Sending money overseas from Australia doesn’t have to be a headache. Whether you’re supporting family back home, paying for overseas study fees, or settling business invoices, this comprehensive guide will walk you through the entire process step by step.

With the right knowledge and preparation, you can save hundreds of dollars on fees and get your money to its destination quickly and safely.

What You’ll Need Before You Start

Before jumping into any money transfer, gather these essential details. Having everything ready will make the process much smoother.

Your Personal Information

• • Valid photo ID: Australian driver’s licence, passport, or Medicare card
  • Proof of address: Recent utility bill or bank statement (within 3 months)

• Source of funds: For larger transfers over $10,000, you might need to explain where the money came from
• Your contact details: Phone number and email address

Recipient’s Complete Details

Double-check these details with your recipient. Even a small mistake can delay your transfer or send money to the wrong person.

• Full legal name: Exactly as it appears on their bank account or ID
• Complete address: Including postal code and country
• Phone number: Including country code
• Bank details: Bank name, branch address, SWIFT/BIC code, account number, and routing number (varies by country)
• Purpose of transfer: Some countries require this information

Step 1: Choose the Right Money Transfer Provider

Not all money transfer services are created equal. The Australian Competition and Consumer Commission (ACCC) recommends shopping around and comparing the total cost of different services.

Your Main Options Include:

• Online money transfer specialists: Wise, Remitly, XE, OFX – typically offer better rates and lower fees
• Traditional banks: Commonwealth Bank, ANZ, Westpac, NAB – convenient but often more expensive
• Money transfer operators: Western Union, MoneyGram – good for cash pickup options
• Digital payment platforms: PayPal, Skrill – quick for smaller amounts

Key Factors to Compare:

Factor	What to Look For	Example
Exchange Rate	Closest to the mid-market rate	Wise typically offers rates within 0.5% of mid-market
Transfer Fees	Low or transparent fixed fees	$4-15 for most online providers vs $30+ for banks
Speed	Minutes to 1-2 business days	PayID transfers can be instant, bank transfers 1-3 days
Transfer Limits	Matches your transfer amount	Wise: up to $1.8M AUD, banks: typically $1,000-$10,000 daily

For a detailed comparison of fees, rates, and features, check out our comprehensive provider comparison guide.

Step 2: Create Your Account and Verify Your Identity

Once you’ve chosen a provider, you’ll need to set up an account. This is a one-time process that typically takes 5-10 minutes.

Account Registration Process:

1. Visit the provider’s website or download their app
2. Click “Sign Up” or “Register”
3. Enter your personal details: Name, email, phone number, address
4. Create a secure password: Use a mix of letters, numbers, and symbols
5. Verify your email address: Check your inbox and click the confirmation link

Identity Verification Requirements:

Australian financial regulations require all money transfer providers to verify your identity. This process helps prevent fraud and money laundering.

• Upload a photo of your ID: Driver’s licence, passport, or Medicare card
• Provide proof of address: Utility bill, bank statement, or rates notice (within 90 days)
• Take a selfie: Some providers use facial recognition to match your photo ID

Step 3: Set Up Your Transfer

Now for the exciting part – actually sending your money! The process is similar across most providers, but here’s what to expect.

Initiate Your Transfer:

1. Log into your account
2. Click “Send Money” or “New Transfer”
3. Select the destination country from the dropdown menu
4. Choose your currencies: What you’re sending from (AUD) and what the recipient will receive
5. Enter the amount: You can usually choose to fix either the send amount or receive amount

See Your Transfer Quote:

Before confirming anything, you’ll see a detailed breakdown showing:

• Amount you’re sending: e.g., $1,000 AUD
• Transfer fee: e.g., $7.50 AUD
• Exchange rate: e.g., 1 AUD = 0.67 USD
• Amount recipient gets: e.g., $665.18 USD
• Estimated arrival time: e.g., “Within 2 hours”

Step 4: Choose Your Delivery Method

How your recipient receives the money depends on what’s available in their country and what’s most convenient for them.

Common Delivery Options:

• Bank account deposit: Direct transfer to their bank account (most common and usually cheapest)
• Cash pickup: Recipient collects cash from agent locations (good for those without bank accounts)
• Mobile wallet: Transfer to services like M-Pesa, GCash, or Paytm
• Home delivery: Cash delivered to their door (available in select countries)
• Debit card deposit: Funds loaded directly onto their Visa or Mastercard

Each delivery method has different fees and processing times. Bank deposits are typically the fastest and cheapest option.

Step 5: Enter Recipient Details Carefully

This is where attention to detail really matters. Incorrect recipient information is the most common cause of transfer delays.

For Bank Account Deposits, You’ll Need:

• Recipient’s full name: Exactly as it appears on their bank account
• Bank name and address
• SWIFT/BIC code: An international bank identifier (e.g., COMMAU2S for Commonwealth Bank)
• Account number or IBAN: Varies by country format
• Routing number: Required for US transfers (9 digits)
• Sort code: Required for UK transfers (6 digits)

For Cash Pickup, You’ll Need:

• Recipient’s full name and address
• Phone number
• A security question and answer (some providers)

Step 6: Choose How to Pay

Australian money transfer providers offer several ways to fund your transfer. Each method has different fees and processing times.

Payment Methods Available:

Payment Method	Processing Time	Additional Fees	Best For
Bank Transfer (EFT)	Same day to 1 business day	Usually free	Large transfers, lowest fees
PayID	Instant to 1 hour	Usually free	Fast transfers up to $50,000
Debit Card	Instant	0.5-2% card fee	Urgent transfers, smaller amounts
Credit Card	Instant	2-4% card fee + cash advance fee	Emergencies only (expensive)
Cash (in-store)	Instant	Varies by provider	No bank account needed

Our Recommendation: For most transfers, bank transfer or PayID offers the best combination of speed and low fees. Save credit cards for genuine emergencies only.

Step 7: Review Everything and Confirm

Before hitting that confirm button, take a moment to double-check everything. This simple step can save you hours of hassle later.

Your Final Review Checklist:

• ✅ Recipient’s name: Spelled exactly as on their bank account
• ✅ Bank details: SWIFT code, account number, routing number all correct
• ✅ Transfer amount: Sending the right amount in the right currency
• ✅ Your payment method: Confirm which account or card will be charged
• ✅ Total cost: Understanding all fees and the final exchange rate
• ✅ Delivery timeframe: When your recipient can expect the money

Once you’re happy with everything, click “Confirm Transfer” or “Send Money”. You’ll receive a confirmation email with your transfer reference number.

Step 8: Track Your Transfer

Most modern money transfer providers offer real-time tracking, so you can see exactly where your money is in the process.

How to Track Your Transfer:

• Provider app or website: Log in and check your transfer history
• Email updates: Automatic notifications at each stage
• SMS updates: Text message alerts (if you opted in)
• Reference number tracking: Enter your MTCN or tracking number on the provider’s website

Typical Transfer Stages:

1. “Payment received”: Your payment has been processed
2. “Transfer in progress”: Money is being converted and sent
3. “Delivered”: Funds have reached the recipient’s bank or are available for pickup

If your transfer is taking longer than expected, check with your recipient first. Sometimes delays happen on the receiving bank’s end, especially if additional verification is needed.

Step 9: Confirm Receipt with Your Recipient

Once your transfer shows as “delivered,” contact your recipient to confirm they’ve received the money. This closes the loop and gives you peace of mind.

What Your Recipient Might Need:

• For bank deposits: Money should appear in their account automatically
• For cash pickup: Valid photo ID and the transfer reference number
• For mobile wallets: SMS notification with instructions to claim funds

Common Issues and How to Avoid Them

Even with careful planning, sometimes things go wrong. Here are the most common issues and how to prevent them.

Transfer Delays:

Common causes:

• Incorrect recipient bank details
• Name mismatch between sender account and recipient details
• Missing required documentation
• Bank holidays in either country
• Additional compliance checks for large amounts

How to avoid: Double-check all details, use consistent names, and avoid sending on Fridays or before public holidays.

Higher Than Expected Fees:

Common causes:

• Hidden in exchange rates
• Intermediary bank charges
• Payment method fees (especially credit cards)
• Receiving bank charges

How to avoid: Read the fine print, ask about all potential fees upfront, and compare the total cost across different providers.

Security Concerns:

Red flags to watch for:

• Requests to send money to someone you’ve never met
• Pressure to send money urgently
• Deals that seem too good to be true
• Requests to pay via money transfer for online purchases

Stay safe: Only send money to people you know and trust. The ACCC’s Scamwatch website has excellent resources on avoiding money transfer scams.

Money-Saving Tips for Regular Transfers

If you send money overseas regularly, these strategies can save you hundreds of dollars over time.

Set Up Rate Alerts:

Most providers let you set alerts when exchange rates hit your target. This is brilliant for non-urgent transfers where you can wait for better rates.

Use Forward Contracts:

For large transfers, some providers offer forward contracts that lock in today’s exchange rate for future transfers. This protects you from unfavorable rate movements.

Consider Transfer Frequency:

Sometimes it’s cheaper to send larger amounts less frequently rather than small amounts regularly. Calculate the total cost including fixed fees.

Build Your Transfer History:

Regular customers often get better rates and higher transfer limits. Stick with one or two providers to build this relationship.

Tax and Reporting Considerations

The Australian Taxation Office (ATO) has specific rules about overseas money transfers that you should be aware of.

When You Might Need to Report:

• Transfers over $10,000: Providers must report these to AUSTRAC
• Business transfers: May be tax-deductible expenses
• Property purchases: Could affect capital gains tax
• Gift money: Large gifts might have tax implications for the recipient

For specific tax advice, consult a qualified accountant or visit the ATO’s international tax section.

Special Considerations by Destination

Different countries have unique requirements and restrictions. Here are some tips for popular destinations from Australia.

Sending to Asia:

• China: Often requires recipient’s ID number, has daily limits
• India: Need recipient’s PAN number for amounts over ₹50,000
• Philippines: Mobile wallet transfers (GCash, PayMaya) are very popular
• Vietnam: USD transfers often get better rates than AUD direct

Sending to Europe:

• UK: Need 6-digit sort code and 8-digit account number
• EU countries: IBAN required, SEPA transfers available
• Eastern Europe: Cash pickup networks well-established

Sending to Americas:

• USA: Need 9-digit routing number, faster via ACH than wire
• Canada: Need 5-digit transit number and 7-12 digit account number
• Mexico: CLABE number required for bank transfers

Frequently Asked Questions

How long do international transfers take from Australia?

Most transfers arrive within 1-3 business days. Instant transfers are available to some countries via specialist providers. Bank transfers typically take 3-5 business days.

What’s the cheapest way to send money overseas?

Online money transfer specialists like Wise, Remitly, and XE typically offer the best combination of low fees and competitive exchange rates. Banks are usually more expensive.

Is there a limit on how much I can send?

Yes, limits vary by provider and payment method. Bank transfers often have higher limits than card payments. You can usually increase limits by providing additional verification.

Are money transfers from Australia safe?

providers regulated by ASIC use bank-level security and are required to safeguard customer funds. Always use licensed providers and never send money to strangers.

What happens if I send money to the wrong account?

Contact your provider immediately. Recovery depends on how quickly you act and the destination country’s banking system. Prevention is always better than cure!

Do I need to declare money transfers to the ATO?

Transfers over $10,000 are automatically reported to AUSTRAC. You may need to declare transfers on your tax return depending on their purpose. Consult a tax professional for specific advice.

Ready to Send Your Money?

Sending money overseas from Australia is straightforward once you know the process. Remember these key points:

• Compare providers before sending – rates and fees vary significantly
• Double-check all recipient details to avoid delays
• Choose the payment method that balances speed and cost for your needs
• Track your transfer and confirm receipt with your recipient
• Be aware of scams and only send money to people you trust

Corporate Alliance is a licensed financial services group operating across Australia, New Zealand, and Hong Kong, offering comprehensive FX and risk management solutions, payment rails services and finance solutions.