Money transfer companies compared: Australia (2021)

Many money transfer companies promise attractive exchange rates, quick transfer times and low fees.

But as the saying goes: if it looks too good to be true, it probably is.

Search "transfer money to Australia” on Google and you’re given an overwhelming selection of services to choose from, all of whom claim to be the quickest, the cheapest or the most reliable.

But how true are these claims, and if their services are as cheap as they make them out to be, how do they make money?

CurrencyFair put some money transfer companies under the microscope to unveil how exactly they could potentially pick your pocket when it comes to unfair exchange rates, sky-high fees and convoluted jargon when sending money to and from Australia. For a more detailed look at sending money abroad, check out our guide: Sending money abroad: a guide to international money transfers.

Typically, banks tack on margins of between 3% to 6% on top of their fees. CurrencyFair, on the other hand, charges an average margin of 0.45% for immediate exchanges.

We also empower our customers to choose their own exchange rates on our unique peer-to-peer marketplace.

How the CurrencyFair marketplace works.

Skip ahead to get into the details of each company, but when it comes down to it, CurrencyFair’s transparent fees and exchange rates ended up with the most bang for your buck, as seen in our comparison assessment below:

*Ria's website does not allow EUR to AUD transfers from Ireland

Jump straight to the money transfer company you want to see:

• CurrencyFair
• PayPal
• Ria
• TransferGo
• Western Union
• Wise (formerly TransferWise)
• WorldRemit
• XE

Using PayPal for money transfers to and from Australia

It’s a common misconception that PayPal is a free service. This couldn’t be further from the truth — it’s actually expensive compared to other similar services.

We were offered an exchange rate of 1 EUR = 1.5130 AUD meaning that the recipient would get AU$1,513.01 (11:56 18 May 2021).

Exchange rate and fee accurate as of 11:56 18 May 2021

PayPal tacks on hefty fees similar to that of a traditional bank; and to find a breakdown of the fees, we had to comb through their user agreement. Depending on the nature of the transaction, different fees can come into play.

In the case of a personal international money transfer, for example, a fee of between €1.99 and €3.99 is added when the payment is made using the “Friends and Family” tab, and it charges 3-4% above the base exchange rate to form the transaction exchange rate.

Learn more with our guide: Avoiding PayPal's Currency Conversion Fees.

Using Ria for money transfers to and from Australia

Ria has a worldwide agent network of 447,000 locations in 160 countries, but its website only provides the United States, Australia, the United Kingdom and Canada as options to send money from. As this means we can not create a direct comparison of EU to AUD, we’ll compare AUD to EU.

When you use CurrencyFair to send AU$1,000 to Ireland, your recipient will get €632.70 (12:26 18 May 2021).

Exchange rate and fee accurate as of 12:26 18 May 2021

Using Ria, we were offered an exchange rate of 1 AUD = 0.62 EUR. Sending AU$1,000 to Ireland from Australia using Ria, means the recipient will get €617.60 (12:27 18 May 2021).

Exchange rate and fee accurate as of 12:27 18 May 2021

With Ria, you can send up to AU$5,000 per day online if you’re using a credit or debit card. If you are using direct bank transfer you can send up to AU$7,500 per transaction.

Its calculator doesn’t specify the fees, but references “transaction fee as low as $0” — possibly a reference to their $0 fee offer only available on your first online money transfer.

Using TransferGo for money transfers to and from Australia

TransferGo’s exchange rate of 1 EUR = 1.54729 AUD means that when sending funds this way, the recipient will receive AU$1,545.76 after a fee of €0.99 is deducted. The transfer time is approximately two days (rates correct as of 12:15, 18 May 2021).

Exchange rate and fee accurate as of 12:15, 18 May 2021

Using Western Union for money transfers to and from Australia

Western Union is one of the largest remittance companies in the world, with over 500,000 agent locations dotted across the globe.

To transfer €1,000 from Ireland to Australia, it offers an exchange rate of 1 EUR = 1.5022 AUD (10:43, 18 May 2021). If you’d like to pay by card and transfer into the recipient’s bank account, there is a fee of €0.90; meaning that for €1,000.90, the recipient will receive AU$1502.18, with an estimated delivery time of “minutes”.

Exchange rate and fee accurate as of 10:43, 18 May 2021

There is also a €0.90 fee for a bank to bank transfer via Western Union, with the exchange rate remaining the same. This transaction takes slightly longer, however, with an estimated delivery time of between one and two business days.

Exchange rate and fee accurate as of 10:47, 18 May 2021

It should be noted that Western Union does not accept business payments.

Furthermore, you are limited to sending €5,000 a day via the Western Union, which is not ideal when paying for the bigger things in life such as buying property overseas, paying for education abroad or transferring your savings. Breaking up a large transaction over several days not only leads to more fees being incurred, but it’s also inconvenient.

At CurrencyFair, we have no transfer limit, and we offer tailored solutions for our business customers.

Why choose CurrencyFair for your business?

Using Wise for money transfers to and from Australia

Wise, formerly TransferWise, is one of the biggest players in the money transfer business in Europe. Here’s how its rates work:

Wise uses the mid-market exchange rate and makes money through its transfer fees. Depending on how quickly you need the funds to reach the recipient, you can opt for different tiers.

To send €1,000 to Australia, we were offered an exchange rate of 1 EUR = 1.56731 AUD (10:49, 18 May 2021).
To fund the transaction through your credit or debit card, a fast transfer fee of €8.63 is deducted; so €991.37 gets exchanged into AU$1,553.78.

Exchange rate and fee accurate as of 10:49, 18 May 2021

It also offers the options to transfer money from your bank account for €4.57, or from your bank with an online payment for €5.77.

Exchange rate and fee accurate as of 10:49, 18 May 2021

However, its fees can snowball when you send larger amounts and can fluctuate depending on which currencies you’re converting.

At CurrencyFair, our fee is always just €3/AU$4 (or currency equivalent) — whether you’re transferring €100 or €1,000,000.

Using WorldRemit for money transfers to and from Australia

Offering an exchange rate of 1 EUR = 1.54891 AUD (12:00, 18 May 2021), a fee of €3.99 is required to send money to Australia from Ireland.

Adding the fee, for a total of €1,003.99 the recipient will get AU$1,548.91 within two working days.

Exchange rate and fee accurate as of 12:00, 18 May 2021

Using XE for money transfers to and from Australia

XE is part of the Euronet Worldwide group and forms the third largest money transfer business in the world. It uses mid-market rates, with 1 EUR = 1.5439 AUD (12:34 18 May 2021), so sending €1,000 converts to AU$1,543.90.

Under its FAQs, it states that: “your money will reach its destination quickly, securely, and with no hidden fees”. However, it also states that: “some money transfers are subject to a small fee”, without specification as to what transfers are subject to them, and how much they might be.

CurrencyFair’s transparent fees are fixed at €3/AU$4 for transfers to Australia.

Exchange rate and fee accurate as of 12:34 18 May 2021

Using CurrencyFair for money transfers to and from Australia

Our fair exchange rate of 1 EUR = 1.5589 AUD is inclusive of our €3/AU$4 fee, meaning when you send €1,000, the recipient will get $1,554.90 (10:09, 18 May 2021). Our small fixed fee and fair exchange rate mean you save AU$73.67 when compared to a typical bank.

Exchange rate and fee accurate as of 10:09, 18 May 2021

In fact, we’re typically eight times cheaper than the banks. You can choose to send money immediately with our quick, low-cost money transfers, or set your own rate on our peer-to-peer marketplace, and wait for the market to meet it — meaning you could even beat the currency market rate that you see on Google.

The savings you make by eliminating those hefty international fees and exorbitant exchange rates stay right in your pocket.

That’s currency exchange, without compromise.

Join over 170,000 happy customers who have saved millions with CurrencyFair.

If you’re sending money abroad from somewhere else in the world, compare the money transfer providers available in the following countries below:

• Money transfer companies compared: Germany
• Money transfer companies compared: France
• Money transfer companies compared: Switzerland
• Money transfer companies compared: Thailand
• Money transfer companies compared: Australia
• Money transfer companies compared: India
• Money transfer companies compared: United Kingdom

For a more detailed look at sending money abroad, check out our guide: Sending money abroad: a guide to international money transfers.