If you need to transfer money internationally between Australia and the US, it's one of the first things you'll figure out when you move. It's also 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 looked at what you'd actually receive on a $1,000 AUD to USD transfer with each service. The mid-market rate at the time of writing is approximately 0.69. So $1,000 AUD = $690 USD at the true wholesale rate. No provider gives you exactly that — they all take a cut somewhere. The question is who takes the least.
Note: Exchange rates change constantly. The specific dollar amounts below reflect rates at the time of writing. Use them as a guide for comparing providers, not as guaranteed quotes. Always check the live rate before you transfer.
Quick comparison: how each service ranks to transfer money internationally
The table below shows what you'd receive on a $1,000 AUD to USD transfer. Ranked best to worst. Scroll down for the detail on each.
| Rank | Service | You receive (USD) | Fee structure |
|---|---|---|---|
| 1 | Wise | ~$684 | Mid-market rate + small upfront fee (~$5-6 AUD) |
| 2 | OFX | ~$683 | No fee, margin in exchange rate; better rates on larger transfers |
| 3 | WorldRemit | ~$679 | Markup on rate + small fee (~$4 AUD) |
| 4 | CurrencyFair | ~$678 | Margin in rate + small fee (~$5.85 AUD) |
| 5 | XE.com | ~$673 | No fee, weaker exchange rate |
| 6 | PayPal | ~$660 | No fee internally, but terrible exchange rate |
| — | Banks (CBA, Westpac, ANZ, NAB) | Worse than all of the above | “No fee” rates hide large margins |
The difference between top and bottom is roughly $24 on $1,000 AUD. Scale that up: $240 lost on $10,000, $2,400 lost on $100,000. The decisions you make about how you transfer money internationally compound with the amount you're moving.
How to transfer money internationally: the six options I tested
- #1 Wise (formerly TransferWise) — Best overall
- #2 OFX — Best for large transfers
- #3 WorldRemit — Solid for smaller transfers
- #4 CurrencyFair — Close but not quite
- #5 XE.com — Recognizable name, average value
- #6 PayPal — Worst value
- Can I transfer money internationally through my bank?
- Should I use Citi or HSBC to transfer money internationally?
- When to transfer money internationally
- A note about mid-market rates
#1 Wise (formerly TransferWise) — Best overall
$1,000 AUD → ~$684 USD (mid-market rate with a small, transparent fee of ~$5-6 AUD)
Sign up to Wise for a fee-free first transfer →
Why Wise wins
Wise is what I use when I need to move money back and forth. It's also what I use when traveling and wanting to hold multiple currencies. They're the gold standard for a reason.
How the pricing works
The key difference with Wise is that they use the actual mid-market exchange rate. That's the same rate you see on Google. They then charge a small, upfront fee on top. There's no hidden markup baked into the exchange rate itself. 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.
Multi-currency accounts
Beyond just transfers, Wise also offers multi-currency accounts. These 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. Use the button above 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)
Sign up to OFX for the America Josh community rate →
Why OFX wins on large amounts
OFX is who I used when I first moved to America. I 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. Their rates get more competitive the more you send.
The America Josh community rate
We have a special OFX rate for America Josh readers. It's slightly better than the standard customer rate because of our community size.
If you'd prefer to talk to a real person, you can reach out to our contact at OFX. This is especially useful if you're moving a larger amount and want to walk through your options. They 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 less transparent than Wise. They add a markup to the exchange rate on top of the flat fee. So the “rate” they show you isn't quite what you'll find on Google. They also 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. You can set your own exchange rate and wait for a match. This can get you a better deal if you're patient. For standard transfers, 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 elsewhere. 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.
Can I transfer money internationally through my bank?
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. The rate 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 trail behind every provider listed above. Some also add explicit fees on top of the already-worse rate. Unless your bank offers you a premium rate as part of an elite account package, you're better off using one of the services above.
If you're still figuring out which Australian and US bank accounts to keep open during your move, see our full guide to banking and credit in America.
Should I use Citi or HSBC to transfer money internationally?
These come up a lot because they're large international banks with internal transfer systems. The historical pitch was that you could move money between your own Citi or HSBC accounts “without fees.” The money stayed within their network.
The Citi Australia change
This is important: NAB acquired Citi Australia's consumer banking business in 2022. The old Citi AU to Citi US instant fee-free transfers are no longer available the way they used to be. If you still hold legacy Citi accounts, check what's actually changed in your specific setup. Don't rely on the old method without confirming.
What still works
HSBC's internal transfer network still exists across markets. But in my experience the rates have not been as competitive as the dedicated transfer services. That said, if you're on an elite or premium banking tier with HSBC, the rates can improve. Compare for yourself before assuming they're the best option.
When to transfer money internationally: timing and forward contracts
If you're moving a large sum, timing matters more than which service you pick. A 2 cent move in the AUD/USD rate on a $100,000 transfer changes the amount you receive by roughly $2,000.
Watching the rate
Most of the services above let you set rate alerts. They email or notify you when AUD/USD hits a level you want. Wise and OFX both have this built into their apps. If you're not in a hurry, set an alert at a rate slightly better than today's and wait.
Forward contracts
For larger amounts (typically $10,000+), OFX offers forward contracts. These let you lock in today's exchange rate for a transfer up to 12 months in the future. This is genuinely useful if you've sold a house in Australia. You know you'll need to move the proceeds in a few months and want certainty on the final USD amount. Wise does not offer this. Banks typically do but at worse rates than OFX.
If you're moving a meaningful amount, it's worth a 15-minute call with the OFX team. They'll help you understand whether a forward contract makes sense for your situation.
A note about “mid-market rates”
When you Google “AUD to USD” or use a currency converter, you see the mid-market rate. It's also called the wholesale or interbank rate. This is the rate 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. That's either 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. That's why their “no fee” transfers still give you less money at the other end.
For more on how international FX works under the hood, see our explainer on foreign exchange and how international FX transfers work.
A quick note on US-domestic transfers
This article is about moving money between countries. For sending money within the US — paying a friend back, splitting a dinner bill, paying rent to a roommate — you'll want Venmo, Zelle, or Cash App. See our guide to Venmo, Zelle, Cash App, and US bank transfers for the differences.
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.
For most transfers under $10,000, use Wise. For amounts above that, get a quote from both Wise and OFX. Pick whichever lands you more USD. And whatever you do, don't use PayPal or your bank's default international transfer.
Transferring money internationally: FAQs
For most transfers under $10,000 AUD, Wise is the cheapest because it uses the actual mid-market exchange rate with a small upfront fee. For larger transfers (typically $10,000+), OFX often comes out cheaper because their margin shrinks on bigger amounts. Always compare the final USD you'd receive on both services before transferring, since rates shift daily.
PayPal advertises “no fee” on internal transfers but bakes a large margin into the exchange rate itself. On a $1,000 AUD to USD transfer, PayPal delivers roughly $24 USD less than Wise. The hidden cost is invisible until you compare the final amount received. PayPal is fine for what it's built for, but it's the worst option in this comparison for moving money across borders.
Generally no, if you're moving your own money between your own accounts. The transfer itself isn't taxable. However, you may need to report the holdings or income generated by them, and large transfers can trigger reporting requirements with the IRS or AUSTRAC. For specific advice on your situation, talk to a cross-border tax specialist before moving large sums. We list trusted tax experts on our tax page.
No, not in the way you used to. NAB acquired Citi Australia's consumer banking business in 2022, which ended the old instant fee-free Citi AU to Citi US transfer pathway. If you still hold legacy Citi accounts, check directly with NAB and Citi US about what's currently possible. Most Aussies who used this route have moved to OFX or Wise.
It depends on the service. Wise transfers between Australia and the US often arrive within minutes, sometimes a few hours. OFX typically takes 1-3 business days. WorldRemit and CurrencyFair sit in a similar window. Bank wires can take 3-7 business days. The timing also depends on when you initiate the transfer relative to banking hours in both countries.
A forward contract lets you lock in today's exchange rate for a transfer that happens up to 12 months in the future. OFX offers these for larger amounts (typically $10,000+). They're useful if you know you'll need to move money on a future date — for example, after a house sale settles — and want certainty on the final USD amount. Wise does not offer forward contracts.
No. Pulling AUD from your Australian account via a US ATM uses your bank's exchange rate, which is consistently worse than any of the services in this comparison. You'll also typically pay an international ATM fee on top. The “convenience” of cash-out at an ATM is real, but you lose meaningful money compared to a proper transfer service.
The mid-market rate is the rate that banks and institutions use when they trade currencies with each other in bulk. It's the rate Google shows you when you search “AUD to USD.” You will never get exactly this rate as a consumer — every provider takes a margin somewhere. Wise is the only major service that gives you the actual mid-market rate and charges a transparent fee on top. Everyone else hides their margin inside the rate.
Yes. TransferWise rebranded to Wise in 2021. The company, services, and product are the same. The name change reflected their expansion beyond pure money transfers into multi-currency accounts and debit cards. If you have an old TransferWise account, it became your Wise account automatically.
All the services in this comparison are regulated in both Australia and the US, which provides legal protection if something goes wrong. Wise is regulated by ASIC in Australia and FinCEN in the US, OFX is regulated by ASIC and registered with FinCEN. Both are publicly traded companies. Avoid unregulated platforms or peer-to-peer arrangements with strangers, which carry real fraud risk for international amounts.
This website is strictly for informational purposes only and it is not intended, nor should it be relied upon, as a source of legal, accounting, or professional advice or opinion. Many of the links on this page use affiliate tracking which can result in a benefit to America Josh. My promise to you is that the deals and affiliated companies are only presented if I truly believe they are of outstanding quality.
G’day Josh!
Quick question (I did send an email also, but figured there are potentially others in the same boat)
If I Already have an OFX account, how do I access teh better rate? I’ve been using OFX for a number of years now
Thanks
If you fill in the form and include that detail they can move you over!
Hi Josh,
As an Aussie who has been here going on 30 years (in Boston) I think having a look at Moneycorp might be useful. They have a real live person at the end of the phone and a live body who is in charge of your account. Their rates are slightly higher than Wise but have better service, though I like the simplicity of the Wise account set up.
Wonderful, I will check it out!! Thanks!
Hi Aussie Josh in America,
(I would normally delete anything from an American on these matters, but reading on I found you are a reliable Aussie like few of us expats from Underdown in the collapsing civilization (or decivilisation).
I use Commonwealth CBA to transfer to my Chase account. Of course a fee is involved, from $6-$21 (cheaper if you transfer in the receiving countries currency or the converse I don;t remember, I just choose the cheaper option). I often check the rates online at Currency Conversion sites and CBA seem not too bad. Of course, damn CHase charges a fee to receive (how to avoid that? they really did reverse the charge to yuo? what is the line or trick you used). So you do not mention CBA which is the largest and semi-controlled bank in Aus Others might go the way Silicon Bank went so better to support CBA, Lucky Country’s own national bank, the like of which US does not have. I needed a loan recently back home to do some extension on my country home there, and CBA was very helpful. So what do you think? OFX is still your choice? By the way, how do we get a discount on OFX using your credentials you list in your recommends?
I am in the West coast, do you have a similar online help mate in the Bay Area (San Francisco and adjacent shires/counties)?
Thanks mate; do drink like a lizard for me at the Soho pub!
Purush
Hi Purush, thanks for your feedback! CBA is a great bank, and I still bank with them myself, but the rates for international transfers aren’t ideal. I do believe in using them as a bank, and storing your money with them, but using a third party to simply route the money between accounts (not holding it at any point). If you fill in the form, you can get my special rates!
As an update for those that have used Citibank AU Citibank US transfers – NAB recently acquired Citi Australia so the instant, fee-free transfers between your two accounts is no longer available.
I’ll likely be switching to OFX now.
Hey Josh,
May want to update your wise referral link as it’s broken (it’s missing the .com) ?
Ooh thank you!!
Josh, if money is currently in a large Australian bank how do we get it transferred via Sosefo at OFX?
Hi Astrid! When you sign up for OFX, you get an account. You login, you type in how much money you want to transfer and it asks for which account you want it deposited into. Then they give you a BSB and Account for you to transfer the money to!
I used to use OFX (with the America Josh preferred rate) but after a while my transfers started taking up to 7 days + to move from the US to Aus (initially it was about 3-4). So I switched to Wise. It might cost me $5 but the money is usually available in 2 days.
Thanks for the note, Kirsty! I’ll be sure to check into why it’s taking yours so long! I’ve not had that experience myself and the rate difference was always worth it but really appreciate your feedback!
Hi Josh – do you have any recommendations for tax accountants to move a large sum of AUD to USD? I’m guessing there must be tax involved.
And thanks for the great tips, very helpful
Hi Emma, there shouldn’t be any tax implications if it’s your own money as far as I know, but don’t trust me, trust Jason Stoch at UpTrendAdvisory.com!!
Do you know of any banks (without having the top premium account type) in the US that allow you to receive an OFX transfer from Australia without a fee?
Hey Jess! I’ve had luck in the past asking Chase to reverse the charges once they come in, but nothing consistent sorry.
Thanks for these tips Josh! Just wondering, what are your thoughts on simply withdrawing money at a US ATM from your Australian account (which will spit out AUD), and depositing it right there and then into a US account? How competitive is this, typically, in comparison to these electronic transfer options?
Hi Michelle, you’re very welcome! So in the vast majority of cases, you’re still going to lose out dramatically. The rate you get is still going to be the bank’s rate (if not worse because of the “convenience” element) and therefore you’re missing out on hard-earned dollars!