Cheapest Way to Send Money Overseas from Australia (2026 Comparison)

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If you need to send money overseas from Australia, your bank is probably the most expensive option available. Banks typically charge $15 to $30 in flat fees, then add a 3 to 5 percent markup on the exchange rate. For a $1,000 transfer to India, you could lose $50 to $100 compared to using a specialist money transfer service. This guide compares the cheapest ways to send money internationally, so you keep more of your money.

Why Bank Transfers Are So Expensive

When you send money through your bank, you pay two costs: a flat transfer fee and an exchange rate markup. The flat fee is easy to spot, but the markup is how banks really make their money.

Here is what actually happens. The real rate between AUD and your destination currency is called the mid-market rate. This is the rate you see on Google or XE.com. Your bank does not give you this rate. Instead, they add 3 to 5 percent to it. On a $1,000 transfer to India at the mid-market rate of 59 INR per AUD, your bank might offer 56 INR instead. The difference is $50 to your recipient.

Let us compare a real example. You send $1,000 AUD from Commonwealth Bank to a person in India:

Commonwealth Bank: $30 transfer fee, plus 3.5 percent markup on exchange rate = approximately $65 total cost. Your recipient gets $935 worth of value.

Wise (using mid-market rate with 0.4 percent fee): approximately $4 total cost. Your recipient gets $996 worth of value.

The difference over a year of regular transfers can be hundreds of dollars. Other major Australian banks (ANZ, Westpac, NAB) charge similar amounts.

Wise (Formerly TransferWise)

Wise is the most popular international money transfer service for Australians because it uses the real mid-market exchange rate and charges very low fees.

Fees with Wise are 0.4 to 0.7 percent of the amount you send. For a $1,000 transfer, you pay $4 to $7. Most transfers arrive within 1 to 2 business days. Wise also lets you hold money in over 40 different currencies before you transfer it.

Wise works well for sending money to almost any country. It is especially useful if you send to multiple countries because you can set up the transfers quickly through the app or website. You can also do larger transfers (over $10,000) if needed.

The downside is that Wise charges a small fee for every transfer. If you only send money once a year, this is not a problem. But if you send very large amounts regularly, other services might be cheaper.

Remitly

Remitly is designed for people who send money to specific countries, especially South Asia and Southeast Asia. India, Philippines, Nepal, Bangladesh and Vietnam are their strongest corridors.

Remitly offers two speed options. Economy transfers take 3 to 5 business days and cost 1 to 3 percent. Express transfers arrive the same day or next day but cost 2 to 5 percent. For smaller amounts under $500, Economy is much cheaper. For larger amounts, the percentage fee is usually lower than Wise.

If you regularly send to India or the Philippines, Remitly often has better exchange rates than Wise. They also run promotions for first-time users. However, you need to check the exact rate and fees for your destination before committing.

Remitly is available through their app and website. You can also cash out to a bank account, mobile wallet, or cash pickup in many countries.

Revolut

Revolut is good if you send money frequently in small amounts. You get a free allowance to send money every month (usually $250 to $500 depending on your subscription level). After you use the free allowance, each transfer costs a small fee.

Revolut also gives you a multi-currency account. You can hold up to 40+ currencies in one account and transfer between them at the real exchange rate. This is useful if you have money in different countries or receive payments internationally.

The catch is that Revolut is primarily a fintech banking app, not just a money transfer service. To use international transfers, you need to open a Revolut account and pass identity verification. Some people find the app confusing if they just want to send money occasionally.

If you send small amounts regularly (under $500 per month), Revolut is very competitive. For occasional large transfers, Wise is usually cheaper.

OFX

OFX is best if you send large amounts, typically $5,000 or more. Unlike other services, OFX charges no transfer fees at all. You only pay their margin on the exchange rate, which is usually 1 to 2 percent smaller than Wise.

With OFX, you also get access to phone support (useful if something goes wrong) and the ability to lock in an exchange rate before you transfer. This is helpful if rates are moving and you want to protect yourself from changes.

OFX transfers usually take 1 to 2 business days. You can set up recurring transfers if you send money regularly.

The downside is that OFX only works well for larger amounts. If you are sending under $2,000, the 1 to 2 percent margin is often higher than Wise's 0.4 to 0.7 percent fee.

Understanding Exchange Rate Markup

Every money transfer service makes money on the exchange rate. Here is how it works.

The mid-market rate is the real rate between two currencies. This is what you see on financial websites and it changes by the minute. No one gets the mid-market rate when they buy or sell currency, but it is the baseline.

When you transfer money, the service you use adds a margin (markup) to the mid-market rate. If the mid-market rate is 59 INR per AUD, you might actually get 58.7 INR per AUD. The 0.3 INR difference is the service's profit. Wise uses a very small markup (0.4 to 0.7 percent). Banks use a large markup (3 to 5 percent).

This is different from a flat fee. A flat fee is money you pay directly. A markup is money you lose on the exchange rate itself. Both add up to your total cost.

Sending from Specific Australian Banks

If you are currently using these banks to send money overseas, here is what you are paying:

Commonwealth Bank charges $30 flat fee plus 3 to 4 percent exchange rate markup. To India or Philippines: expect to lose $50 to $80 on a $1,000 transfer.

ANZ charges $25 to $45 depending on the country, plus 3 to 4 percent markup. Similar or slightly higher than CommBank.

Westpac charges $30 flat fee plus 3.5 percent markup. In line with CommBank.

NAB (National Australia Bank) charges $25 to $35 depending on the country, plus 3 to 5 percent markup. Similar to other major banks.

All major Australian banks use the same expensive model. They charge flat fees and add large exchange rate markups. For any transfer under $10,000, a specialist service like Wise will save you money.

Which Service Is Best?

Here is a comparison of the main options:

Service	Best For	Typical Cost (AUD 1000)	Transfer Time
Wise	Most transfers, any country	$4 to $7	1 to 2 days
Remitly	South Asia, Southeast Asia	$10 to $30 (economy)	3 to 5 days
OFX	Large amounts ($5000+)	$10 to $20	1 to 2 days
Revolut	Frequent small transfers	$0 to $5 (with free allowance)	1 to 2 days
Australian Bank	Last resort only	$50 to $80	3 to 5 days

For most people, Wise is the best overall choice. It works to every country, charges very low fees, and transfers arrive quickly. There is no setup fee and no monthly fee.

If you specifically send to India, Philippines, Nepal or other South and Southeast Asian countries, check Remitly first. They often have better rates for these corridors.

If you send very large amounts (over $5,000), OFX might save you money. The lack of transfer fees helps on bigger amounts.

If you send small amounts multiple times a month, Revolut's free monthly allowance makes it free or very cheap.

Important: Check Before You Transfer

Exchange rates and fees change frequently. The information in this article is current as of 2026, but fees and rates may have changed since publication. Before you transfer, always log in to each service and check the exact fee and exchange rate for your specific transfer.

Do not assume the costs here match what you will pay today. Check the provider directly.

For more information about money transfer services in Australia, visit moneysmart.gov.au, the official Australian government website for financial information.

For a deeper side-by-side comparison of Wise, Revolut, and traditional bank transfers, see our Wise vs Revolut vs Bank Transfer guide.

Frequently Asked Questions

What is the cheapest way to send money overseas from Australia?

Wise is widely regarded as the cheapest service overall for international transfers from Australia, offering competitive exchange rates and low flat fees. Other affordable options include Remitly and OFX, but Wise typically provides the best value for most currency pairs due to its mid-market exchange rates and transparent pricing structure.

How long do international money transfers from Australia take?

Transfer times vary by service and destination country, but Wise typically delivers funds within 1-2 business days for most countries. Standard bank transfers can take 3-5 business days or longer, while some services like Remitly offer express options that may cost more for faster delivery.

Is Wise safe and regulated in Australia?

Yes, Wise is completely safe and fully regulated in Australia by AUSTRAC (Australian Transaction Reports and Analysis Centre) as a licensed money remitter. The platform is also regulated in multiple other jurisdictions globally, making it a secure choice for international transfers with strong consumer protections.

Can I send money from Australia to India?

Yes, you can easily send money from Australia to India through multiple providers including Wise, Remitly, and OFX. These services offer competitive exchange rates specifically for AUD to INR transfers, making them much cheaper than traditional banks for sending money to India.

What is a mid-market exchange rate?

The mid-market rate is the true exchange rate between two currencies at any given moment, set by global currency markets without any markup or profit margin. Services like Wise pride themselves on using mid-market rates, whereas banks and other money transfer services typically add a margin (often 2-5%) to the rate, meaning you get less foreign currency for your money.

Do Australian banks charge fees for international transfers?

Yes, Australian banks charge substantial fees for international transfers, typically ranging from $10-$30+ per transaction plus unfavorable exchange rates with large markups. The total cost of sending money through a bank can be 3-5% more expensive than using specialist money transfer services like Wise, making banks a poor choice for regular overseas payments.

How much money can I send overseas from Australia?

There is no legal limit on how much you can send overseas from Australia, but AUSTRAC reporting requirements kick in at AUD $10,000. Transfers over this amount must be reported to AUSTRAC for compliance purposes, though this is an administrative requirement that doesn't prevent the transfer from occurring.

Is Wise or Remitly better for sending money from Australia?

Wise generally offers better exchange rates and lower fees for most transfers from Australia, making it the preferred choice for cost-conscious users. Remitly is still competitive and may be preferable for specific routes or if you prefer their mobile app interface, but Wise typically provides superior value across most currency pairs in 2026.

What are the best alternatives to Wise for sending money from Australia?

If Wise doesn't suit your transfer, Remitly is a strong alternative for South and Southeast Asian corridors like India, the Philippines, and Vietnam, especially for smaller amounts under $500. OFX is a better fit for larger transfers over $5,000 since it charges no flat fee. Revolut works well if you send small amounts frequently and can use its free monthly allowance. Compare the exact fee and exchange rate for your destination before choosing, since the cheapest option depends on the amount and country.

What are typical international bank transfer fees in Australia compared to Wise?

Australian banks such as Commonwealth Bank, ANZ, Westpac, and NAB typically charge a flat fee of $25 to $30 per international transfer, plus a 3 to 5 percent markup on the exchange rate. On a $1,000 transfer, that can total $50 to $80 in real cost. Wise charges roughly 0.4 to 0.7 percent with no separate flat fee, so the same transfer costs around $4 to $7 -- often ten times cheaper than a bank.

How do I send money overseas from Australia for the first time?

Sign up with a provider like Wise, Remitly, or OFX using your name, address, and identity documents (usually a driver's licence or passport). Link an Australian bank account or debit card, enter your recipient's bank details, confirm the exchange rate and fee shown before you pay, and the funds are on their way. Most first transfers are approved within minutes, though larger amounts may need extra verification.

This is general information only. It is not legal, migration, financial, tax, medical, or professional advice. Always check official sources before acting.