How Much Does it Cost to Send Money Overseas?

When looking to send money overseas from Australia, one of the frequently asked questions is “How much does it cost to send money overseas?”

We’ve done some research for you into this with all the major banks and some of the online options to understand who offers value for money.

Firstly, it appears that  nearly everyone loves a fix fee. No matter whether you are sending $100 or $10,000, the fee is the same.  Great if you are sending large amounts, but what if you are only wanting to send $100 or $200 ?

Let’s see how each of the services we investigated fair in sending these two amounts.

Company Over the Counter (AU$) Internet (AU$) Cost to Send AU$100 over Internet Cost as % of AU $100 Cost to Send AU$200 over Internet Cost as % of AU $200
Westpac Bank $30 $20 $20 20% $20 $10
Commonwealth Bank $30 $22 $22 22% $22 11%
ANZ Bank $33 $24 $24 24% $24 12%
National Australia Bank $28 $22 $22 22% $22 11%
St George Bank Unknown $20 $20 20% $20 10%
Western Union From $20 From $20 $22 22% $22 11% &

Note: Minimum transfer is $2,000


Note: Owned by Ozforex

N/A $15 $15 15% $15 7.5%

Note: Nil fees for domestic transactions if using your bank account

N/A 3.4% + $0.30 for international transactions $3.70 3.7% $7.10 3.55%

NOTE: In addition to the fee the local banks charge to send the money overseas, most overseas banks will also likely deduct their own fee when receiving the money.

What is obvious with the above table is that when sending small amounts of money overseas, doing it with the banks is very expensive.

Why is this the case? Well I am not qualified to answer that question, but if I had to guess, the big banks have a lot of overhead costs like brick and mortar outlets, huge salary bills to pay and they need to make big profits to make shareholders happy.

So the point is when sending small amounts of money, going online with Tranzfer or Paypal seems to make sense.

The advantage of Tranzfers is that you send money into their account, then they send it to an overseas account you nominate. It’s reasonably easy, but the registration process may take more time than you think as they may require further documentation from you. Also note that Tranzfers is purely a money transfer service and provides no other services.

The other option is to use Paypal. It seems to be the cheapest when sending small amounts. However, the advantage of using Paypal is not only because it is one of the cheapest ways to send money overseas, but that it is now widely used as a payment service for online retailers. This means that when you receive money into Paypal, you can use it directly to pay for other goods and services. The other advantage is that it is owned by ebay so it has big backing behind it. Furthermore, if you are sending money to someone else, you don’t have to register. Just use your credit card to make the payment. This does incur a fee, but seems to suit those that don’t like to register.

Of course if you are after something with a bit more substance when sending money overseas, then try out Bunyee uses Paypal to send money so why not just use Paypal? Well if you are sending money as a gift, the last thing you want is for the receiver simply to receive an email notifying them that they received some money from you. Emails can be pretty dry. Bunyee on the other hand, packages the money gift into a digital envelope so the receiver gets this nice surprise of a unique envelope design with its own personalized message from you. Try it out next time and both you and the receiver might be nicely surprised.

The information above was accurate at time of publish. For up to date rates, refer to each company’s website.

Here are the link’s current at time of publish:

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