Transfer Money to Australia: Bank vs Wise vs OFX vs Remitly vs Western Union
How banks, Wise, OFX, Remitly and Western Union are actually priced for sending money to Australia, the difference between a visible fee and a hidden exchange-rate margin, and the mistakes to avoid — without naming any one option as cheapest or best. Figures as at September 2026.
Read the full guide, with official sources →
Watch
Chapters
- 0:00 The fee you see
- 0:13 Two costs: the fee,
- 0:23 'No fee' can still
- 0:34 The main options
- 0:46 Bank transfers: watch for
- 0:57 Wise: mid-market rate,
- 1:07 OFX: margin built into
- 1:21 Remitly, Western Union:
- 1:33 $10,000 is the CASH rule —
- 1:46 Common mistakes
- 1:57 Compare what lands,
- 2:11 Where to read more
Transcript
Sending money to Australia? The fee you're shown is rarely the whole cost — and there's no single provider that's cheapest for every amount and currency.
Providers make money two ways: a visible transfer fee, and an exchange-rate margin — quoting you a worse rate than the mid-market rate and keeping the difference.
A provider advertising no fee can still cost more overall if its exchange rate is marked up. The only real comparison is the total amount that actually lands.
The main options: your own bank by SWIFT, and specialist providers like Wise, OFX, Remitly and Western Union — each priced differently, each suited to different transfers.
A bank transfer is familiar, but correspondent banks along the SWIFT route can deduct their own handling fees — ask your bank whether it can send so the full amount arrives instead.
Wise says it uses the mid-market exchange rate — the same rate you'd see on a rate-checking site — plus a disclosed fee shown before you send, rather than a hidden margin.
OFX, like many specialist providers, can build its margin into the exchange rate it quotes rather than charging a flat fee. It publishes no fixed percentage, so compare its quoted rate against the mid-market rate yourself.
Remitly and Western Union both offer cash pickup alongside bank transfer — useful if your recipient doesn't have an Australian bank account yet, or needs funds fast at a physical location.
One myth worth clearing up: the $10,000 figure you may have heard about is the cash threshold, not an electronic one — banks report electronic transfers to AUSTRAC at any amount, not just large ones.
A few mistakes to avoid: sending to the wrong account, funding a transfer with a credit card that gets treated as a cash advance, and not keeping your transfer confirmations.
Decide what matters most for this transfer — total cost, speed, or cash pickup — then get quotes from a few providers, comparing the total amount that actually lands. Send a test transfer first for a large amount.
The full guide, with the official sources, is on migratio.com.au. The link is in the description.
Short versions
- There's no single cheapest way to send money (0:28)
- The $10,000 rule, again (0:33)
- Bank, or a specialist provider? (0:33)
Talk it through with a registered agent
Every agent on Migratio is on the official OMARA register. Compare agents and their consultation fees.