International money transfer fees explained

When you send money overseas, the fee on the screen is only part of what it costs. The exchange rate you're given decides how much arrives, and banks along the way can take their own cut. This page breaks the price into its parts, using Moneysmart, the ACCC and the big four banks' own fee pages. The bank fees below were checked on the providers' own pages on 30 October 2026.

FXRate.com.au is a general information site operated by Dominet BV. This page is general information only and is not financial advice. It does not consider your objectives, financial situation or needs. Dominet BV does not hold an Australian financial services licence (AFSL). We don't arrange transfers, recommend or rank providers, forecast exchange rates or receive payments from providers. Fees and rates change, so check the provider's own page and documents before you send or spend money. Facts were checked on 30 October 2026. Read our general information notice. Bank fees quoted here are as each bank published them on that date.

The two parts of the price

A provider chooses the exchange rate it offers and charges any transfer fee. According to Moneysmart, the cost depends on how much you send, where it goes and how you send it.

The fee is the charge for making the transfer. The exchange rate determines how much foreign currency your Australian dollars buy. A margin built into that rate is another part of the cost, even when it doesn't appear as a separate charge.

The ACCC says to compare the total price, including the retail exchange rate and fees.

Fees you can see

Moneysmart says transfer fees and commission can be a flat charge, a percentage or both. Its comparison checklist also includes whether the recipient pays fees. A charge taken at the other end reduces what the recipient gets.

These are personal customer sending fees in Australian dollars, as published by ANZ, CommBank, NAB and Westpac on 30 October 2026 on their own pages linked below.

The table only covers the bank's own sending fee. Our bank international transfer fees guide adds branch, phone and receiving fees.

Sending AUD also changes where conversion happens. NAB says an AUD transfer is converted later using another provider's rate, which may be more or less favourable. So the amount received can differ from what the sender intended.

The cost you can't see: the margin

An exchange rate margin is the mark-up within the rate a provider offers. The ACCC says suppliers' rates vary and may be less favourable than rates reported in the news. A transfer advertised as fee free can still include this margin.

The ACCC says margins are often hidden, can sometimes be negotiated and may vary with the amount transferred.

The mid-market rate means the midpoint between buying and selling prices in the wholesale currency market. The gap between that and the rate a provider offers is, in effect, the margin. See our exchange rate margin explanation for how the two relate.

Moneysmart also lists two useful distinctions: whether an advertised rate is the rate you receive, and whether the quoted rate is guaranteed. Banks often show an indicative rate first and the real rate only when you start the payment.

Fees other banks take

Banks use SWIFT, a system connecting financial institutions around the world, to send money to overseas banks. Other banks involved can charge correspondent banking fees. The recipient's own bank may also charge a receiving fee.

The following arrangements are as published by ANZ, CommBank, NAB and Westpac on 30 October 2026:

• ANZ: Covers correspondent fees for foreign currency transfers through ANZ Plus, Internet Banking and Phone Banking for selected currencies and destinations. A recipient bank may still charge the recipient. Quotes include the ANZ fee and an estimated correspondent fee.
• CommBank: Absorbs correspondent bank fees for cross-currency transfers through NetBank, the app or a branch. This doesn't cover the payee bank's fees.
• NAB: Says it covers overseas bank fees for online international transfers through its app and Internet Banking, and reimburses deducted partner bank fees.
• Westpac: Says overseas handling charges are borne by the recipient by default and deducted from the payment. Other banks may also convert the payment, and Westpac may have no control over this.

Westpac's fee explanation, as published on 30 October 2026, says creating a payment shows its fees, the rate and estimates of other bank fees. Our SWIFT and receiving bank fees guide explains these separate charges.

How to compare two quotes fairly

The ACCC says the total price and the amount the recipient receives are the useful basis for comparison. It says to compare quotes on supplier websites at the same time on the same day. Rates move during the day, so quotes from different times aren't comparable.

For each quote, the relevant details are:

• Total paid: The amount you pay, including the provider's transfer fee.
• Recipient amount: The amount shown for the recipient, with any uncertainty about deductions identified.
• Exchange rate: The rate actually offered and whether it is guaranteed.
• Payment and delivery: How you pay, how the recipient gets the money and the transfer time.
• Limits: The provider's minimum and maximum transfer amounts.

To express the outcome as a calculation, divide the foreign currency the recipient gets by the total Australian dollars you pay. If other banks might deduct fees, the real figure can be lower.

The ACCC says buying online often gives better retail rates and lower fees. It also says currency markets close for the weekend, when some suppliers may apply an extra fee or a less favourable rate.

Government-funded comparison sites include SendMoneyPacific for the Pacific and SaverAsia for several South-East Asian countries. The ACCC cautions that some commercial comparison sites aren't independent, may accept payment for promotion and may leave out options.

Moneysmart says money transfer businesses must be registered with AUSTRAC and says to check registration first.

What the ACCC found

The ACCC's 2019 Foreign Currency Conversion Services inquiry and its 2024 update found the four major banks were often more expensive than other suppliers for foreign cash and international money transfers. For common currencies including USD and GBP, they rarely offered the lowest price.

These are findings from those dates, not a comparison of today's prices, and we don't use them to point you to any provider. The ACCC says it doesn't advise which supplier to use. It also says ASIC, rather than the ACCC, regulates banks and financial service providers under consumer law.

If something goes wrong

Moneysmart says to contact the bank or transfer business first. If the problem remains unresolved and the provider is a member, you can complain to the Australian Financial Complaints Authority.

Money sent to a scammer is almost impossible to recover, according to Moneysmart. Check who you're paying before you think about price.

What this means for you

The sending fee is the easy part to see. The amount the recipient gets, after the exchange rate and any other banks' fees, is the number Moneysmart and the ACCC point to when comparing. A provider's quote screen and its fee documents are where those figures appear, and both regulators suggest comparing quotes taken at the same time.

Frequently asked questions

Does fee free mean there is no cost?

No. The ACCC says a provider can include a margin in its exchange rate even when it advertises no transfer fee. Other bank charges may also affect the recipient's amount.

Can the recipient be charged?

Yes. Moneysmart includes receiver fees in its comparison checklist. The ACCC says to ask about both correspondent bank deductions and charges from the receiving bank.

Why can an AUD transfer arrive as a different amount?

NAB says sending AUD leaves conversion to another provider after the transfer. That provider's rate can differ from the rate the sender expected, changing the amount received.

What matters besides the fee and rate?

Moneysmart lists payment method, delivery method, transfer time, and minimum and maximum amounts. It also says to check whether the advertised rate is the one you actually receive.

Where can I take an unresolved complaint?

Contact the provider first. If the issue isn't resolved and the provider belongs to AFCA, Moneysmart says you can complain to AFCA.