Why Property Buyers Should Compare Currency Transfer Options When Moving Money to Australia

The Overlooked Cost of Buying Property Abroad

When purchasing property in Australia, buyers spend plenty of time on negotiations, mortgage approvals, and legal paperwork. What often gets overlooked is the cost of moving money from overseas into Australian dollars.

Banks and traditional foreign exchange services usually add hidden margins to their exchange rates and charge fees on top. For property transactions worth hundreds of thousands or millions, these costs can add up to tens of thousands of dollars.

That is why it pays to compare.

How the Main Providers Stack Up

Banks

Banks are the easiest option but also the most expensive. They often provide the weakest exchange rates, add hidden margins, and charge flat fees for each transfer. For a $1 million transfer, the cost difference compared with a specialist provider can easily exceed $15,000 (Corporate Alliance).

Wise

Wise is well known for small international transfers and has a reputation for transparency. Its fees are clear and the platform is simple to use. For larger sums, however, the savings are less impressive. Wise does not offer personalised support or guidance, which matters when transfers are tied to settlement deadlines  (Finder: TorFX vs Wise).

OFX

OFX sits in the middle. It is better than the banks and can handle larger transfers. However, the service is more transactional. Clients generally deal with whichever representative is available, rather than one dedicated manager (Exiap: OFX vs Wise).

TorFX

TorFX is focused on larger transfers, such as property deposits or settlement funds. The company offers competitive exchange rates and does not charge transfer fees (Exiap: TorFX vs Wise). Each client is assigned a personal account manager with direct phone and email contact. This model allows for consistent communication, advice on market timing, and certainty that funds will arrive when required.

According to Forbes Advisor UK, TorFX has no maximum transfer limit, offers spot contracts, forward contracts, and market orders, and is especially competitive for large transactions such as overseas property purchases. It is less competitive for small transfers, where providers like Wise may work out cheaper.

The company has been recognised by industry awards including CANSTAR 5-star ratings from 2018 through 2024 and Moneyfacts FX Provider of the Year for seven consecutive years. It also has a strong client service record, with a 4.8/5 Trustpilot score from more than 8,400 reviews (May 2025).

The Numbers in Practice

Consider a UK buyer moving £550,000 to purchase a property in Sydney. Depending on which provider they use, the outcome in Australian dollars can vary widely.

• Bank: ~AU$1,020,000 after wider spreads and transfer fees. Banks often add 2–3% on top of the mid-market rate (Corporate Alliance), which can mean tens of thousands lost on large transfers.
• Wise: ~AU$1,030,000. Wise uses the mid-market rate with transparent fees (Finder: TorFX vs Wise), which works well for smaller amounts, though the flat percentage fee makes larger sums less competitive.
• OFX: ~AU$1,033,000. OFX charges no fixed transfer fee, but still applies a markup on the rate (Exiap: OFX vs Wise). It is better than banks but not always the sharpest.
• TorFX: ~AU$1,040,000 or more. TorFX specialises in large transfers, provides competitive rates, and does not charge fees (Exiap: TorFX vs Wise). Forbes notes that TorFX handles more than £10 billion of transfers annually, with many clients using it specifically for large property purchases (Forbes).

These figures are illustrative and based on typical spreads and fee structures. Actual outcomes will vary depending on the provider, the timing of the transfer, and market conditions.

That $20,000 gap between banks and a specialist provider is not unusual. Independent comparisons show that using a dedicated FX service instead of a bank can save buyers thousands (Monito: Banks vs Specialist FX).

Compare Providers Risk-Free

For most property buyers, moving money into Australia will be one of the largest international transfers they ever make. Even a small difference in the exchange rate can add or subtract tens of thousands of dollars from the final amount received.

That is why it makes sense to compare providers directly before locking in a transfer. I work with both TorFX and Wise, and can offer discounted rates for Mortgages Plus clients. Both providers allow you to register, get a quote, and compare live rates with no obligation.

For such a large transaction, it is always best to compare for yourself — risk-free. That way you can see exactly how much more you could receive in Australian dollars and make an informed choice.

• Sign up and get a discounted TorFX quote here
• Sign up and get a discounted Wise quote here

Managing Currency Fluctuations: Tranching and Hedging

Exchange rates move every day, and for large transfers the timing can make a noticeable difference. One way to manage this risk is through tranching. Instead of transferring the entire amount at once, you can move the funds in smaller stages.

This approach gives you the chance to:

• Test the process with a smaller initial transfer.
• Spread out the risk of exchange rate swings.
• Take advantage of favourable movements while reducing exposure to sudden drops.

TorFX also provides forward contracts and market orders (Forbes Advisor UK). Forward contracts allow you to fix today’s exchange rate for a transfer up to two years in advance. Market orders let you set a target rate that triggers automatically, or a stop-loss order to protect against further losses. These tools can provide certainty around budget and reduce the stress of trying to time the market.

Why Service Matters in Property Transactions

Currency transfers for property purchases are not the same as sending money for holidays. Settlement dates in Australia are strict. Missing them can mean penalties or even losing the property.

Having a dedicated account manager, as TorFX provides, reduces the risk of delays. Clients work with the same person throughout the process. That individual understands their timelines and can help manage market fluctuations and settlement requirements.

Trustpilot reviews confirm this, with many clients praising TorFX account managers for guiding them through property transactions and ensuring funds arrived within hours rather than days (Forbes Advisor UK).

How to Compare and Get Started

1. Register with your chosen provider.
2. Request a live quote and compare it with your bank’s rate.
3. Confirm the rate that works best.
4. Transfer the funds securely so they are ready for settlement.

Final Word

When moving money into Australia to buy property, it is important to compare providers. Banks are convenient but costly. Wise is useful for smaller amounts but less suited to large property purchases. OFX offers a middle ground. TorFX is designed for larger transfers, with competitive rates, no transfer fees, and personal service.

By tranching, or using forward contracts and market orders, buyers can also reduce the risks of currency fluctuations. Taking these steps can make a significant difference and protect the budget for one of the most important purchases of your life.

TorFX is not perfect — it only supports bank transfers, does not display live quotes online, and can be less competitive for small transfers (Forbes Advisor UK). But for high-value property transactions, the combination of sharper rates, personalised service, and hedging options makes it a strong choice.

For buyers, taking the time to compare costs and plan transfers carefully can mean keeping thousands of dollars in their pocket.