Best Way to Transfer Money Internationally in 2026 — Wise vs. OFX vs. PayPal vs. Banks

Transferring money between Australia and the US is one of the first things you'll need to figure out when you move, and it's one of the easiest places to lose money if you're not paying attention. There are a lot of companies promising “no fees” and “best rates,” but the only number that actually matters is how much lands in your account at the other end. I've compared the major options so you don't have to.

I'm using Australian dollars as an example because I'm an Australian living in the US, but these services work in both directions and across many different currencies.

For this comparison, I'm looking at what you'd actually receive if you transferred $1,000 AUD into USD with each service. The mid-market rate at the time of writing is approximately 0.69, meaning $1,000 AUD = $690 USD at the true wholesale rate. No provider will give you exactly that — they all take a cut somewhere — but the question is who takes the least.

Note: Exchange rates change constantly. The specific dollar amounts below reflect rates at the time of writing and should be used as a guide for comparing providers, not as guaranteed quotes. Always check the live rate before you transfer.

#1 Transfer money with Wise (formerly “TransferWise”) — Best Overall

$1,000 AUD → ~$684 USD (mid-market rate with a small, transparent fee of ~$5–6 AUD)

Wise is what I use when I need to move money back and forth or when I'm traveling and want to hold multiple currencies. They're the gold standard for a reason.

The key difference with Wise is that they use the actual mid-market exchange rate — the same rate you see on Google — and then charge a small, upfront fee on top. There's no hidden markup baked into the exchange rate itself, which means what you see is genuinely what you get. Transfers land in your account fast (often within minutes), the app is excellent, and they're regulated in every market they operate in.

Beyond just transfers, Wise also offers multi-currency accounts, which are genuinely useful if you're holding money in both AUD and USD. You can receive, hold, and convert between currencies whenever the rate suits you.

Wise is a partner of America Josh. If you'd like to set up an account, you can use our link below to sign up and get your first transfer fee-free.

#2 OFX — Best for Large Transfers

$1,000 AUD → ~$683 USD (no fee, competitive exchange rate)

OFX is who I used when I first moved to America and needed to transfer my savings from Australia. They don't charge a transfer fee — instead, they make their money on the exchange rate margin. For smaller amounts the difference is minimal, but where OFX really shines is on larger transfers where their rates get more competitive the more you send.

We have a special OFX rate for America Josh readers that's slightly better than the standard customer rate because of our unique OFX community.

If you'd prefer to talk to a real person — especially if you're moving a larger amount and want to talk through your options — you can reach out to our contact at OFX who can offer the same community rate and answer your questions over the phone or via email.

#3 WorldRemit — Solid for Smaller Transfers

$1,000 AUD → ~$679 USD (exchange rate markup + ~$4 AUD fee)

WorldRemit is a reliable service that's been around for a long time. Their pricing is a bit less transparent than Wise — they add a markup to the exchange rate on top of the flat fee, which means the “rate” they show you isn't quite what you'll find on Google. They describe it in a way that can be confusing (when you type in “I want to send $1,000” it tells you “that will cost $1,003.99”), but reverse-engineering the numbers puts them in a reasonable spot for smaller, one-off transfers.

#4 CurrencyFair — Close but Not Quite

$1,000 AUD → ~$678 USD (exchange rate + ~$5.85 AUD fee)

CurrencyFair was suggested by a reader and gets mentioned a lot online. They offer a marketplace model where you can set your own exchange rate and wait for a match, which can get you a better deal if you're patient. For standard transfers though, they're close but consistently a few dollars behind Wise and OFX. Decent option, but not the best.

#5 XE.com — Recognizable Name, Average Value

$1,000 AUD → ~$673 USD (no fee, but weaker exchange rate)

XE.com is the site everyone uses to look up exchange rates, so it's no surprise they also offer transfers. There's no transfer fee, but the exchange rate they give you is noticeably lower than the mid-market rate. The convenience is there, but you're paying for the brand.

#6 PayPal — Worst Value

$1,000 AUD → ~$660 USD (no fee on internal transfers, but terrible exchange rate)

PayPal is the worst option for international money transfers by a significant margin. There's “no fee” if you transfer internally within PayPal, but their exchange rate is so far off the mid-market rate that the hidden cost dwarfs what you'd pay in explicit fees with any other provider. The gap between PayPal and Wise on a $1,000 transfer is roughly $24. Scale that up to $10,000 and you're losing $240 for no reason.

If you already use PayPal for other things, that's fine — just don't use it to move your money internationally.

What About Banks?

The most important thing to remember: “no fee” transfers from banks are almost never actually free. Banks make their money by giving you an exchange rate that is significantly worse than what you'd get from a dedicated transfer service. They're effectively hiding a large fee inside the rate itself.

The major Australian banks — Commonwealth Bank, Westpac, ANZ, NAB — all charge rates that consistently trail behind every provider listed above. Some also add explicit fees on top of the already-worse rate.

Unless your bank is offering you a premium rate as part of an elite account package, you're almost certainly better off using one of the services above.

Should I Use Citi or HSBC?

These come up a lot because they're large international banks with internal transfer systems. The pitch is that you can move money between your own accounts “without fees” because it stays within their network.

In my experience, their rates have not been as competitive as the dedicated transfer services above. That said, if you're on an elite or premium banking tier with either Citi or HSBC, the rates can improve — so compare for yourself before assuming they're the best option.

A Note About “Mid-Market Rates”

When you Google “AUD to USD” or use a currency converter, the rate you see is the mid-market rate (also called the wholesale or interbank rate). This is the rate that banks and institutions use when they trade currencies with each other in bulk.

You will never get this exact rate as a consumer. Every provider takes a cut somewhere — either through a markup on the exchange rate, an explicit fee, or both. That's how they stay in business. The question is how transparent they are about it.

Wise is the most transparent: they give you the actual mid-market rate and charge a visible fee. Everyone else bakes their margin into the exchange rate to varying degrees, which is why their “no fee” transfers still give you less money at the other end.

The Bottom Line

A few dollars difference on $1,000 might not seem worth worrying about, but when you're moving internationally, you're rarely transferring just $1,000. You're moving savings, paying rent deposits, covering moving costs. When the numbers scale up, those decimal points matter. A $5 difference on $1,000 becomes $50 on $10,000, $250 on $50,000, and $500 on $100,000.

Always compare the final amount you will receive — not the “rate” or the “fee” in isolation. The number that hits your bank account is the only one that counts.