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 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!
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! ♣