Sending Money Home: Cheapest Ways to Transfer

Sending money overseas from Australia? Here's how to avoid high fees and bad exchange rates.

Why Not Use Your Bank?

Banks typically charge:

• $15-30 per transfer fee
• 2-5% markup on exchange rates (hidden fee)
• Extra fees from intermediary banks

For a $1,000 transfer, you could lose $50-80 through a bank. There are much better options.

Best Transfer Services (2025-2026)

Wise (formerly TransferWise)

Best for: Most transfers, transparency

• Fees: 0.5-1.5% of transfer amount
• Exchange rate: Mid-market (the real rate)
• Speed: 1-2 business days
• How: App or website
• Multi-currency account available

Remitly

Best for: Specific countries, fast transfers

• Fees: Low or free (depending on transfer method)
• Exchange rate: Competitive
• Speed: Minutes to 3 days
• How: App
• First transfer often fee-free

Western Union

Best for: Cash pickup in remote areas

• Fees: Higher than digital services
• Exchange rate: Less competitive
• Speed: Minutes (cash pickup)
• How: App, website, or physical location
• Widest global network

OFX

Best for: Large transfers ($10,000+)

• Fees: No transfer fees
• Exchange rate: Very competitive for large amounts
• Speed: 1-3 business days
• How: App, website, or phone
• Dedicated dealer for big transfers

Comparison for $1,000 AUD to India (INR)

Service	Fee	Rate Markup	You Receive
Wise	~$8	0%	~55,200 INR
Remitly	$4	0.5%	~54,900 INR
Bank (average)	$25	3%	~53,100 INR
Western Union	$10	1.5%	~54,000 INR

Rates are approximate and change daily

Tips for Saving

1. Compare rates on the day — use comparison sites
2. Send larger amounts less frequently — fixed fees hurt small transfers
3. Avoid weekends — rates can be worse
4. Set up rate alerts — wait for favorable rates
5. Use the app — often cheaper than website or in-store

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Our pick: Wise is the best all-round option for most students. Transparent fees, real exchange rate, and a multi-currency account that's useful for travel too.