How to transfer money internationally without fees

The 2 main ways to send money overseas are via banks or a money transfer service like OFX. Both methods are secure and efficient but one can be much cheaper than the other. Can you guess which one?

Naturally, we like OFX the best but there’s a very good reason – cost.

The problem with using a bank to transfer your money

When sending money overseas through your bank, you will usually be charged an international money transfer fee that could be up to $301. Your fee might even be higher based on the currency you want to send and the bank you’re using. There might even be an extra fee to expedite your transfer.

Sadly, the disappointment doesn’t end there.

When you send money through your bank, you’ll probably pay a margin of up to 7%2 on the exchange rate. Ouch.

The exchange rate is the price at which one currency can be bought or sold in exchange for another currency.

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Banks use something called the Interbank Rate to trade money with each other.

This rate fluctuates by the second, and it is the rate that you’ll see if you do a basic Google search like ‘AUD to USD’. 

However, that’s not the rate that the banks give you. 

Banks usually add a margin on top of the daily exchange rate, which means on a $10,000 transfer, you could be paying $500 on top of the fees, just to send your money. 

We think that’s too much. 

You can get bank-beating rates with OFX. We believe there had to be a better, fairer way to move money around the world.

Avoid the fees associated with International Money Transfers

OFX gives you a better and cheaper way to send your money overseas.

With us, there are no setup costs or monthly fees to keep your account open. All you pay is a flat fee of $15 on transfers under $10,000. That’s it. Nothing extra. No hidden fees.

Our prices are even better If you’re sending over $10,000 – it’s free!

To see how much you could save on transfers with OFX, try our Customer Rate Calculator.

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Other perks of an OFX account include:

Once you know there are better options out there, sending money internationally doesn’t have to be a headache.

Start saving on your international money transfers with OFX

Create your FREE account

To transfer money overseas without paying hefty fees:

  1. Register to create an account or Log in to get access to great exchange rates.
  2. If you’re new to OFX, you’ll need to verify your identity
  3. Enter your transfer details
  4. Send funds for your transfer

You’ll feel at ease with OFX. Our online platform lets you track your transfer, every step of the way.

Money transfer types to suit your needs

Use the right transfer type, at the right time. See how we can help you with your next money transfer.


IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. OzForex Limited (trading as OFX) and its affiliated entities make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog

Written by

Michelle Ang

Content Marketing Manager

With a decade of experience in writing, content planning, and online publishing for the B2C and B2B market, Michelle’s role at OFX is to plan and write content to help readers with cross-border financial transactions and business money management needs. When she’s not busy writing or thinking about content, you can catch her at the gym, beach, or an art museum on the weekends.