Are you looking for the best international money transfer apps for Australians? You have come to the right place. This article will discuss the 10 best international money transfer apps for Australians in 2022.
Mobile money transfer applications make it easier to send money worldwide, but which one is the best? Depending on where you’re transferring money and how quickly you need it to arrive, these highly rated applications may provide what you’re looking for.
Key Takeaways
- Understanding the best international money transfer apps for Australians.
- The best way to transfer money overseas from Australia.
- The 10 best international money transfer apps for Australians.
- Answers to some frequently asked questions on best international money transfer apps for Australians.
The Best Way To Transfer Money Overseas From Australia
There are several methods for sending money internationally from Australia, and different solutions may be appropriate for you based on your circumstances. In general, the most prevalent methods for transferring money internationally are:
Money Transfer Services
A money transfer firm is a business that specializes in sending money abroad. They often function online or in person and enable you to transfer money immediately to a bank account or arrange for the funds to be picked up in cash at a nearby branch.
Money transfer firms, according to Moneysmart, are “generally the cheapest method to transmit money to someone abroad” and are typically quicker in person than online. However, they caution that transferring money in person may incur higher costs.
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Money Orders From Other Countries
An international money order is issued by a bank in the form of a cheque, also known as an international bank draft, which may then be sent to the beneficiary abroad. The receiver may cash or deposit the check at their preferred financial institution.
According to Moneysmart, although international money orders are safer than sending personal cheques abroad, they are often slower and more costly than alternative means of moving money, such as internet money transfers.
Transfers between banks
A bank transfer, often known as a telegraphic, wire, or SWIFT transfer, is the transfer of money from your bank account to an overseas account. These are often done online, via your bank’s mobile app, or in person at a branch.
Moneysmart advises that if you adopt this strategy, it might be costly. Generally, the exchange rate is “less competitive,” and bank transactions may take up to five working days to clear.
The 10 Best International Money Transfer Apps For Australians
The 10 best international money transfer apps for Australians vary and cover many services and platforms. Some of the best options include Western Union, Moneygram, and Bitcoin. Whether you’re looking to send money internationally or need to send money quickly, these apps are likely the right choice.
1. OFX
Using the same TrustPilot evaluation method, OFX received four out of five stars. They, too, do not charge transfer fees when moving funds via their firm, and they provide transfers straight from the buyer’s debit card or via wire transfers. They are, however, somewhat restricted in how the money may be received, requiring that it be placed directly into the receiver’s bank account.
They are well-known worldwide, with offices in the United States, Canada, Australia, Singapore, Hong Kong, the United Kingdom, and New Zealand. They provide a lock-in rate tool, allowing buyers to lock in a particular rate before transferring the money.
Features:
- EU, UK, AUS, US, and CA are all available.
- iPhone and Android devices are available.
- Payment options include local debit card or bank card payments and bank wire transfers from a bank account.
- Transfer limitations – $15 minimum transfer
- They provide market information, live rates, historical data, and rate monitoring tools.
Pros
- Can keep track of both current and historical currency rates
- Keep track of your transfers.
- Set up rate alerts.
- Transactions with no cost
- Better currency exchange rates than banks
Cons
- Transfers must be more than $250.
- Does not take payment by credit card or cash.
- The app is only accessible in English.
2. Wise
Wise has a 9.1 TrustPilot score and is another safe international money transfer option. Six million consumers in 59 countries send $4 billion monthly via 12 locations.
TransferWise charges a fee for transferring money, although it’s usually cheap, $1 + 10% of the transfer amount. TransferWise’s cheap costs make it an excellent option for transferring lesser sums, and other firms may be more affordable for transactions above $10,000. TransferWise is open and explicit about all its costs, so there are no surprises.
Feature
- Geographical availability includes the United States, the United Kingdom, the European Union, and Australia.
- iPhone, Android, and Smartwatch are all available.
- Methods of payment – European Debit Card, Bank Credit Card, and Bank Wire from a bank account
- Transfer limitations – $10 minimum transfer
- Unique traits – Compatible with Apple Pay, SWIFT, Wallet (fast insert card data), and Family Sharing
- Other characteristics – Keep all of your receipts in one location so that you may conveniently replicate prior transactions.
Pros
- There is no minimum transfer amount.
- The mid-market rate is used.
- Fees are transparent.
- Apple Pay is accepted (although paying by card incurs higher fees)
Cons
- There is no cash pickup.
- There aren’t as many currencies as other suppliers.
3. Word Remit
WorldRemit has over 125,000 5-star TrustPilot ratings and an overall TrustPilot rating of more than 4 stars. This firm enables you to transfer money to over 140 destinations worldwide, and customers may now transfer money from over 50 different countries via WorldRemit.
WorldRemit charges fees for money transfers, although they are affordable, and their exchange rates are highly competitive.
Features:
- Geographical availability includes the United States, the United Kingdom, the European Union, Asia, Africa, and Australia.
- iPhone and Android devices are available.
- Payment options include a debit card or bank wire.
- Unique traits – Provides assistance Wallet (fast input card information) and family sharing
- Send money to your recipient’s bank, cash pickup, mobile money, and airtime top-up
Pros
- There is cash pickup available.
- There is no minimum transfer.
- a diverse selection of locations
- Competitive exchange rates
- Mobile money may be used to receive funds.
Cons
- There is a limit to how much you can send.
- Fees vary based on the amount sent.
- There aren’t as many additional features as other money transfer applications.
4. Xe Money Transfer
XE, our runner-up, also received five stars on Trustpilot. XE provides advantages not given by other international money transfer firms.
They provide same-day transfers to most of the 170 countries they cover and even convert money. Consumers adore them because they offer some of the best exchange rates on the market, and sending money is free.
Feature
- Rate notifications and the option to ‘follow’ currencies are among the features.
- iPhone and Android devices are available.
- Comparison of exchange rates
- Transfer limitations – $150 minimum. Other features: They provide market information, live rates, historical data, and rate monitoring tools.
Pros
- There are no costs.
- There is no maximum transfer restriction.
- Create your currency pair notifications.
- Send money to over 130 different countries.
Cons
- Does not employ the mid-market rate
- Only bank-to-bank transfers are permitted.
- There is no cash pickup.
5. MoneyGram
MoneyGram is a well-known worldwide money transfer brand. MoneyGram branding and signage are omnipresent at Wal-service Mart’s desk and money centre.
MoneyGram is one of the nation’s most extensively utilized money transfer providers, despite only having a 3.5 out of 5-star rating. It has one of the most thorough lists of nations it sends money to, with over 350,000 locations in 200 countries.
Many MoneyGram transactions arrive the same day they’re purchased. Transfer transfers might take longer during bank closures or holidays, but they usually arrive the following working day. Monthly and transfer limits are $6000.
Pros
- Near-instant transfers to cash pickup
- You may pay by bank transfer, cash, or credit card.
- Transfers in a variety of currencies
Cons
- Exchange rates that be less competitive
- Transfer fees to some countries might be substantial.
6. Remitly
The Remitly app will provide you with an exact date and time when your money will be accessible to your receiver, and Remitly offers a money-back guarantee if your transfer is late. Before installing the app, learn more about this and its other features to ensure it’s a good match for you.
Features
- Current exchange rates
- Set up rate alerts.
- Keep track of your transfer.
- iPhone compatibility
- Android compatibility
- Other languages are available.
Pros
- There is cash pickup available.
- There is no minimum transfer.
- a diverse selection of locations
- Mobile money may be used to receive funds.
Cons
- There is a limit to how much you can send.
- Fees vary according to the speed of your transfer.
- A government-issued ID is required.
7. Currencies Direct
Currencies Direct is an industry leader with a new five-star rating on Trustpilot. Currencies Direct was created in 1996; therefore, it has a long history and is older than many other firms on our list. They serviced over 250,000 consumers in that period.
There are no transfer fees with Currencies Direct, and the exchange rates are very cheap and competitive. Accounts may be established either online or through mobile devices, and they are free and straightforward.
Feature
- Geographical availability – EU, UK, and Australia
- Device iPhone and Android versions are available.
- 4.7 out of 5 stars on the Apple App Store
- 4.3 out of 5 stars on Google Play
Pros
- Fast, secure money transfers up to 8x less expensive than banks.
- Accounts that can contain more than 20 currencies.
- With the CurrencyFair Marketplace, you may set your exchange rate.
- Send and receive money from and from more than 150 countries.
8. Send Payments
Based in Australia but offering worldwide services, Send is another firm with a 5-star client rating on TrustPilot. Mozo, one of Australia’s most prominent financial comparison tools, named them the ‘Best value international money transfer company’ this year.
Send specializes in assisting clients in moving from country to country by offering excellent exchange rates on high volume transfers, zero fees, the ability to book transfers 24/7 with same-day transfers, and local support from a team of account managers with whom you can speak and discuss your needs.
Setting up an account with Send is easy and free, and there is no obligation to use the service after the account has been created. Once your identification has been validated, you will be presented to one of their staff members to discuss and complete your transaction, or you may self-serve on their secure 24/7 payments platform.
Feature
- Minimum transfer of $250
- There are no transfer fees.
9. TORFX
TorFX, based in the United Kingdom, is another transfer firm with a five-star rating on Trustpilot. It has also received many honors, including the Moneyfacts Consumer Awards for Best Customer Service and Exceptional Money Transfer Provider, which it has received four years in a row. TorFX, like the two organizations mentioned above, does not charge any transfer fees when transferring money and has competitive exchange rates.
Setting up an account with TorFX is a straightforward procedure; it merely takes a few minutes to create an account on their website. TorFX gives you a single agent to serve as your Account Manager, and you and your partner will collaborate to choose the optimum pricing.
After the rate is agreed upon, you will get a confirmation, and you will provide your agent with information about the second person who will receive your money on the other end of the transfer. The cash will then be added to your account, cleared, and transmitted promptly to the receiver’s account in your chosen country.
Feature
- There are no transfer fees.
- Minimum transfer of $200
- TorFX is safe and secure, one of its most delicate features.
10. InstaReM
Need to send money internationally fast and without paying exorbitant fees? Instarem could be what you’re looking for. Whether you need to send $50, $500, or $5,000, this award-winning online IMT expert provides reasonable exchange rates across many currencies.
It also provides transfers in as little as one business day and charges modest costs ranging from 0% to 1.00% for each transfer.
Feature
- Minimum transfers of $1 (no maximum) (conditions apply)
- Transfer costs are minimal.
The Best Bank For International Transfers In Australia
There are many different international money transfer apps available in Australia. One of the best options is TransferWise. This app is excellent for Australians because it has a wide range of features and is easy to use. It also offers low fees and is one of the most popular options among Australians.
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Conclusion
Finally, in 2022, the top international money transfer applications for Australians will remain TransferWise, Western Union, and Moneygram. Because these three applications are well-known and popular among Australians, they should be the top pick for people wishing to transfer money overseas.
FAQS
Does Australia Use Zelle?
No, Zelle cannot be used to transfer money to Australia since it is only accessible in the United States. The payment app can only transmit money from one US bank account to another, which means both the sender and the receiver must have US bank accounts.
Can You Use Remitly In Australia?
Yes, Remitly allows you to send or transfer money overseas from Australia. There are no costs for your initial transfer.
Which Bank Has Free International Transfers?
What banks provide free wire transfers? Some banks provide free wire transfers, while others eliminate costs on specific accounts. Fidelity, for example, provides free incoming and outgoing domestic and international wire transfers in US dollars, while HSBC provides a free transfer option to Premier account customers.
Can I Transfer Money From Overseas To Australia?
Yes, you can transfer money from overseas to Australia.
You can learn more from the video below:
About Author
- I am a professional article and e-book writer with 4 years of experience, I write on well research content on cryptocurrency, stocks, loans and finances.
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