10 Best Money Transfer Companies in Australia

In our hyper-connected era, we’re all about that fast, efficient, and safe cash flow. Whether you’re helping out a friend across the country, managing an international business, or simply supporting a family overseas, you need a trusty sidekick. And in the land Down Under, there is no better option than to trust the services of a money transfer company. 

So, how do you choose a great one from a lineup of wannabes? A few essential aspects will help you distinguish the good from the bad.

First, you need to pay attention to the transfer fee structure. The lower the transfer fees, the better!

Next, evaluate the exchange rates. A good company offers rates that won’t make your wallet cringe every time you peek inside.

Then there’s transfer speed. Top-notch companies understand this urgency, ensuring your hard-earned cash reaches its destination super quickly.

Lastly, appreciate the power of quality customer service. If anything goes sideways, you’d need a friendly voice at the other end of the line, ready to assist with anything you need.

We’ve done all that legwork for you and discovered the 10 best money transfer companies in Australia right now. All you have to do is go through them carefully, so you can single out the most suitable fit for you.

Overview of the Money Transfer Landscape in Australia

What’s the current climate when it comes to money transfers in Australia? 

Firstly, the money transfer market Down Under is booming like never before. It’s been experiencing consistent growth, driven by the increasingly global economy and our connected lives. Whether it’s sending some money to their backpacker offspring overseas or transferring funds to an offshore business partner, it seems Aussies are always on the move, and so is their cash.

But how does the money get from the great Outback to a bustling city halfway across the world? Well, it’s all thanks to the magic of digital technology. Fintech companies have transformed the money transfer scene into a digital playground. A few taps here, a swipe there, and voila! Your cash is already on its way to its destination.

Now, it’s incredible to send money across borders at record-breaking speeds, but you’re probably wondering if it’s all legit and what the rules of the game are. Thankfully, Australia has a solid regulatory environment that keeps these money transfer companies on their toes. The Australian Securities and Investments Commission (ASIC) is the watchful guardian here, ensuring these companies are always kept in line.

Plus, there’s a keen focus on customer protection measures, so when you transfer your hard-earned cash, it’s wrapped up tight and secure. Measures like two-factor authentication, secure servers, and data encryption are all part of the deal.

So, with a market that provides all the options you need, tech innovations that satisfy every modern requirement, and a rule book to keep all things secure, the Aussie money transfer field is looking pretty sharp. Now, let’s move onto the meat of the matter — the 10 best money transfer companies in Australia, so you can choose the one that best fits your needs.

Comparison of the Top 10 Money Transfer Companies in Australia

Key Details

No.	Provider Name	Founded	Trustpilot rating	Countries Covered	Currencies Covered	Transfer Speed	Cash Pickup	Mobile App
1	Currencies Direct	1996	4.9	200	70	1-2 hours within Europe; 1-2 days for overseas transfers.	No	Yes
2	Remitly	2011	4.1	180	75	Within minutes (express delivery); 3-5 days (economy delivery)	Yes	Yes
3	Send Payments	2018	4.9	180	37	0-2 days	No	No
4	Instarem	2014	4.4	60	30	1-2 days	Only for the Philippines	Yes
5	WorldRemit	2010	3.9	145	70	0-2 days (within minutes in 95% of cases)	Yes	Yes
6	OFX	1998	4.3	190	55	1-4 days	No	Yes
7	VertoFX	2017	4.5	200	51	1-2 days	No	Only for Android
8	Moneycorp	1979	4..3	190	35	1-2 days	No	Yes
9	Currency Solutions	2003	4.7	160	40	3 hours-2 days	No	No
10	MoneyGram	1940	4.5	200	60	Within minutes (cash transfers); 1-3 days (bank and debit card transfers).	Yes	Yes

Fees, Rates, and Limits

No.	Provider Name	Transfer Fee	Exchange Rate Margin	Minimum Transfer Amount	Maximum Transfer Amount
1	Currencies Direct	No fee	0.4% to 1.4% added to the mid-market exchange rate.	£1	£25,000 through the mobile app; £300,000 by placing a special request.
1	Remitly	$0.00 – $50 depends on the selected countries, the transfer amount, and the payment method ($3.00 – $7.00 on average).	1% – 2.5% added to the mid-market rate on average (can range between 0.5% and 3.7%).	$1	Depends on the sending and receiving country, the transfer amount, and the transfer method (from $3,000 to £150,000).
2	Send Payments	No fee	About 1% added to the mid-market exchange rate.	AU$250	No limit (AU$25,000 for recurring, daily transfers).
3	Instarem	Depends on the selected countries, the transfer amount, and the selected payment method.	0.3% – 0.6% added to the mid-market exchange rate.	$1; ($50 for India)	Depends on the origin country and the selected payment method.
4	WorldRemit	$0.99 – $3.99 depending on the transfer amount and the selected countries and payment methods.	0.5% – 2.5% added to the mid-market exchange rate (1% – 1.6% on average).	$1	Depends on the selected countries and method of payment (ranges between $1,400 and $60,000).
6	OFX	AUD $15.00 under $10,000 (Australia); CAD $15.00 under $10,000 (Canada); HK $60.00 under $50,000 (Hong Kong); NZD $15.00 under $10,000 (New Zealand); No fee for the rest of the world.	0.4% – 1.9% added to the mid-market exchange rate.	$1000 in the US; £100 in the UK; €2 in the EU; $150 in Hong Kong and Singapore; AU$250 and its currency equivalent in the rest of the world.	No limit
7	VertoFX	No fee	0.2%-0.6% added to the mid-market rate or the best available rate.	$1	No limit
8	Moneycorp	No fee for online transfers; £15 for transfers over the phone.	Added to the mid-market exchange rate and varies between 1% for large transfers and 2% for small transfers.	£50	£100,000 (or currency equivalent) for online transfers. No limit for transfers over the phone.
9	Currency Solutions	£10.00 fee for transfers below £3,000; £0.00 fee for transfers above £3,000.	0.5% – 1% added to the mid-market exchange rate.	£100	No limit for transfers over the phone; Online transfers: £20,000 for personal accounts; £50,000 for business accounts.
10	MoneyGram	Depends on the location, the sending amount, and the payment method. Can be as low as $0-$15 and as high as $100.	1% to 5% added to the mid-market rate.	$1	$10,000 per online transfer for most countries (with a $10,000 as a monthly cap); $25,000 for online transfers to 42 select countries from the US.

Review of the 10 Best Money Transfer Companies in Australia

1. Currencies Direct

	Pros	Cons
1.	A variety of payment options	Not particularly adequate for small money transfers
2.	Exceptional customer support	Limited methods for receiving funds
3.	Impressive rating on Trustpilot	Limited support for less common currencies
4.	No fees for transfers	Instant custom quotes aren’t available
5.	Attractive exchange rates	No clear policy for transaction cancellation
6.	Tailored solutions for diverse needs	Maximum transfer limit imposed in the mobile app
7.	Worldwide service spanning over 200 countries	Service unavailable in certain US territories
8.	A broad range of currencies, supporting over 70	Room for improvement in the web platform and mobile application
9.	Local presence with more than 25 branches globally
10.	A longstanding industry experience
11.	Fast fund transfers
12.	Option to set exchange rate alerts
13.	Comprehensive educational resources

• Founded: 1996
• Headquarters: London, UK
• Trading Highs: In 2021, Currencies Direct hit a record by trading £9.5 billion across all of their supported currencies;
• Trustpilot Rating: Currencies Direct ties with TorFX and Send Payments for the highest Trustpilot score among money transfer services at 4.9 / 5;
• Client Count: Over their 27-year history, Currencies Direct has served more than 430,000 clients;
• Global Reach: The provider offers its services in over 200 countries and territories worldwide. Additionally, they currently support transactions in over 70 distinct currencies;
• Transfer Limits: Currencies Direct allows transfers of as little as £1. Their mobile app allows transfers up to £25,000, but for larger amounts of up to £300,000, customers need to place a special request with one of Currencies Direct’s dealers;
• Fees and Rates: To join the top players in the industry, Currencies Direct doesn’t charge any transfer fees. The company offers highly competitive markups on exchange rates, which can range between 0.40% to 1.40% depending on the countries and currencies involved;
• How to Send and Receive: With Currencies Direct, users can fund their transfers via bank accounts, cheques, or credit/debit cards. Funds can only be received into a bank account, as Currencies Direct doesn’t offer cash pickup;
• Language Support: The platform and customer support are available in ten languages, including English, French, Italian, Swedish, Portuguese, German, Spanish, Norwegian, Chinese, and Korean;
• Regulatory Approval: Currencies Direct is authorized by several regulatory bodies including the Bank of Spain, the UK’s Financial Conduct Authority, Canada’s FINTRAC, the US’s FinCEN, and others;
• Mobile App: Their mobile app, rated 3.5 / 5 on both Google Play and the App Store, enables users to check exchange rates, add recipients, manage currencies, track transfers, and much more;
• The Trophy Cabinet: Currencies Direct has received multiple awards recognizing its industry excellence. Among their decorations are:
  • The Best Rated Money Transfer Award ( 2019-2021 – Money Transfer Comparison);
  • The Most Positive Client Reviews Award (2017 – Money Transfer Comparison);
  • Being a National Business Awards Finalist (2018 – National Business Awards).
• Customers’ Opinion: Holding an impressive Trustpilot rating, Currencies Direct garners largely positive feedback from clients, with common grievances mostly beyond the firm’s control, such as recipient bank fees and additional document requirements. While some customers express dissatisfaction with their representative, the company offers everyone the flexibility to choose a new account manager. It’s worth noting that using credit cards for transfers can lead to higher costs due to credit company fees, a factor independent of Currencies Direct’s services.

Read our full Currencies Direct review.

2.  Remitly

	Pros	Cons
1.	Plenty of ways to fund your transfer	Not great for large money transfers
2.	Excellent customer service	Doesn’t provide dedicated account managers
3.	Decent Trustpilot rating	Exchange rates can sometimes be substantial
4.	Fixed transfer fees	No option for instant custom quotes
5.	A knowledge base that’s a treasure trove of info
6.	Extensive global coverage
7.	Deals with a heap of currencies
8.	Top-tier mobile app
9.	No minimum transfer limit when sending
10.	Instantaneous money transfers
11.	Worldwide locations for cash pickup

• Founded: 2011
• Headquarters: Seattle, WA, USA
• Trading Highs: Remitly was dealing with some outstanding amounts in 2021, handling transfers totaling a whopping $20.4 billion. They didn’t just move money around, they made it too, pulling in a tidy revenue of around $458.6 million;
• Trustpilot Rating: Remitly’s Trustpilot rating stands at a solid 4.1 out of 5 stars, based on nearly 40,000 reviews. That’s about the average for a large company of its type in the international money transfer services space;
• Client Count: As far as customer bases go, Remitly is kicking goals with over 3 million active customers;
• Global Reach: With Remitly, users from 28 countries can send their funds pretty much anywhere in the world. To be specific, money transfers can reach over 180 nations from those 28 originating countries. They handle both major and exotic currencies – over 75 to be exact;
• Transfer Limits: When it comes to minimum transfer limits, you can send as little as a single Australian dollar (or its equivalent). The maximum, though, depends on a mix of factors like sender and recipient location, currency types, and transfer amount. The ballpark figure is somewhere between $3,000 to £150,000;
• Fees and Rates: Remitly keeps it crystal clear when it comes to transfer fees. No guesswork here – the fee is fixed and communicated upfront, ranging from $0.00 to $50 (or $3.00 – $7.00 on average). The company also adds a profit margin of around 1% – 2.5% to the mid-market exchange rate. Although, it can sometimes dip as low as 0.5% or go as high as 3.7%;
• How to Send and Receive: How you fund your transfer and how the recipient gets the money varies with Remitly. There are several options, including bank account, credit or debit card, and country-specific methods like Klarna and iDEAL;
• Language Support: Language isn’t a barrier with Remitly – their website supports 15 languages, and their customer support also covers multiple languages (English, German, Spanish, Dutch, French, Polish, Portuguese, Italian, Romanian, Turkish, Vietnamese, Filipino, Chinese, Thai, and Korean);
• Regulatory Approval: Remitly is regulated by top-tier national authorities, including the ASIC, the U.S. Department of the Treasury, the Central Bank of Ireland, the FCA, and the FINTRAC;
• Mobile App: Remitly’s sleek mobile app is highly rated and available for both Android (rating of 4.8 / 5) and iOS (rating of 4.9 / 5) users;
• The Trophy Cabinet: Remitly has been making some waves in its relatively short existence, earning recognition for innovation, technology, and service within the fintech industry. Some of their most notable awards include:
  • FinTech 50 (2019 – Forbes);
  • Game Changer Award (2017 – Tech Impact Awards, Seattle Business Magazine);
  • Startup of the Year (2016 – GeekWire Awards).
• Customers’ Opinion: When it comes to Remitly’s online street cred, the chatter is mostly upbeat. Folks are stoked about its swift transfers, often getting their cash in recipients’ hands in just minutes. They’re also giving kudos for low fees that beat out traditional banks and other transfer services. The user-friendly app and website, coupled with straightforward pricing, are also big hits. However, not all reviews are glowing – a few users have griped about slow customer service and occasional tech glitches.

Read our full Remitly review.

2. Send Payments

	Pros	Cons
1.	A big selection of payment methods	No option for cash pickup
2.	Top-tier customer service	A minimum limit of AU$250 for transfers
3.	Stellar Trustpilot score	A small selection of rare or exotic currencies
4.	$0 transfer fees	No option for instant, tailored quotes
5.	Favorable exchange rates	No mobile application
6.	Swift money transfers
7.	Personalized care with dedicated account managers
8.	Customizable business tools including stop orders, limit orders, and delayed contracts
9.	180 countries available for sending
10.	Slick web design

• Founded: 2018
• Headquarters: Gold Coast, Queensland, Australia
• Trading Highs: With their hands on about AU$200 million a year in money transfers, Send Payments has hit the AU$1 billion mark for total transactions since joining the global market;
• Trustpilot Rating: With a cracking 4.9 out of 5 stars on Trustpilot, Send Payments is up there with the best in the biz, including Currencies Direct and TorFX;
• Client Count: While they’re a bit discreet about their exact client numbers, Send Payments do let on that they’ve catered to customers in over 100 countries;
• Global Reach: Whether you’re a business or an individual, if you’re in one of nearly 60 countries around the world, you can use Send Payments to send money to over 180 countries. Covering all the big ones and even a few exotic numbers, this company deals with 37 currencies. Maybe not as many as some others, but they’ve got most bases covered;
• Transfer Limits: Send Payments has a bit of a ground rule here – you need to be sending at least AU$250 for any international money transfer. On the upper end, they’re a little vague. They hint at being able to handle $25-million-big transfers, but whether that’s the limit or just a flex is unclear. However, for those setting up daily transfers, there’s a cap of AU$25,000;
• Fees and Rates: Now, here’s where Send Payments really stands out – they won’t hit you with any transfer fees, no matter the transfer type or amount. However, they, like many, add a margin to the mid-market exchange rate of about 1% of the total transfer amount;
• How to Send and Receive: Customers can use their bank accounts, or if you’re in Australia or New Zealand, POLi and PayID to fund their transfers. If you’re getting money from Send Payments, you’re going to need a bank account. No digital wallets or cash pickups allowed;
• Language Support: At present, it’s only English when it comes to their website and customer support;
• Regulatory Approval: To keep things legit, Send Payments is regulated by the ASIC and registered with AUSTRAC. They’re also a member of the AFCA, and their AFSL license number is 509635;
• Mobile App: Word on the street is, Send Payments’ mobile app is in the pipeline. So, watch this space for a launch on Android and iOS.
• The Trophy Cabinet: As a newbie on the scene, Send Payments is still able to prove how much they’re worth. They’ve managed to snag some decent recognition in recent years, showing they’re on a promising growth track. Their accolades include:
  • Most Promising Money Transfer Service for 2022 (2022 – MoneyTransferComparison, 2022);
  • Finnies Finalist (2020 – FinTech Australia Awards, 2020);
  • Best International Money Transfer Provider (2020 – Mozo Experts Choice Awards, 2020).
• Customers’ Opinion: Send Payments garners mostly positive customer reviews, praised for its lack of fees, competitive exchange rates, and efficient service. However, there are occasional criticisms relating to longer-than-expected transfer times and technical issues with their web platform. Despite these critiques, Send Payments maintains an exceptional reputation in the industry.

Read our full Send Payments review.

3. Instarem

	Pros	Cons
1.	A wide array of payment choices	Not ideal for large financial transfers
2.	Exceptional customer service	Limited support for multiple languages
3.	High rating on Trustpilot	Limited support for less common, exotic currencies
4.	Instant, free quotes providing transparency and avoiding hidden costs	No cash pickup options (only available for residents in the Philippines)
5.	Attractive foreign exchange rates	No hedging tools such as forward contracts or limit orders for businesses
6.	Quick money transfers
7.	Exclusive amaze card offered by Instarem
8.	Robust mobile application for easy access
9.	International service reach covering over 60 countries
10.	Broad currency coverage

• Founded: 2014
• Headquarters: Singapore
• Trading Highs: As a key player in financial services, Instarem boasts an impressive annual trading volume of $3 billion, signifying its strong trust base globally;
• Trustpilot Rating: Instarem’s customer-centric approach is reflected in its impressive Trustpilot rating of 4.4 out of 5 stars, applauding its transparency, effectiveness, and user-friendly platform;
• Client Count: Instarem has successfully garnered the trust of over a million global clients, highlighting its commitment to innovative and fair financial transactions;
• Global Reach: Instarem provides comprehensive global coverage, allowing money transfers from nine strategic locations to over 60 countries worldwide. Supporting over 30 international currencies, they provide flexibility for cross-border transactions tailored to individual needs;
• Transfer Limits: Instarem imposes no minimum transfer limit (except for India with a $50 threshold) offering flexibility to cater to diverse transfer requirements. Their maximum transfer limit is subject to the sending country and payment method, specifics of which can be found on their website;
• Fees and Rates: Instarem’s fee structure varies based on the selected countries, transfer amounts, and payment methods. The company, however, promotes a clear and transparent transaction process. They also maintain transparency with its exchange rate markup, typically adding between 0.3% to 0.6% to the mid-market rate;
• How to Send and Receive: Depending on your location, Instarem supports diverse payment options including bank accounts, debit and credit cards, and several local payment methods. Recipients can choose to receive money via a bank account, Alipay wallet in China, or cash pickup in the Philippines;
• Language Support: Currently supporting only English, Instarem’s user-friendly platform ensures easy navigation and money transfers;
• Regulatory Approval: Instarem holds licenses from authoritative regulatory bodies in all its operative countries, ensuring the security of its global customer base. Such institutions include the ASIC, the FCA, the FinCEN, the FINTRAC, the KLFB, and many more;
• Mobile App: Instarem’s mobile app is well-received, scoring 4.1 / 5 on iOS and 4.3 / 5 on Android;
• The Trophy Cabinet: The company’s innovative and expert financial solutions have been acknowledged with several awards and accolades over the years, among which:
  • Best Value International Money Transfer Provider Award (2020 and 2021 – Mozo Experts Choice);
  • Blockchain Innovator Award (2018 – Swell by Ripple);
  • The Outstanding Digital Cross-Border Money Transfer Service (2017 – India FinTech Awards).
• Customers’ Opinion: Online reviews paint a positive picture of Instarem as a competitive player in the international money transfer space, appreciating its user-friendly interface, swift transfers, competitive rates, and responsive customer service. However, some users express a desire for more sending locations. Occasional delays or additional verification requests have been noted, albeit infrequently.

Read our full Instarem review.

4. WorldRemit

	Pros	Cons
1.	An abundance of payment methods	Not ideal for transferring large sums of money
2.	Competitive foreign exchange rates	No personal account managers available
3.	Small transaction fees	Lacks business solutions like forward contracts and limit orders
4.	Excellent policy for transfer cancellations	Numerous criticisms pertaining to customer service
5.	Instant, personalized cost estimates
6.	Cash pickup services available
7.	Mobile digital wallet features
8.	Comprehensive global service availability
9.	Strong coverage of over 70 unique currencies
10.	Wide local presence with offices in 15 nations
11.	Swift funds transfer
12.	Comprehensive and informative knowledge base

• Founded: 2010
• Headquarters: London, UK 
• Trading Highs: WorldRemit sees around $10 billion annually in money transfers, facilitating over 1.5 million transactions each month. Their revenue in 2021 was $399.4 million;
• Trustpilot Rating: WorldRemit has a solid Trustpilot rating of 4.1 out of 5, based on nearly 80,000 customer reviews;
• Client Count: WorldRemit serves a continually growing customer base of over 5.7 million;
• Global Reach: With WorldRemit, you can send money from over 50 countries to more than 145 countries worldwide. They support over 70 currencies, including many that are used in African countries;
• Transfer Limits: The minimum transfer amount for WorldRemit is as low as $1, while maximum limits can range from $1,400 to about $60,000, varying by the countries and payment methods involved;
• Fees and Rates: WorldRemit offers low, fixed transfer fees, ranging from $0.99 to $3.99. They typically add a 0.5% – 2.5% margin to the mid-market exchange rate, averaging around 1% – 1.6% for most customers;
• How to Send and Receive: WorldRemit offers multiple payment options depending on the sender’s location, including bank account, credit/debit/prepaid card, Apple Pay, iDEAL, Interac, POLi, Klarna/SOFORT, and Trustly. Recipients can receive money via bank account, mobile wallet, cash pickup, or home delivery, depending on their location;
• Language Support: The WorldRemit platform is available in six languages: English, German, French, Dutch, Danish, and Spanish;
• Regulatory Approval: WorldRemit is authorized by regulatory bodies worldwide, including the FCA (UK), FinCEN (US), National Bank of Belgium (EU), FINTRAC (Canada), AUSTRAC (Australia), FSPR (New Zealand), and FSA (Japan);
• Mobile App: WorldRemit’s user-friendly mobile app has high ratings on both Google Play (4.6 / 5) and the App Store (4.7 / 5);
• The Trophy Cabinet: WorldRemit, as a major player in the money transfer industry, has received several awards and recognitions over the past decade, such as:
  • Best for International Transfers (2021 and 2023 – Best Money Transfer Apps – Investopedia);
  • Excellence in Transformational Business (2017 – FT/IFC Transformational Business Awards);
  • Best Practice in Remittances for Development by IFAD (2015 – United Nations Agency).
• Customers’ Opinion: WorldRemit has garnered mostly positive feedback from customers, praising its user-friendly interface, affordability, transparency, and exceptional customer service. Some users, however, point out issues such as slow response times, problems with refunds, and transfer delays. Despite these complaints, the majority of reviews reflect customer satisfaction with WorldRemit’s services.

Read our full WorldRemit review.

6. OFX

	Pros	Cons
1.	Versatile solutions for businesses	Not ideal for transferring small amounts of money
2.	Exceptional customer support	Limited choices for funding transactions
3.	Quick money transfer process	Incurs certain transfer fees
4.	Attractive exchange rates	No real-time custom quotes option
5.	Option for alerts on exchange rates
6.	Worldwide service coverage extending to more than 190 countries.
7.	Robust currency support with over 55 currencies and expanding
8.	Lenient cancellation policy
9.	Comprehensive knowledge resource
10.	Superior mobile app usability

• Founded: 1998
• Headquarters: Sydney, New South Wales, Australia
• Trading Highs: OFX has overseen the transfer of over $140 billion since its inception. It operates with a net income of about $100 million, with a net cash position exceeding $60 million;
• Trustpilot Rating: As a service primarily for corporate clients, OFX enjoys an impressive Trustpilot rating of 4.3 out of 5 stars;
• Client Count: OFX has catered to over 1 million clients, with its customers often engaging in sizeable money transfers;
• Global Reach: With a focus on global businesses, OFX offers money transfer services in over 190 countries worldwide. They support 55 different currencies and continue to expand their coverage;
• Transfer Limits: OFX sets different minimum transfer limits depending on the region, with the goal to accommodate smaller transfers. Current limits are $1000 USD in the US, £100 in the UK, €2 in the European Union, $150 USD in Hong Kong and Singapore, and $250 AUD in the rest of the world. Unlike many, OFX has no maximum transfer limit, making it ideal for businesses making large transfers;
• Fees and Rates: This money transfer provider offers free transfers for amounts above $10,000, with varying fees for lower amounts depending on the location. They apply exchange rate margins ranging from 0.4% to 1.9% which they add to the mid-market exchange rate;
• How to Send and Receive: OFX only supports bank accounts as a method for funding transfers. Similarly, recipients can receive OFX transfers exclusively through personal or business bank accounts;
• Language Support: Both the OFX web platform and mobile app are available only in English;
• Regulatory Approval: OFX is authorized for offering money transfer services by over 50 regulatory bodies globally, including prominent ones such as the ASIC, AUSTRAC, MAS, CED, DIA, FCA, NCA, CBI, FinCEN, and FinTRAC;
• Mobile App: The company offers a well-rated mobile app, available on the App Store (4.9 out of 5 stars) and Google Play (4.6 out of 5 stars);
• The Trophy Cabinet: With over 20 years of operation, OFX has earned numerous awards, including recognitions from:
  • Deloitte (Fast 50 and Fast 500 – 2015-2021);
  • The Australian Financial Review (BRW Fast 100 – 2005);
  • The Finder Customer Satisfaction Awards (Best International Money Transfer Provider – 2021-2022).
• Customers’ Opinion: Online customer reviews paint a largely positive picture of OFX, with users praising the company’s low exchange rate margins, lack of transfer fees, and excellent customer service. Customers particularly appreciate the platform’s transparency and ease of use. While there are a few negative remarks concerning slower-than-expected transfers and documentation issues, these are significantly outnumbered by positive feedback.

Read our full OFX review.

7. VertoFX

	Pros	Cons
1.	Diverse payment methods	Relatively inexperienced in the international money transfer market
2.	Exceptional customer support	Not ideal for individual money transfers
3.	Excellent Trustpilot score	Extensive verification documentation needed
4.	Zero transfer fees	No iOS-compatible mobile application
5.	Competitive foreign exchange rates	Lack of real-time custom quotes
6.	Comprehensive informational resources
7.	Peer-to-peer currency trading marketplace
8.	Digital wallet supporting multiple currencies
9.	Worldwide service reach spanning over 200 nations
10.	Robust currency offerings with 51 global currencies
11.	A plethora of business FX options
12.	Fast money transfer services
13.	Flexibility with no set lower or upper transfer limits

• Founded: 2017
• Headquarters: London, UK
• Trading Highs: VertoFX sees an annual transaction value exceeding $4 billion;
• Trustpilot Rating: The company has earned a respectable Trustpilot rating of 4.5 out of 5 stars, indicating strong customer satisfaction;
• Client Count: VertoFX proudly serves over 3,000 corporate clients for their global money transfer needs;
• Global Reach: VertoFX’s services are accessible from over 200 countries worldwide, accommodating users from Australia to Zambia. The provider allows transactions in 51 global currencies, including several exotic currencies from Africa;
• Transfer Limits: They certainly stand out for their low minimum transfer requirement, permitting transactions from as low as $1. Ideal for large-scale B2B operations, they impose no upper limit on transfer amounts;
• Fees and Rates: In line with its customer-centric approach, VertoFX charges no fees for money transfers. They also offer highly competitive exchange rate markups, ranging from 0.2%-0.6% added to the mid-market or best available rates;
• How to Send and Receive: Users can send money via VertoFX using their bank account, credit/debit card, or mobile wallet. On the other side of each transfer, customers can receive funds directly in their bank accounts or mobile wallets;
• Language Support: Currently, VertoFX’s platforms are available exclusively in English;
• Regulatory Approval: VertoFX’s services are overseen by top-notch regulatory bodies in all operational countries, such as the UK’s FCA, EU’s DNB, Kenya’s Central Bank, and South Africa’s FSCA;
• Mobile App: VertoFX’s mobile app, currently available for Android devices, allows users to manage transactions on the move. The company has its iOS app in production at the moment of writing this review; 
• The Trophy Cabinet: Recognized for its innovation, VertoFX bagged the Best Cross-Border Payments Infrastructure award at the 2022 Payment Awards. As a relatively new player, VertoFX continues to win its customers’ trust and satisfaction;
• Customers’ Opinion: This money transfer company enjoys a strong reputation among its users, as reflected in its impressive 4.5/5 Trustpilot rating. Customers frequently commend its exceptional customer service, swift transfer speeds, and user-friendly platform. However, a few critiques include the absence of an iOS app, occasional transfer delays, and the lengthy verification process requiring extensive documentation.

Read our full VertoFX review.

8. Moneycorp

	Pros	Cons
1.	Exceptional customer support	Absence of cash pickup services
2.	Respectable Trustpilot rating	Online transfers are restricted by a low maximum limit
3.	Zero fees for transfers conducted online	Inability to generate instant custom quotes
4.	Unlimited transfer amounts for phone transactions	Online transactions have limited currency options
5.	Operational in more than 190 nations worldwide	Mobile app enhancements seem necessary
6.	Impressive range of supported currencies
7.	In-depth local expertise
8.	Decades of industry experience
9.	Speedy money transfers
10.	Broad array of features for businesses
11.	Multilingual services
12.	Robust regulatory compliance

• Founded: 1979
• Headquarters: London, UK
• Trading Highs: Moneycorp’s significant trading presence was demonstrated in 2021 when they facilitated over 6.5 million payments amounting to roughly £38 billion in international trades, resulting in a gross revenue of £141 million;
• Trustpilot Rating: Customers on Trustpilot have shown significant appreciation for Moneycorp, rating the company an impressive 4.3 out of 5 stars;
• Client Count: Moneycorp’s charisma has garnered them an impressive portfolio of around 11,000 corporate clients, with the total number of personal clients likely to be even larger, considering their extensive personal financial service offerings;
• Global Reach: Moneycorp provides its services to over 190 countries worldwide. Their customers can access 35 currencies online and over 120 through their telephone service;
• Transfer Limits: Moneycorp provides a flexible transfer service, with the minimum transfer limit set at a manageable £50 (or its currency equivalent). For online transfers, they set a limit of £100,000 (or currency equivalent), but offer unlimited transfers via phone;
• Fees and Rates: Online transfers with Moneycorp are free, while phone transfers carry a £15 fee. The company’s exchange rate margin typically falls between 1% and 2% above the mid-market rate, making their rates considerably competitive;
• How to Send and Receive: Moneycorp allows sending money through a bank account, debit card, or even via a traditional check with Moneycorp. On the other hand, recipients can expect their Moneycorp transfers directly in their bank accounts;
• Language Support: Moneycorp supports a variety of languages, including English, Portuguese, Romanian, Spanish, and French;
• Regulatory Approval: Moneycorp ensures secure transactions by adhering to regulations set by multiple international authorities, including the FCA, GFSC, FinCEN, Central Bank of Ireland, FINTRAC, Hong Kong Customs and Excise Department, Dubai Financial Services Authority, and the Central Bank of Brazil;
• Mobile App: Moneycorp provides a robust mobile app for on-the-go finance management, available for both iOS and Android devices;
• The Trophy Cabinet: Over the years, Moneycorp’s exceptional service and innovative strategies have been recognized with numerous industry awards. A few noteworthy recognitions include:
  • Best Cross-Border Payments Infrastructure (2020 – Payment Awards);
  • Best Cross-Border Payments Service (2020 – Payment Awards);
  • Money Transfer Provider of the Year (2019 and 2020 – MoneyAge Awards).
• Customers’ Opinion: According to online customer reviews, Moneycorp is generally well-received, boasting a great Trustpilot rating. Users commonly glorify the company for its efficient, easy-to-use service and high-quality customer support. Even then, a few customers have expressed concerns regarding less competitive exchange rates and longer-than-expected transfer times.

Read our full Moneycorp review.

9. Currency Solutions

	Pros	Cons
1.	Outstanding customer support	Charges apply for smaller transfer amounts
2.	Impressive Trustpilot rating	Lack of a mobile application
3.	Fee-free transfers for larger amounts	Limited availability of exotic currencies
4.	Competitive exchange rates	Lack of an instant quote feature
5.	Service availability in over 160 countries	Customer support is not available around the clock
6.	Robust currency offerings with support for 40+ global currencies
7.	A longstanding industry experience
8.	Quick fund transfers
9.	Advanced business FX features, including market orders and options contracts for effective currency risk management
10.	Personalized service through dedicated account managers

• Founded: 2003
• Headquarters: London, UK
• Trading Highs: Crossing the billion mark in 2018, Currency Solutions has continued to handle over £1 billion in international money transfers annually;
• Trustpilot Rating: Currency Solutions has garnered a solid Trustpilot rating of 4.7 out of 5, testifying for their high customer satisfaction;
• Client Count: As of March 2019, over 150,000 customers have placed their trust in Currency Solutions, a figure that’s likely grown since then;
• Global Reach: Operating in over 160 countries, Currency Solutions offers truly global money transfer services. Their customers can transact in over 40 global currencies via their online platform or through the phone;
• Transfer Limits: The company requires a minimum transfer of £100, with online transfers capped at £20,000 for personal and £50,000 for business accounts. However, there’s no limit for telephonic transfers, with up to 3 international transfers allowed per day;
• Fees and Rates: Transfers under £3,000 incur a £10.00 fee, whereas transfers above this amount are exempt from fees. Currency Solutions adds a margin of approximately 0.5% – 1% to the mid-market exchange rate, which is definitely one of the best rates on the market;
• How to Send and Receive: Currency Solutions customers can initiate transfers via bank account or debit card (Visa or Mastercard). Their recipients can receive funds directly into their bank accounts, with no other receipt methods supported;
• Language Support: This provider’s services are currently only offered in English;
• Regulatory Approval: Currency Solutions is regulated by the UK’s Financial Conduct Authority (FCA) with reference numbers 602082 (regulated products and services authorization) and 512130 (permission to provide payment services, including money transfers and credit card issuing);
• Mobile App: Currency Solutions is yet to launch a mobile app for convenient account access and transfer management;
• The Trophy Cabinet: While specifics on their accolades are sparse, Currency Solutions has been acknowledged as the Best Currency Transfer Provider in 2016 at the Trade Finance Global Currency Awards and they were awarded the Top-Rated International Money Transfer Provider from 2017 to 2020 by Trustpilot, thereby cementing their industry credibility and expertise.
• Customers’ Opinion: With predominantly positive customer reviews, Currency Solutions is widely honored for its competitive exchange rates, fee-free transfers over £3,000, and exceptional customer service. The advanced features it offers, such as market orders and options contracts, cater to those with more complex needs. Although minor concerns exist, the overwhelming majority of feedback is positive, demonstrating the company’s success in providing reliable, efficient services and fostering a large base of satisfied and loyal customers.

Read our full Currency Solutions review.

10. MoneyGram

	Pros	Cons
1.	A vast range of payment methods	Less ideal for handling large financial transfers
2.	Outstanding customer support	Limited maximum transfer amounts
3.	Impressive rating on Trustpilot	A possibility of substantial transfer fees
4.	Diverse options for receiving funds	Above-average exchange rate markups
5.	Availability of cash pickup	Lack of hedging options for businesses
6.	Extensive global presence, covering over 200 countries and territories
7.	Robust currency portfolio including 58 different currencies
8.	A top-rated mobile application
9.	Extensive industry experience
10.	Swift money transfer services
11.	Beneficial loyalty rewards program

• Founded: 1940
• Headquarters: Dallas, Texas, US
• Trading Highs: Although MoneyGram’s precise transaction volume isn’t disclosed, their revenue of $1.3 billion in 2022 suggests it’s likely in the tens of billions;
• Trustpilot Rating: Trustpilot users rate MoneyGram at a high 4.5 out of 5 stars, affirming their satisfaction with the provider;
• Client Count: MoneyGram’s clientele is extensive, with more than 150 million people using their services over the past five years;
• Global Reach: MoneyGram boasts an impressive global footprint, with 380,000 locations spread across 200+ countries and territories. They provide services for approximately 60 currencies, including many exotic options not offered by competitors;
• Transfer Limits: MoneyGram adheres to the saying “flexibility is key”, with no minimum limit imposed on transactions. Their services are optimal for smaller transfers, allowing up to $10,000 per online transfer for most countries and up to $25,000 for specific countries. Cash transfer limits at agent locations typically follow these guidelines;
• Fees and Rates: Fees vary by the transfer amount. location, and payment method. Some transfers may cost between $0-$15, while others can climb to $100, especially for credit card payments to distant locations. Exchange rate markups range between 1%-5% above the mid-market rate, making MoneyGram more expensive than some services, but still cheaper than traditional banks;
• How to Send and Receive: Various methods are available for sending funds, including bank transfers, credit or debit cards, and cash at agent locations. MoneyGram recipients can get funds via bank account, debit card, mobile wallet, cash pickup, or even home delivery in certain countries;
• Language Support: Services are available in numerous languages, accommodating non-English speakers: German, Italian, Hungarian, French, Chinese, Danish, Portuguese, Norwegian, Arabic, Spanish, Ukrainian, Russian, Japanese, Czech, Turkish, Korean, Romanian, Polish, Indonesian, Malaysian, and Thai;
• Regulatory Approval: MoneyGram is meticulously supervised by financial authorities worldwide. This includes the FCA and Her Majesty’s Revenue and Customs in the UK, the National Bank of Belgium in the EEA, the New York State Department of Financial Services in the US, and the FINTRAC in Canada. This global regulatory oversight ensures maximum safety for your money;
• Mobile App: Their user-friendly mobile app, available for iOS (rated 4.9 / 5) and Android (rated 4.7 / 5) devices, makes international transfers a breeze;
• The Trophy Cabinet: MoneyGram’s excellence is validated by an impressive array of industry awards, underlining their commitment to providing quality money transfer services. These are only a few of the awards that they’ve received over the years:
  • Best Use of Blockchain in FinTech (2023 – FinTech Breakthrough Awards);
  • Money Transfer Awards (2018 – Mobex Africa Innovation);
  • Technology Innovation Award (2017 – Asian Bankers).
• Customers’ Opinion: Customers generally have a positive view of MoneyGram, according to reviews on Trustpilot where the company maintains an impressive rating. They frequently highlight the company’s speed, reliability, and user-friendly platform. They also appreciate the responsive customer service. However, some of them have expressed concerns about higher fees, exchange rate markups, occasional technical issues, and challenges with transaction limits.

Read our full MoneyGram review.

Conclusion

The money transfer landscape is dynamically shifting and evolving. Players like Remitly, Send Payments, OFX, and more, have demonstrated their robust capabilities, leveraging their respective strengths and adapting to customer needs in Australia.

The providers we listed in this article have all managed to carve out niches in the crowded money transfer market, offering a spectrum of services that cater to different types of users. Their emphasis on security, customer service, and innovative features underlines the commitment to serving their clients better, irrespective of their geographical location.

Looking ahead, the future of money transfers in Australia is promising. Australia is poised for a digital revolution in the financial sector, and this includes the realm of international money transfers. With the pace digital technologies are being adopted, the country’s financial landscape is shifting towards fast, more convenient, and cost-effective money transfer methods.

The rise of FinTech companies, the increasing ubiquity of smartphones, and the gradual departure from traditional banking methods all contribute to a future where digital money transfers become the norm. As customer expectations evolve, so will the services offered by money transfer companies. Our expectations are on the focus of providing real-time, secure, and low-cost transfers, making it an exciting space to watch in the coming years.

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