What are the best alternatives to Transferwise for international money transfers from Australia?

Apr 13, 2020
5 years ago
Richard ********
ORIGINAL POSTER
Hi everyone,

I have just been told by my bank in Australia (St George) they no longer accept transfers through Transferwise as they regard them as a risk, no more information. Can anyone offer an alternative value for money international money transfer company. Thanks and your assistance is greatly appreciated.
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TLDR : Answer Summary
A user is seeking alternatives to Transferwise for international money transfers after their Australian bank (St George) ceased support for the service due to perceived risks. The conversation yields several suggestions, such as changing banks, exploring options like Azimo, WorldRemit, OFX, XE, and Western Union, as well as using debit/credit cards or even Bitcoin for transfers. Participants discuss their experiences and recommend banks or services that could facilitate lower-cost and efficient transfers.
Chris *******
My US bank said the same thing about Transferwise 2 months ago. Bitcoin and WU are your best options at the moment but more and more WU are closed. All banks and even WU are starting to ask more questions. All this harassing scrutiny will only fuel Bitcoin as the the go-to medium of exchange.
Dallas ******
Bitcoin.... Be your own bank. You can send and receive almost instantly with next to no fees and you don't need permission from anyone how, why or when you use YOUR money!
Fratech ********
@Dallas *****
so what exchange do u use in Thailand for btc to cash back in to Thai bank
Chris *******
Rob *************
@Richard *******
Check out
@Inst****
****************
David ********
I have been using Currency Online for years. They have now been bought out by XE. They have been great for me.
Rachel *******
My transfer wise payment keeps getting rejected going to Barclays in UK ๐Ÿ˜•
Julian ******
I use SCB for international to UK... i'ts 300thb and a pretty tight interbank spread? That's why i never really used other service. Is this nota good deal for some reason Im not aware of?
Alessia ***********
WorldRemit can pick up cash in Thai banks
Anthony ********
I've always used transferwise and never ever had a problem! Must be your bank?
Matthew ***********
Paypal do them now.
Walter *************
Xoom
Kd *********
Modern day robbers: banks. Sure they dont want transferwise to get their wire comission! Change the bank.
Mark ********
Western Union, Torfx- min transfer $200, World First- min transfer $2000-- both the latter have Australian Branches- upon registration and account creation you get a dedicated Case Manager with an Australian location and phone number. I have used Western Union extensively over the last 7 years. However I am waiting on my retirement visa and living in Thailand now. I now use World First. Exchange rate always competitive. No fees at all. If a one off and no time to set up accounts etc- I recommend Western Union using a debit card bypassing any aussie bank charges. Western Union fees to a Thai Bank Account is only $2.50 from memory. Their fees for a cash pickup can be more expensive depending on amount sent and when sent etc. Good Luck with who ever you use
Gregg *************
Def change banks my brokerage house does free wire transfers for me there's so many options out there ESP in this current financial environment
Michael ***************
Pay the freight. Use ATM.
Kim *********
OFX ? I havenโ€™t used it. Anyone used this Company ?
Pam ********
@Kim ********
yes rates not as good though
Graeme **********
Or ask St George who they will accept transfers from
Graeme **********
Try XE
Ed ********
OFX (formerly Forex) been around a long time, good reputation.
Cameron ********
Azimo, world remit
Khun ******
Do you have a borderless account with transferwise? Than you have also automatically a Australian account number.. and a MasterCard debetcard.. Would surprise me you can't use it.
Richard ********
ORIGINAL POSTER
@De *****************
thanks De Man I have some similar advise alone this I will look further into it. I called TW and they said nothing we can do about that
Penny *********
Try the app called smartway, they transfer from Aud to Thai baht
Steph *************
You can pay a transfer by credit or debit card
Richard ********
ORIGINAL POSTER
@Steph ************
transfer cash on my CC no thanks daily interest even for few hours is a day
Kris ******
Would you like my account details ๐Ÿ˜ƒ
Garrett ***********
I'd change banks. Transferwise is a pretty well regarded company and I've never heard of a bank refusing to allow transfers through them.

They most likely want you to do wire transfers through them so they make the money, remember banks are for profit.
Peter ************
@Garrette ***********
I'm happy with TransferWise and have been using it for 4 years, never had a problem. Transfer funds use a different account which fully insulates from the company
Sergejs *********
@Garrette ***********
but they operate actually illegally in countries where are capital controls, they send money locally from some phantom accounts, and also never apply for a local license as a payment institution or so. I see it's looming that TW will stop transfers to many such destinations.
Bill *****
I was using Transferwise but then was told of Instarem about 6 months ago and have been using them eversince without any problems. They also are a large company and their fees are less than transferwise.
Graeme **********
Graeme **********
Scott **********
@Garrette ***********
I do not disagree with anything you have said. I am not sure at all whether you are one of them, but it feels that too many people think TransferWise is free. It is for sure for profit but the business model makes for lower and somewhat more hidden fees than banks.
Richard ********
ORIGINAL POSTER
@Garrette ***********
agreed but they say that there online security is not up to scratch. At least that's what I can make if their jibber. I think I will cann them when I can get back for a short visit.
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