Need to send money internationally? TransferWise Australia is now included in the TransferWise peer-to-peer international money transfer service. TransferWise enters in to the competitive Australian remittence market. Before late 2015 transfers in and out of Australia were through the SWIFT system. This was more costly than their peer-to-peer system. TransferWise use a local Australian banking giant, Macquarie, to send and receive money transfers within Australia.
See the table below for good overview of TransferWise Australia information.
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Travel Debit Card
- Global Bank Accounts
Learn more detailed information about fees, delivery times and supported currencies. Select the appropriate tab below to learn more.
|AUD||0.7%||0.7%*||A$1||A$300||Minimum fee within Australia is AUD$2|
|BGN||0.5%||0.5%||2 BGN||400 BGN|
|BRL||2%*||-||16 BRL*||800 BRL*||*The minimum fee is 16 BRL. Both the threshold and the minimum fee are calculated at the mid market rate into the currency you're sending from|
|CAD||0.5%||0.5%+*||C$10||C$300||Sending from Canada is via SWIFT and carries an additional charge of C$10 as well as extra banking charges. See here."|
|CHF||0.5%||0.5%||1.5 CHF||300 CHF||*Sending to and from Japan is via SWIFT and carries a higher fee from our side of 1000 JPY as well as extra banking charges. See here."|
|CZK||0.5%||0.5%||30 CZK||6 000 CZK|
|DKK||0.5%||0.5%||10 Kr||2 000 Kr|
|GEL||0.5%||0.5%||2 GEL||500 GEL|
|HUF||0.5%||0.5%||300 HUF||60 000 HUF|
|JPY||0.5%+*||0.5%+*||1 000 JPY||2m JPY|
|NGN||1%||-||580 NGN*||-||*The minimum fee when sending to NGN is 2 GBP, which is approx 580 NGN, and is calculated at the mid market rate into the currency you're sending from|
|NOK||0.5%||0.5%||10 Kr||2 000 Kr|
|PHP||1%*||-||145 PHP*||-||*The minimum fee is 145 PHP calculated at the mid market rate into the currency you're sending from|
|PLN||0.5%||0.5%||5 PLN||1 000 PLN|
|RON||1%*||1%*||10 RON*||1 000 RON||*The minimum fee is 10RON calculated at the mid market rate into the currency you're sending from when sending to RON. When sending from RON, it's simply 10RON|
|SEK||0.5%||0.5%||10 Kr||2 000 Kr|
|TRY||1%*||1%*||6 TRY||600 TRY||*The minimum fee is 6 TRY calculated at the mid market rate into the currency you're sending from when sending to TRY. When sending from TRY, it's simply 6 TRY|
|USD||0.5%||*||*||*||*Fees for transfers from USD are calculated slightly different. For more information, please see our USD specific FAQ here."|
*Accurate at the time of writing. Please see TransferWise fees list for any changes.
Delivery speed sending money in and out of TransferWise Australia is usually between 1 -3 days. This does not include the speed of transfer sending money in to TransferWise international money transfer system.
There are two options available to send money to TransferWise.
The slowest is bank transfer. This is where you send money locally in your country to them. This is a local inter-bank transfer. Local bank transfers can add at least 1-2 days on to the total money transfer speed to your destination bank account.
The fastest option is to ‘upload’ your money using a debit or credit card. This will allow you to upload your monies within minutes. However, this comes at an additional cost of approximately 0.7% of the total sum of money you wish to transfer.
Is speed more important than saving as much money as possible? Then choose to upload your cash using debit or credit card. Or as another alternative – on the 6th September 2016 TransferWise has announced that it has integrated with Australia Post’s POLi system. This means that you can now transfer to TransferWise from your bank account in an instant! (Note that only the following banks are currently in the POLi system:
- Bank of Melbourne
- Bank of Queensland
- BankSA, Bankwest
- Bendigo Bank
- Commonwealth Bank
- IMB Building Society
- ING Direct
- Newcastle Permanent
- St. George Bank
- Suncorp and Westpac
Even if you choose the slower method, you still save on time and money compared to using the big banks for international money transfers. TransferWise Australia locks in your rate for 48 hours. This is also new with their lower credit card fees and instant transfer through POLi.
- TransferWise Australia provides international money transfers one transfer at a time.
- There are currently no recurring transfer option available.
- There are currently no forward contracts available with TransferWise in Australia or internationally.
- Please see TransferWise competitors list if recurring transfers or forward contracts are important for you.
|All Euro||Single European Payments Area (EUR)|
|United Kingdom||Pounds Sterling (GBP)|
|USA||US Dollar (USD)|
|Australia||Australian Dollar (AUD)|
|Hungary||Hungarian Forint (HUF)|
|India||Indian Rupee (INR)|
|Poland||Polish Zu0142oty (PLN)|
|Switzerland (and Liechtenstein)||Swiss Francs (CHF)|
|Sweden||Swedish Krone (SEK)|
|Denmark||Danish Krone (DKK)|
|Norway||Norwegian Krone (NOK)|
|Canada||Canadian Dollars (CAD)|
|Japan||Japanese Yen (JPY)|
|Czech Republic||Czech Koruna (CZK)|
|Bulgaria||Bulgarian Lev (BGN)|
|Singapore||Singapore Dollar (SGD)|
|New Zealand||New Zealand Dollar (NZD)|
|Hong Kong||Hong Kong Dollar (HKD)|
|Georgia||Georgian Lari (GEL)|
|Romania||Romanian Leu (RON)|
|Turkey||Turkish Lira (TRY)|
|Malaysia||Malaysian ringgit (MYR)|
|Philippines||Philippine Peso (PHP)|
|Brazil||Brazilian Real (BRL)|
|Nigeria||Nigerian Nairi (NGN)|
|Pakistan||Pakistani Rupee (PKR)|
Reasons to Send Money To Australia
- Retiring to Australia? It is not unusual for retirees from across the Tasman to settle in Australia. There are many New Zealand and British retirees settled in Noosa, Queensland. TransferWise can help you transfer your pension to an Australian bank account. Using TransferWise in Australia and the UK, New Zealand or even South Africa will help save on large fees charged by the big banks.
- Expat? It is becoming more and more popular for expatriates from around the world to move to Australia temporary or permanently. Using the incredible TransferWise service can help you send money home to pay for student debts or mortgages for example. I know of many a Brit to sell there homes in the UK, send their profits to Australia and then buy in tot he property market. Sending over £100,000 using services like TransferWise can save your thousands in fees!
Reasons to Send Money From Australia
- Buying property abroad? The Australian property market is slowing down as the commodity boom declines. It may be more profitable to buy property overseas.
- Moving home? Expats moving back home save thousands of dollars in fees.
- Student debt? Pay more down on your overseas student debt using TransferWise Australia.
- Overseas suppliers? If you are using less expensive suppliers or talent overseas, using an overseas money transfer service can reduce your business costs significantly.
The Pros and Cons
- Fast transfer.
- Cheaper than the big banks.
- Low minimum transfer amount.
- No hidden fees.
- No regular transfer service.
- Using debit or credit card to upload money costs extra.
- Some of the supported currencies are sent through the SWIFT international money transfer system. This can incur additional charges are it is outside of the peer-to-peer system.
- Read a comprehensive review of TransferWise in the TransferWise Review. YouTube TransferWise Explainer video included!