Fact checkedAdvertiser DisclosureFinding a way to send money abroad can be tricky. Whether it's getting the best conversion rates, a"> Fact checkedAdvertiser DisclosureFinding a way to send money abroad can be tricky. Whether it's getting the best conversion rates, a">

The best international money transfer providers in 2022

Finding a way to send money abroad can be tricky. Whether it’s getting the best conversion rates, avoiding high transaction fees, or making sure you’re getting the best deal, there are quite a few things to think about.

It is therefore important to choose the cheapest international money transfer (IMT) provider if you want to keep more money in your pocket rather than being eaten up by fees.

That’s what the 2021 Mozo Experts Choice Awards for International Money Transfer are all about. Announced in July 2021, out of 28 IMT providers (bank and non-bank), Mozo experts named the top three services, as well as the best bank for sending money abroad. Rewards extend and are valid for a 12 month period between July 2021 and July 2022.

The judges compared providers’ quotes in a handful of different currencies and weighed the potential fees that could be charged to a transferring customer.

“Of all the IMT providers our research team compared, the winners stood out with great exchange rates and low fees on international transfers,” said Mozo expert judge Peter Marshall.

For IMT services at the best value for money, Fair currency, InstaReM and Wise all won the 2021 Mozo Experts Choice Awards as IMT Providers. Meanwhile, City was crowned best international money transfer (bank) for the sixth consecutive year, and remains the only bank to ever win in this category.

“Specialty online services shined again, as they offered competitive prices compared to similar services from traditional banks,” Marshall explained.

“That being said, since 2016 when the IMT Mozo Experts Choice Awards began, Citi has continued to dominate among banks that offer this type of service.”

But we hope to make your search easier by having information on a range of IMT options, some of which won awards in 2021 and 2022.

The best international money transfer providers in Australia

InstaReM
  • Winner of the 2021 Mozo Experts Choice Award^ for Best International Money Transfer
  • $50 transfer minimum (no maximum)
  • Low transfer fees

Need to transfer money abroad quickly without high fees and below exchange rates? InstaReM might be what you are looking for. Whether you need to transfer $50, $500, or $5,000, this award-winning online IMT specialist offers competitive exchange rates in many different currencies. Additionally, InstaRem also offers transfers which can take as little as one business day and has low fees between 0.25% and 1.00% per transfer.

Fair currency
  • Winner of the 2021 Mozo Experts Choice Award^ for Best International Money Transfer
  • $10 AUD minimum transfer (no maximum)
  • Low transfer fees

CurrencyFair is a peer-to-peer marketplace IMT option that offers competitive exchange rates, fast transfers, and low fees. CurrencyFair operates between platform users in Australia, the UK and Ireland, and offers transfers in a range of currencies. There is a minimum transfer amount of $10 AUD and don’t forget the small fee of $4 AUD per transfer as well as a standard rate adjustment on each transfer. CurrencyFair can transfer funds within 1-2 business days, but depending on the currency you are converting, some transfers can take up to 5 business days.

Best bank for international money transfers: Citi

If a traditional bank is more your style, that’s no problem because you can always find an award-winning Mozo option.

As mentioned above, Citi was again named Best IMT Bank in the Mozo Experts Choice Awards^ bank category.

“Citi is an international bank, with branches not just in Australia but across Asia, Europe and the United States,” Marshall said.

“The bank can offer better prices on its international money transfer service than other local banks thanks to this global branch network.”

With Citi, customers have the option of using Citibank OnlineTransfers (from Citi account to non-Citi account) or Citibank Global Transfers (from Citi account to Citi account). Here is an overview of what you need to know about these services.

Citibank online transfers Citibank Global Transfers
Transfer limit: $100,000 AUD per day Transfer limit: $100,000 AUD per day
Costs: None (may be subject to fees from another bank transferring to) Costs: Nothing
Transfer time: Within 72 hours transfer time: Instantaneous

Customer Favorites: Top International Money Transfer Providers Among 2022 Mozo People’s Choice Award Winners

mozo people's choice award

Every year, Mozo sends out a survey asking Australians every day which financial service providers they like the most. Then, these providers are crowned winners of the Mozo People’s Choice Awards^. This year, we collected the opinions of nearly 4,000 Australians on their preferred international money transfer provider. Thanks to them, Wise was declared the overall winner by a landslide victory in all categories.

International money transfer
  • Winner of the 2021 Mozo Experts Choice Award^ for Best International Money Transfer
  • Winner of the Mozo People’s Choice Award 2022^ in all categories
  • Low transfer fees and no minimum transfer amount

If you need a specialist in online international money transfers, Wise deserves your attention. Not only does this provider offer solid exchange rates on a number of foreign currencies, but the fees are low at 0.7% per transfer under AUD $10,000 and 0.5% per transfer for those over 10. $000 AUD (minimum charge of 2 AUD). There is also no minimum transfer amount with Wise. But remember that if you are transferring from another currency to AUD, the maximum limit is $1,500,000, while the maximum limit differs per currency if you are transferring from AUD.

And let’s not forget that Wise won the 2022 Mozo People’s Choice Award in all categories, making him a crowd favorite. If that’s not enough to blow your mind, Wise also won the 2021 Mozo Experts Choice Award^ for Best International Money Transfer.

It is important to note that whether you opt for a specialized IMT online service or a bank, all providers compared for these awards have an Australian Financial Services License issued by ASIC.

Want to know more about the winners of the Mozo Experts Choice Awards? Head over to our Mozo Experts Choice International Money Transfer Awards page for the full methodology report and list of winners. If you want to learn more about IMT, check out our money transfer resources.

*
The exchange rates offered by each vendor are indicative exchange rates that have either been provided by each vendor or collected by Mozo. Exchange rates fluctuate constantly and therefore the exchange rates quoted here may vary from the actual exchange rate quoted by a supplier. Please ensure you confirm the actual exchange rate with the relevant provider before making any transactions. These exchange rates are updated hourly.

^ See Mozo Experts Choice International Money Transfer Awards information

Mozo provides general product information. We do not take into account your personal goals, financial situation or needs and we do not recommend any particular product. You must make your own decision after reading the PDS or offer documentation, or after seeking independent advice.

Although we pride ourselves on covering a wide range of products, we do not cover every product on the market. If you decide to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.

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