How To Transfer Money To The US From Australia

These days, transferring money to the US can be easy, fast, and relatively inexpensive. As mentioned the most popular way is either via your bank, or a money transfer specialist. Your bank is usually the most expensive method as it uses the Society for Worldwide Interbank Financial Telecommunication (aka SWIFT) network, which typically involves several intermediaries.

The entry of IMTs in recent years has had a positive impact on prices. According to the Australian Competition and Consumer (ACCC)’s 2024 Transparency and Competition in International Money Transfer Services report,  “Fintechs still continue to drive competition in the market and typically offer cheaper prices than the big four banks.” The report added: “The big four banks appear to have responded by, in many cases, removing or reducing flat fees on IMT transfers. Despite the big four banks reducing their prices in the years since the 2019 Inquiry, they remain higher than many of their rivals, in particular, fintechs.”

You can use your banking app, or download an app provided by a money transfer specialist, to easily send money on the go. Or you could send money over the phone—banks provide this service—or opt for a brick-and-mortar option with your bank or money transfer specialists, allowing the recipient to pick up cash in a branch where they live. Note that while PayPal may be convenient, it often has the worst exchange rates in the market.

We entered $1000 AUD into a handful of IMT calculators to determine how much US dollars would be transferred. Here is what we found:

• Western Union: the recipient receives: $US629.78.
• Wise: the recipient receives: $US626.26.
• MoneyGram: the recipient receives: $US631.89.
• Remitly: the recipient receives: $US632 USD.
• Xe: the recipient receives: $US627.82.

Note: these figures are correct as of April 14, 2025. Send fees and/or first-time discounts may apply.

The most suitable method for sending money from Australia to the US will depend on what you need from the service and personal preferences. Key factors to consider include:

Price

World Bank figures show the average cost of an international bank transfer to be approximately 6% of the amount transferred. You’ll want to particularly note the AUD/USD exchange rate and the provider’s upfront transfer fee which contribute to the total cost. If you’re using your bank to transfer the money there may also be receiving fees charged by the intermediaries and the recipient’s bank.

CommBank’s latest data from 2020-21 shows the average receiving fee for sending money to the US was $6 USD at the time. This didn’t include fees charged by the recipient’s bank. You may have the option to cover a portion or all third party fees. If you don’t, they’ll be deducted from the payment amount, meaning the recipient will receive less money than intended.

Note that specialist providers may appear to charge low or no fees, but actually may include them in the (less favourable) exchange rate, while banks can often add a hidden markup to their exchange rates too.

Speed

Each bank and money transfer specialist will have their own transfer times for sending money to the US. Banks can take an average of three to five working days as they use the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network. Other providers can take up to two days on average, and in some cases the money will be made available to the recipient immediately.

The transfer time not only depends on the type of provider you use, but your payment method, when using a money transfer specialist.

Typically, money transfer specialists will offer various ways to pay for your transaction. These include:

• Bank transfer: This involves transferring money from your bank account to the specialist using its bank details, which it will provide. It will then send the money on to the intended recipient. While this option is often the cheapest it can be relatively slow.
• Debit or credit card: You may choose to use a debit or credit card for ease and speed, but note that providers often charge more to process a credit card payment. Additionally, your credit card provider may process the transaction as a withdrawal, which typically comes with a fee attached.
• Mobile payment service: You can use this form of smart device payment in place of a debit or credit card as certain providers specifically accept Apple Pay or Google Pay, but beware extra charges can apply to credit card payments.

In addition to exchange rates, transfer fees, transfer times and payment methods, you’ll want to note any caps on the amount of money you can send, as set by the provider. Banks and specialist firms often place caps on the amount of money you can transfer per day, or per transaction. These fees vary greatly between providers, ranging from several thousand to over $1 million.

Also, if you are sending more than $10,000 USD your transfer will be reported to America’s Internal Revenue Service (IRS), to help monitor money moving in and out of the country and prevent related crime. You won’t have to do anything as the reporting will be carried out by your bank or the money transfer service you use.