Best Way to Transfer Money from Australia to USA


When I finished my Australian working holiday (and paid my taxes!!), it was time to figure out how to transfer money from Australia to my USA bank account.  As I searched for the cheapest way to send money overseas, I read every international money transfer review I could find.

I finally settled on OFX.

I compared guaranteed exchange rates and fees from dozens of businesses that allow you to send money overseas online.   Here’s why I picked OFX:

  • Best exchange rate when factoring in fees charged by others
  • No fee on my first transfer, and no fee on transfers over $10,000 AUD
  • Really no hidden fees.
    (The next time I exchanged, another company (XE Money Transfer, formally HiFX) seemed to have a better exchange rate.   They claimed to also have no hidden fees, but I ended up paying a $20 fee to their intermediary.  Read the whole experience here.)
  • The representatives are super nice!
    When I called to confirm there would be no intermediary fees, they were incredibly helpful.
  • Update 2018: two free deals!
    When I told OFX I’d be recommending them at some point on this site, they offered to hook my readers up!   They gave me a link that gets you two free deals! So theoretically…
    .
    you could transfer money to and from Australia without ever paying a single fee. Boom!

Just thinking back to all that comparison shopping is exhausting.   I must have compared over twenty companies!

I found OFX was the best way to transfer money between countries. If you want to know how to transfer money overseas without fees, OFX worked for me!

I looked at so many more international money transfer reviews  than there are doors here. I was stuck slumming it in forums that were years old, which was my inspiration to write this article for you!  photo: pixabay

I didn’t go with a peer to peer currency exchange, because I heard fees and exchange rates can change if they can’t find a match (which happens most often with large transfers).   No thanks!  However, for smaller sums, you could also consider Transferwise.  My destination-wedding friends had a good experience with them.  When I compare Transferwise and OFX rates, OFX has a tiny bit better rate each time I check.  Not a big deal, though – like 2 ¢ on $1,000.

However, if you’re transferring a large sum, I definitely recommend OFX!   If you really want to hear me sing their praises, here’s my OFX Review.

Update 2017: I just did my research again, and OFX is still on top.   Sometimes they appear to give you a few cents or dollars less than other money transfer companies, but when you factor in fees and hidden fees and fine-print fees, they are still the best.

Transparency: OFX did not pay me to say anything.   I called them to say how happy I was with them (and how I mad I was at XE Money Transfer for their sneaky shenanigans).  OFX then offered to give my readers a deal and to pay me a few dollars if any of my readers take my advice and use their service.   So there you have it!   If you use this link to get the same good experience I had, OFX will also send me a little thank you on your behalf and they’ll give you a thank you in the form of no fees on your first two transfers.   Lucky us!

OFX was definitely the cheapest way to send money internationally that I found

#winning. All of us! photo: pixabay

Transparency #2: Every time I update this article, I get a little irritated at all the unhelpful international money transfer reviews written purely to capture money from a transfer.   You see this page isn’t full of links to all the companies good for sending money overseas from Australia.   I encourage you to click carefully when you end up on a page that says “All these companies are great!   Just pick one so we can get a kickback!”

Good Luck! ♣