Comparison: Best Transfer Money to Australia

Winner

Wise

First Transfer Free!

Wise is a very good provider for overseas transfers. The transfers are easy, convenient and secure. The most important thing is that the transfers are also much cheaper than with the bank.

Winner

transferGo

Send money very fast!

Save up to 90% compared to banks. No hidden costs. Large selection of countries.

Winner

currencyfair

Five Transfers Free!

A world-class customer service, very good exchange rates and permanently favorable transfers abroad and to Germany convince. Only downside is the small selection of countries.

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Australia is also known as one of the largest sheep farming areas of the world. There are many industries which have developed about this agricultural phenomenon. With this substantial international export market, many companies from around the globe also need to send money online.

Many people also visit the country for its magnificent beaches and unique sea life. It is also the place where many sharks have their playground. The continuous movement of persons through the Australian border posts has made it a rich country where many people within its borders have situations where they receive money from around the globe.

There are always reasons for online money transfers. Some of these are needed as once-off payments. Then there are also situations which warrant multiple transactions over some time. It is good to know that this guide is there so that you will find a cheap provider for a foreign bank transfer to Australia.

How can I send money to Australia?

There are many ways of sending money to Australia. When embarking on transferring money to this country, it is essential to have some knowledge of the various available options. The next step is to find the best option available which meets your criteria.

Some of the methods of sending money to Australia include:

Bank wire transfer
Companies such as Western Union and MoneyGram which allow cash pickup options
A considerable number of online apps which will enable the sending of funds right from the comfort of your smart device.
Companies which specialize in the online transfer on money available for pickup by third parties in the country.

All of these have different conditions an advantage. Make it your business to work out which is best for you.

Bank (it’s expensive)

There are still many people who believe in transferring money to Australia using interbank transfers. The thoughts around this are that it is a tried and tested method which is extremely stable and safe. However, there are a few aspects that need to be highlighted.

Bank transfers are often amongst the most expensive ways to transfer money to a third party in Australia. In many cases, these institutions have amongst the worse exchange rates when compared with other service providers. When choosing this method, you do not have many options regarding various ways of receiving money on the other side.

Money transfer provider

Australia is one of the economic powerhouses in the world. With this comes the luxury of having some excellent companies who are in the business of money transfer providers.

Some of them include:

Wise
WorldRemit
XE
OFX
CurrencyTransfer
Venstar Exchange
InstaRem

How much does it cost to transfer money to Australia?

It is quite interesting that the list of providers we discuss have a huge variation in the cost of transferring money online to Australia. Quite a number are able to provide this service free of charge without any online charge.

These include:

XE
OFX
CurrencyTransfer
InstaRem

The companies which include an online transaction fee from the least expensive to the most expensive are:

WorldRemit – $3.99
Wise – $7
InstaRem – $50

Duration of a money transfer to Australia

The period of money transfer transactions can sometimes play an important role in which one to choose in the end. All of this can depend if you have an emergency or not. The company from our list with the shortest waiting period is WorldRemit.

This provider promises to get the funds to your recipient in Australia within the hour. Two companies promise a transfer period of one day.

They are:

OFX
Venstar Exchange

Three companies will have the funds cleared with a period of 1 – 2 days. These providers are Wise, CurrencyTransfer and InstaRem. The company with the most extended transfer period is XE with a time frame of 3 – 5 days.

Conclusion on the money transfer to Australia

In conclusion, when going about making that critical decision of who to choose for your online money transfer to Australia, know the exact conditions under which the transaction has to take place.

Also, do not forget to include the following aspects when making that final decision.

Have a good look at the exchange rates each of the providers are able to offer. Ultimately this determines how much your loved one will receive, excluding transfer costs.
There are some who are able to offer this service free, while other companies charge different transaction rates.
Some companies offering online money transfer services to Australia have different limitations regarding the amount of money you are able to send.
How fast is the company able to get the money into the pocket of the third party waiting on the funds?
There are some different pickup options, and these vary from provider to provider.

After taking all of this into consideration, you will be armed with enough information to make an educated choice.