Send Money to Australia: Compare the Best Rates and Lowest Fees
Our comparison of fees and rates has revealed the most cost-effective and reliable options for sending money to Australia. We compare trusted services like Wise, Xe, Revolut, Western Union, Remitly, Orbit Remit, TorFX, CurrencyFair, World Remit, and OFX for fast, low-fee, and secure transfers.
Updated 3 June 2024
Summary:
Our guide covers:
Know This First: How do money transfer services make money?
- Sending money to Australia has never been cheaper in terms of fees, but it can be difficult to decide which service to use, given the numerous options available.
- Our guide compares the many options to help you get the most AUD for your NZD, helping you decide what's right for you.
- We have deliberately excluded banks and PayPal as options. These services tend to charge the highest fees and/or offer less-than-competitive FX rates, which does not align with our goal of helping you find the most cost-effective options.
- Instead, we compare trusted services like Wise, Xe, Revolut, Western Union, Remitly, Orbit Remit, TorFX, CurrencyFair, World Remit, and OFX.
- We use transfer amounts of NZ$100, NZ$1,000, NZ$5,000 and NZ$10,000 to help compare the best value options; our research was undertaken in early May 2024 and we strongly suggest getting live instant quotes from at least 3-5 services before making any decision.
- Beyond the amount of AUD received per NZ$1 sent, we also consider fees, exchange rates, transfer speeds, and the security of each service.
Our guide covers:
- Convert NZD to AUD What You Get for $100, $1,000, $5,000, and $10,000
- Common Money Transfer Issues (and How to Resolve Them)
- Must-Know Facts When Sending Money to Australia
- Frequently Asked Questions
Know This First: How do money transfer services make money?
- Money transfer services make money primarily through transaction fees and exchange rate margins. The transaction fee is a fixed cost for processing the transfer, while the exchange rate margin is the difference between the rate they offer you and the actual market rate.
- Some services might also earn through additional charges for expedited transfers or special features.
MoneyHub Founder Christopher Walsh shares his insights into sending money to Australia:
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"Choosing the right money transfer service can significantly affect the amount of AUD your recipient will receive. Our research was extensive and showed big differences, and that's before you look at the banks which offer poor value. I suggest a quick check of at least 3-5 services to determine which will give you the most AUD for your NZD. With every money transfer service's website offering online tools and real-time comparison, it has never been easier to compare and get the best deal.
Banks and PayPal are arguably stuck in the past, charging higher fees and offering less favourable exchange rates compared to the online money transfer services outlined in this comparison. However, despite the convenience, it always pays to manage risks. If you're sending a lot of money to Australia, consider splitting the amount across multiple transfers (or even different services) to limit the risks of any issues. This approach also helps with unforeseen delays or issues with a single provider. Security is paramount. Ensure the service you choose is regulated and uses advanced encryption methods to protect your transaction. Services like Wise and Xe are known for their robust security protocols, giving you peace of mind. If you're not in a rush, setting up exchange rate alerts can help you maximise your savings. Many services offer this feature, notifying you when the rate is desirable. This way, you can time your transfers to get the most AUD for your NZD, making every dollar count. Always verify recipient details and understand the service's policies on cancellations and delays. If you're sending a significant amount, double-check everything to avoid any hiccups. And don't hesitate to contact customer support if something goes wrong". |
Christopher Walsh
MoneyHub Founder |
Convert NZD to AUD: What You Get for $100, $1,000, $5,000, and $10,000
We compared a range of popular and reputable money transfer services, focusing on those known for their competitive fees and reliable service. Our selected services include:
To provide a comprehensive comparison, we tested four different transfer amounts:
These amounts were chosen to represent common transfer needs, from smaller personal transfers to larger business or investment transfers.
In early May 2024, we collected data on the following aspects for each service and transfer amount:
We compared the services based on the following:
To provide a comprehensive comparison, we tested four different transfer amounts:
- NZ$100
- NZ$1,000
- NZ$5,000
- NZ$10,000
These amounts were chosen to represent common transfer needs, from smaller personal transfers to larger business or investment transfers.
In early May 2024, we collected data on the following aspects for each service and transfer amount:
- Exchange rates: The rate each service offers for converting NZD to AUD.
- Fees: The total cost of processing the transfer, including fixed or percentage-based fees.
- Amount received: The total amount of AUD received by the recipient after accounting for fees and exchange rates.
- Transfer speed: The estimated time for the recipient to receive the funds.
- Security measures: The security protocols in place to protect the transaction.
We compared the services based on the following:
- Total AUD received: The most critical factor representing the actual amount the recipient gets.
- Cost efficiency: A balance of fees and exchange rates to determine overall value.
- Transfer speed: The time taken for the funds to be available to the recipient.
- Security and reliability: Ensuring the safety and dependability of each service.
Results From Our Extensive Live Testing
Based on our comparison, we suggest starting with these four services to ensure you get the most accurate and up-to-date results for your specific transfer needs:
Wise
Xe
Revolut
CurrencyFair
Our full testing data is listed below:
Wise
- Why Test? Wise consistently offers competitive exchange rates and transparent fees. Furthermore, Wise’s rate-lock feature can protect against currency fluctuations.
Xe
- Why Test? Xe offers fee-free transfers and competitive exchange rates. Due to zero transfer fees, it offers leading value for larger transfers.
Revolut
- Why Test? Revolut provides real-time exchange rates and low fees for smaller amounts. Due to its low fee structure, it is an attractive solution for frequent, smaller transfers.
CurrencyFair
- Why Test? CurrencyFair offers a competitive marketplace for exchange rates and moderate fees. We see it as valuable for those who want to leverage peer-to-peer currency exchange for potentially better rates.
Our full testing data is listed below:
Comparison for 100 NZD
| Money Transfer Service | Exchange Rate | Fees (NZD) | Amount Received (Local Currency) |
|---|---|---|---|
| Xe | 0.9042 | 0.00 | 90.42 |
| Revolut | 0.9068 | 0.50 | 90.23 |
| TorFX | 0.9012 | 0.00 | 90.12 |
| Western Union | 0.8995 | 0.00 | 89.95 |
| Wise | 0.9082 | 1.60 | 89.37 |
| Remitly | 0.9069 | 3.99 | 87.07 |
| Orbit Remit | 0.9011 | 4.00 | 86.51 |
| CurrencyFair | 0.903 | 4.43 | 86.30 |
| World Remit | 0.9008 | 4.99 | 85.59 |
| OFX | 0.9042 | 12.00 | 79.57 |
Comparison for 1,000 NZD
| Money Transfer Service | Exchange Rate | Fees (NZD) | Amount Received (Local Currency) |
|---|---|---|---|
| Xe | 0.9042 | 0.00 | 904.20 |
| Revolut | 0.9068 | 3.00 | 904.12 |
| Wise | 0.9082 | 4.57 | 904.05 |
| Remitly | 0.9069 | 3.99 | 903.28 |
| TorFX | 0.9012 | 0.00 | 901.20 |
| Western Union | 0.8995 | 0.00 | 899.50 |
| Send Payments | 0.8993 | 0.00 | 899.26 |
| CurrencyFair | 0.903 | 4.43 | 899.00 |
| Orbit Remit | 0.9011 | 4.00 | 897.50 |
| World Remit | 0.9008 | 4.99 | 896.31 |
| OFX | 0.9043 | 12.00 | 893.45 |
Comparison for 5,000 NZD
| Money Transfer Service | Exchange Rate | Fees (NZD) | Amount Received (Local Currency) |
|---|---|---|---|
| Wise | 0.9082 | 17.72 | 4,524.91 |
| Xe | 0.9042 | 0.00 | 4,521.00 |
| CurrencyFair | 0.903 | 4.43 | 4,511.00 |
| OFX | 0.9043 | 12.00 | 4,510.65 |
| Revolut | 0.9068 | 30.00 | 4,506.99 |
| TorFX | 0.9012 | 0.00 | 4,506.00 |
| Orbit Remit | 0.9011 | 4.00 | 4,501.90 |
| World Remit | 0.9008 | 4.99 | 4,499.51 |
| Western Union | 0.8995 | 0.00 | 4,497.50 |
| Send Payments | 0.8993 | 0.00 | 4,496.30 |
| Remitly | 0.8955 | 3.99 | 4,477.33 |
Comparison for 10,000 NZD
| Money Transfer Service | Exchange Rate | Fees (NZD) | Amount Received (Local Currency) |
|---|---|---|---|
| Wise | 0.9082 | 34.17 | 9,050.97 |
| OFX | 0.9043 | 0.00 | 9,043.00 |
| Xe | 0.9042 | 0.00 | 9,042.00 |
| CurrencyFair | 0.903 | 4.43 | 9,026.00 |
| TorFX | 0.9012 | 0.00 | 9,012.00 |
| Orbit Remit | 0.9011 | 0.00 | 9,011.00 |
| Revolut | 0.9068 | 70.00 | 9,004.92 |
| World Remit | 0.9008 | 4.99 | 9,003.51 |
| Western Union | 0.8995 | 0.00 | 8,995.00 |
| Send Payments | 0.8993 | 0.00 | 8,992.60 |
| Remitly | 0.8945 | 3.99 | 8,944.83 |
How to get the best deal when converting NZD to AUD for Australian transfers:
- Compare the total AUD amount you'll get for your NZD: To get the best deal, it's essential to compare online using each money transfer service's tool. The more AUD you get, the better value the service.
- Set up rate alerts: Exchange rate alerts can help you take advantage of favourable rates. Many services offer this feature, notifying you via email and/or the app when the rate reaches a desirable level. You can then transfer money to maximise the amount of AUD being received.
- Consider transfer speed and security: Choose services known for quick transfers and robust security protocols to ensure your money reaches its destination safely and promptly.
Common Money Transfer Issues (and How to Resolve Them)
On rare occasions, unexpected issues can arise when sending money to Australia (or anywhere internationally). To help anticipate such issues, our list explains how to navigate and resolve potential problems when sending money out of New Zealand.
1. Delayed Transfers
Possible Causes:
Solutions:
2. Transfer Cancellations or Reversals
Possible Causes:
Solutions:
1. Delayed Transfers
Possible Causes:
- Public holidays: Transfers can be delayed if they coincide with public holidays in the sending or receiving country.
- Incorrect recipient details: Incorrect information, such as a wrong account number, bank name, or BSB code, can delay the transfer.
- Regulatory checks: Transfers may be held up due to anti-money laundering (AML) and counter-terrorism financing (CTF) checks.
- Intermediary banks: Sometimes, intermediary banks involved in the transfer process can cause delays.
Solutions:
- Check public holidays: Verify if there are any upcoming public holidays in New Zealand and Australia before initiating the transfer.
- Verify bank details: Double-check all recipient information before confirming the transfer.
- Allow extra time for regulatory checks: If your transfer is larger than usual or you're sending money to a new recipient, be prepared for additional checks.
2. Transfer Cancellations or Reversals
Possible Causes:
- Insufficient funds: If your bank account or credit card doesn't have sufficient funds or the money doesn't arrive, the transfer will likely be reversed.
- Incorrect recipient details and/or a violation of terms.
Solutions:
- Check funds: Confirm your account has sufficient funds before transferring.
- Review terms of use: In rare cases, your transfer may violate the terms of service of the money transfer service. To avoid this, ensure your transfer complies with the service's policies.
- Verify bank details: Double-check all recipient information before confirming the transfer. If the information is incorrect, the transfer may be reversed, but this can take some time and lead to many back-and-forth support emails.
Must-Know Facts When Sending Money to Australia
1. You can set FX rate alerts to help you maximise your savings:
Many money transfer services offer exchange rate alert features. These alerts notify you when the exchange rate is favourable, allowing you to transfer when you can get the most AUD for your NZD. By setting up rate alerts, you can strategically time your transfers to maximise the amount your recipient will receive.
2. Be aware that regulatory compliance and ID verification can take some time to complete:
All of the transfer services listed above require you to provide identification documents, such as a passport or driver's licence, which is seemingly cumbersome. This step is necessary to protect you and ensure the security of your transactions, and you need to factor in time to complete it.
3. Always compare the total amount you receive in AUD (rather than individual fees and FX rates):
Fees and exchange rates vary between different money transfer services, and the more money you transfer, the bigger the difference in how much AUD your recipient will get. Some services may have lower fees but offer less favourable exchange rates, while others might have higher fees but better rates. To compare with accuracy, it's critical to look at the total amount of AUD received rather than the FX rates and fees, as each money transfer service prices differently.
4. Security measures and fraud prevention are standard practice now:
Reputable money transfer services (such as the ones listed above) all use advanced encryption methods to protect your data and transactions. You may also be asked to set up multi-factor authentication, which is recommended to keep your account secure.
5. Use transfer tracking for peace of mind:
The money transfer services listed above all offer tracking features through their websites and mobile apps. These tools allow you to monitor the status of your transfer from initiation to completion. We suggest getting familiar with these tools to help you verify when the funds have been received.
Frequently Asked Questions
We have compiled this comprehensive list of frequently asked questions to provide you with all the information you need about sending money to Australia. Our goal is to address every possible concern and scenario to help you make informed decisions.
Important: The most crucial factor in deciding what money transfer service to use is the total amount of AUD your recipient will receive. Always compare this final amount across different services, as it is the most accurate indicator of value. For any specific inquiries, always refer to the money transfer service directly.
Important: The most crucial factor in deciding what money transfer service to use is the total amount of AUD your recipient will receive. Always compare this final amount across different services, as it is the most accurate indicator of value. For any specific inquiries, always refer to the money transfer service directly.
What is the fastest way to send money to Australia?
Digital platforms like Wise, Xe and Revolut are the fastest way to send money to Australia. These services offer real-time exchange rates and quick transfer times, often within minutes. The benefit of these services is that you can see live rates and know exactly how much the recipient will get in AUD before you convert your NZD.
Which service offers the lowest fees for sending money to Australia?
While fees can vary based on the amount and the current exchange rates, Wise, Xe and Revolut are often known for their competitive fees. However, comparing all options for the specific amount you're sending is critical to ensure the best deal. There's no point in overpaying when the product you're 'buying' is Australian dollars; the more AUD you receive, the better the money transfer service.
Are there any hidden fees when using these money transfer services?
Because of how competitive the marketplace has become, it has become essential for money transfer services to be transparent about their fees. However, this isn't always the case with banks - if you're using a bank service for international services, such as Kiwibank, Westpac, ASB, ANZ or BNZ, you will pay more and the time to receive the money will be slower. For this reason, it's crucial to check for additional charges such as bank processing fees, intermediary bank fees (e.g. what the receiving bank charges), and currency conversion fees that might apply.
How do exchange rates affect the amount of money received?
Exchange rates determine how much the recipient will get in their local currency. A higher exchange rate means more AUD for your NZD. Services like Wise, Xe and Revolut often provide better exchange rates than traditional banks and other online money transfer services.
Is it safe to send money to Australia using these services?
Yes - using reputable services like Wise, Xe and Revolut, and others listed in our comparison is safe. These companies are regulated and use secure encryption methods to protect your transactions.
Dubious money transfer 'services' occasionally scam New Zealanders, but this is largely avoidable by choosing reputable and regulated services such as those listed in this review. Online adverts promising too-good-to-be-true FX rates are often scams. Wise, Xe and Revolut and similar services are trusted, robust, and reliable.
Dubious money transfer 'services' occasionally scam New Zealanders, but this is largely avoidable by choosing reputable and regulated services such as those listed in this review. Online adverts promising too-good-to-be-true FX rates are often scams. Wise, Xe and Revolut and similar services are trusted, robust, and reliable.
What information do I need to provide to send money to Australia?
Typically, you will need the recipient's full name, bank account number, bank name, and branch code (BSB). Some services may also require the recipient's address and contact information, such as an email address.
What are the benefits of using online money transfer services over banks?
Online money transfer services usually offer lower fees, better exchange rates, faster transfer times, and greater convenience compared to New Zealand banks.
Why is PayPal not the best option for sending money to Australia?
PayPal is a convenient option for many online transactions, but it often comes with higher fees and less favourable exchange rates for international money transfers. While it is secure and widely accepted, PayPal charges a percentage of the transfer amount as a fee, and its exchange rates include a markup. Our review of PayPal FX rates and fees shows poor value for money. This makes services like Wise, Xe and Revolut more cost-effective choices for sending money to Australia.
Are there any limits on how much money I can send to Australia?
Yes, it will vary between services and can range from a few thousand to tens of thousands of NZD. However, most people sending less than NZ$100,000 overseas don't face any limits. We suggest checking the limits of your chosen service to ensure it meets your needs.
How long does it take for money sent to Australia to arrive?
The transfer time can vary depending on the service used. Online services like Wise, Xe and Revolut often complete transfers within minutes to a few hours. Traditional banks may take 2-5 business days, with less transparency around tracking the arrival. Online services indicate the time it will take upfront before you send any money, so you're fully informed.
What are the regulatory requirements for sending money to Australia?
Money transfer services must comply with New Zealand and Australian financial regulations. This includes identity verification procedures to prevent fraud and money laundering. For this reason, you'll need to provide identification documents, such as a passport or driver's license, when setting up your account or transferring NZD to AUD (or any other currency). You may also need to meet anti-money laundering requirements.
Can I track my money transfer to Australia?
Yes - most money transfer services offer tracking features through their websites or mobile apps. You can monitor the status of your transfer from initiation to completion. The recipient will also receive an email when the money arrives in their account.
Can I cancel a money transfer once it has been initiated?
It depends on the service you've used and the transaction's status. Some services allow cancellations within a short window after the transfer is initiated. However, once the money has been processed, it is usually not possible to cancel.
What happens if I lock in an exchange rate but don't transfer the money immediately?
If you lock in an exchange rate but fail to transfer the money within the specified timeframe, some services may charge a penalty or cancel the transaction. Each service has a policy on delays and cancellations, so it's crucial to understand the terms before locking in a rate. For example, Wise may give you a specific window (usually 24-48 hours) to complete the transfer after locking in a rate.
Can I lock in an exchange rate for my transfer to Australia?
Many money transfer services, such as Wise, Xe and Revolut allow you to lock in an exchange rate. This feature is beneficial if you want to protect yourself against currency fluctuations. Once you lock in a rate, you typically have a set period to complete the transfer at that rate, ensuring the recipient receives the expected amount.
Are there penalties for not completing a transfer after agreeing on a rate?
Yes, some money transfer services may impose penalties if you do not complete the transfer after agreeing on a rate. This could include cancellation fees or a temporary suspension of your account. It's important to read the terms and conditions of your service so you understand these potential penalties.
Related Guides:
- How to Transfer Money Internationally from New Zealand
- Wise Review
- Revolut Review
- Revolut vs Wise
- Best Practices for Sending Large Sums of Money Overseas (Coming Soon)
- Understanding Exchange Rates: A Guide for NZD to AUD Transfers (Coming Soon)
