Money Transfer


International money transfer is usually closely died with the currency exchange since it mostly includes transfer between different currency regions.

Traditionally, money transfer is done through a bank. Wire transfer, bank transfer, SWIFT, etc. are the names used for this kind of transfer. The charge is usually 0.5% on both sides - sending and receiving. If the transfer is from one currency into another, it involves a currency conversion fee as well.

Newer providers are appearing, however, charging lower fees.

My preferred providers are TransferWise and


HSBC offers telegraphic transfers through their Internet Banking or over the counter. Limits for transfers are $25,000 and $100,000 ($50,000 per single transaction) for non-pre-designated and pre-designated accounts, as explained in Internet Banking PDS (link). The charge for Telegraphic Transfer initiated over the Internet is $20.00, while the charge for branch TT is $25.00, as described in the Fees and Charges guide (link). The foreign exchange rate also seems decent (link).

Xylo (link) offers direct debit facility, competitive exchange rates, and charges $5 per international transfer. Xylo is a division of Westpac Banking Corporation.

St.George bank offers a daily limit of $50,000 for international transfers through internet banking for $20 per transfer.

PennyTel Money Transfer (link) charges A$8 per transaction, irrespective of the amount transferred. The downside is that the target currency is USD for many countries, hence requires the conversion to the local currency, incurring additional charges. Transfer is done through WestPac.


ProCredit bank offers Futura account where they reimburse the receiver for the outgoing transfer fee and do not charge the incoming transfer fee. The purpose of the account is to allow Bosnian nationals living abroad to transfer the funds into Bosnia easier.


TransferWise (link) is a new provider, charging significantly lower fees than traditional banks. For the first €200, there is a flat fee of €1. For higher amounts the fee is 0.5%. For certain countries and currency conversions, the SWIFT fee is added.

Paypal can be used for international transfers but the limits for sending/receiving vary. They charge low fees but the foreign exchange rates are outrageous. More details on the Online Wallet page.

MoneyGram is used for smaller transfers.

Some other money transfer and currency exchange service links: TransferMateXE TradeHIFXTranzfers.

Transfers for Sweden are on the Swedish Finance page.