Compare business money transfers

July 2024

Australian businesses are overcharged millions of dollars a month on foreign currency exchange rates.
On average our customers save up to $8,000 a year by using our FX savings analysis tools. You can too.


Supported Currencies


Minimum Transfer

No Minimum

Or equivalent

Good for

  • Preferential FX rates and $0 OFX fees* with OFX
  • Dedicated account manager
  • OFXpert support: Talk to a currency specialist 24/7, day and night
  • Seamless digital platform: Make and track transfers online or via the OFX app
  • Peace of mind: OFX is monitored by over 50 regulators globally
  • Cashflow certainty: Fix FX rates for up to 12 months and transfer later

Need to Know

  • Transfers can take up to 2 days

Trust Pilot



Supported Currencies


Minimum Transfer


Good for

  • Online and Telephone
  • Same day transfer
  • Transparent tracking

Need to Know

  • No phone app
  • High minimum transfer
  • Can’t schedule transfers

Trust Pilot


* Swoop’s service features a selection of providers from whom we receive commission.

Register your business with Swoop for access to tailored funding opportunities

International payments

International payments are also known as cross-border payments, international money transfers or global payments. And when foreign nationals send funds home to family members, they are known as remittances. Whether you’re a business collecting payments from overseas, a business paying your overseas suppliers, or an individual sending money to your homeland, you have many options in addition to traditional bank transfers.

About International Money Transfers

There is no standard price for international payments. The cost will depend on the bank or payment provider that you choose, as each organisation sets its own fees and charges, while market forces will affect the currency exchange rate. Banks are usually the most expensive option, but with the growth of so many alternative payment providers, you’ll find the best rates by exploring the marketplace.

Each bank or payment provider will offer a different service level and pricing structure.
Here are some things to consider to find the best overall service for your needs.

Who is regulating the provider? Is your money at risk? Check that the service is backed by a government authority so that your money is protected with every transaction.

Transfer fees and rates
Look carefully at all the different charges – not everything is transparent and there are often hidden costs. Some providers charge a fixed transaction fee, others take a percentage of the transfer amount, and some waive the transfer fee. However, if there is no transfer fee it may be because the exchange rate is heavily-loaded in favour of the payment provider.

Customer support
Make sure you can contact the provider at all times through a variety of channels, such as online chat, phone and email. In addition, if you want a more bespoke service, some providers offer personal account managers.

Transfer amounts
Options for sending and receiving Ease and convenience are important considerations for both the sender and the receiver. Typical sending methods include bank transfer or credit card. Typical receiving methods include bank transfer and cash pickup’

Options for sending and receiving
Ease and convenience are important considerations for both the sender and the receiver. Typical sending methods include bank transfer or credit card. Typical receiving methods include bank transfer and cash pickup.

Foreign exchange, otherwise known as forex or FX, affects any payment made between two different currencies. An exchange rate tells you how much one currency is worth when it is transferred into another currency. This is known as a currency pair (eg, AUD/EUR). Exchange rates go up and down continuously, and the higher the exchange rate, the more money you receive in the exchange currency.

There are many tools and services that can help you manage the cost of international payments. One of the most common is a forward contract, which is a simple hedging instrument provided by many money transfer organisations. A forward contract enables you to fix an FX rate, giving you price certainty, instead of trying to predict market movements.

If timing is not an issue, you could also create a ‘market order’. This is a payment that is triggered only when a favourable rate is reached. Similarly, if you create a ‘stop-loss order’, you set a minimum level at which you buy or sell your currency.

Whenever you buy and sell across borders, you’ll incur foreign exchange charges. However, if you open a multi-currency account, you can pay and get paid in a local currency and so avoid foreign exchange fees and losses from adverse exchange rates. For example, you could hold euros and pounds in a single account and then use euros when you trade in Europe. Having a multi-currency account means you can keep your money in the currency of the transaction and then convert it when the exchange rate is in your favour. If you open an account with a bank, steep fees can erode the benefits, but if you shop around you may find good deals with alternative providers.

Money transfer companies are non-bank operators that specialise in international transactions for businesses and individuals. Cost is often cited as the key advantage and other advantages may include a more transparent and straightforward fee structure, a more personalised service, and value-added services tailored to individual needs.

Banks are licensed to keep money on deposit and to pay interest on deposits, and can use this money to lend to others. A money transfer business is purely a payment intermediary that moves funds within strict guidelines.

SWIFT (an acronym for Society for Worldwide Interbank Telecommunications) has long been a mainstay of international payments. In most instances, international bank payments are made through the SWIFT network, which is a secure global messaging system. Rather than move money itself, SWIFT provides the payment orders or codes to action a payment. In other words, SWIFT is a communication system for international transfers between banks. To send a SWIFT payment requires a precise financial address that includes an IBAN number, a BIC/SWIFT code and the recipient’s banking details. SWIFT is aiming to transform cross-border payments with its Global Banking Initiative (known as SWIFT gpi), a new standard in global payments that will increase speed and security.

A BIC is a Bank Identifier Code created by SWIFT to identify banks that are part of the SWIFT messaging network for international payments. Whereas an IBAN is used to identify an individual account involved in an international transaction, BICs are used to identify a specific bank during an international transaction.

We have a wide range of loan options

Ready to grow your business?

Clever finance tips and the latest news

delivered to your inbox, every week

Join the 70,000+ businesses just like yours getting the Swoop newsletter.

Free. No spam. Opt out whenever you like.

Looks like you're in . Go to our site to find relevant products for your country. Go to Swoop No, stay on this page