Summary
Australia’s big four banks have eliminated flat transfer fees for online foreign currency transfers — CommBank, ANZ, Westpac and NAB all charge AUD $0 to send money overseas via their app or internet banking; however the real cost is hidden in the exchange rate margin — typically 3-5% above the mid-market rate — which on a AUD $1,000 transfer amounts to AUD $30-$50 quietly kept by the bank
OrbitRemit charges no exchange rate markup and a flat fee from AUD $0 — several corridors (AUD to INR, PHP mobile wallets, VND, NPR, GBP) are fee-free; others carry a flat AUD $4 fee; the rate you see is the rate applied with no hidden margin
OrbitRemit delivers over 85% of Asia-Pacific transfers within 2 hours — Australian bank international transfers typically take 1-3 business days; for urgent transfers to family in India, the Philippines or Nepal, the speed difference is significant
If you have tried to send money overseas from Australia, you have probably noticed that your bank offers the service — and it seems convenient. You are already logged in, you know the app, and the flat fee appears to be zero.
What is less visible is the exchange rate margin. That is where the real cost of a bank international transfer lives — and it is almost always significantly higher than using a specialist provider like OrbitRemit.
This guide breaks down exactly how the two options compare.
The real cost of sending money via an Australian bank
Australia’s four major banks removed their flat international transfer fees for online foreign currency transfers in recent years. This was a genuine improvement — but it shifted the cost rather than eliminating it.
The hidden cost: the exchange rate margin
When your bank converts your AUD to Indian rupees, Philippine pesos, Nepalese rupees or any other currency, it does not use the mid-market rate — the rate you see on Google or XE. It applies its own rate, which includes a markup above the mid-market rate. That markup is the bank’s profit on your transfer.
Confirmed margins for Australian banks (2026):
| Bank | FX margin above mid-market |
|---|---|
| CommBank | 4-5% |
| Westpac | 3-4% |
| ANZ | 3-4% |
| NAB | 3-4% (lowest of the four) |
Sources: Airwallex (June 2026), moneytransfer.com.au, global-fin-info.com (May 2026)
What this means in practice:
On a AUD $1,000 transfer to India:
- CommBank at 4.5% margin: your family receives AUD $955 worth of rupees — AUD $45 goes to the bank silently in the exchange rate
- NAB at 3.5% margin: your family receives AUD $965 worth of rupees — AUD $35 goes to the bank
On a AUD $10,000 transfer:
- CommBank at 4.5%: AUD $450 hidden in the rate
- NAB at 3.5%: AUD $350 hidden in the rate
On a AUD $20,000 transfer, moneytransfer.com.au confirmed that even NAB — the cheapest of the four — results in a AUD $514 loss to exchange rate margin alone.
Are there other fees?
Online foreign currency transfers via the major bank apps are now largely fee-free for the flat sending fee. However intermediary banks along the SWIFT route can deduct their own fees — typically USD $20-$50 — from the transfer amount before it reaches the recipient. These are not always disclosed upfront.
How OrbitRemit compares
OrbitRemit is a specialist money transfer service regulated by ASIC in Australia (AFSL: 470646) and supervised by the DIA in New Zealand (FSP7721). It has been operating since 2008 with over 500,000 customers across Australia and New Zealand.
Fees:
| Corridor | OrbitRemit fee | CommBank typical cost* |
|---|---|---|
| AUD to INR (India) | AUD $0 — fee-free | AUD $40-$50 hidden in rate (on $1,000) |
| AUD to PHP GCash/wallets | AUD $0 — fee-free | AUD $30-$50 hidden in rate |
| AUD to VND (Vietnam) | AUD $0 — fee-free | AUD $30-$50 hidden in rate |
| AUD to NPR (Nepal) | AUD $0 — fee-free | AUD $30-$50 hidden in rate |
| AUD to GBP (UK) | AUD $0 — fee-free | AUD $30-$50 hidden in rate |
| AUD to BDT (Bangladesh) | AUD $0 — fee-free | AUD $30-$50 hidden in rate |
| AUD to IDR (Indonesia) | AUD $4 flat | AUD $30-$50 hidden in rate |
| AUD to CNY (China) | AUD $0.99 flat | AUD $40-$50 hidden in rate |
| All transfers above AUD $10,000 | Fee-free | FX margin still applies |
CommBank cost is indicative based on 4-5% FX margin. Actual margin varies by currency and date.
Exchange rate: OrbitRemit uses competitive transfer rates with no hidden markup. The rate shown when you initiate a transfer is the rate applied — locked at the moment you confirm.
Speed comparison
| OrbitRemit | Australian bank transfer | |
|---|---|---|
| India (INR) | Under 2 hours (85%+) | 2-4 business days |
| Philippines (PHP) | Under 2 hours (85%+) | 2-4 business days |
| Vietnam (VND) | Under 2 hours (85%+) | 2-4 business days |
| Nepal (NPR) | Under 2 hours (85%+) | 3-5 business days |
| UK (GBP) | Under 2 hours (85%+) | 1-2 business days |
| Samoa (WST) | Same business day | 2-4 business days |
OrbitRemit bypasses the SWIFT correspondent banking network for most Asia-Pacific transfers — using local payment rails that settle directly with banks in India, the Philippines, Vietnam and Nepal. This is why transfers arrive within hours rather than days.
Real cost comparison — AUD $500 to India
| OrbitRemit | CommBank | NAB | |
|---|---|---|---|
| Transfer fee | AUD $0 | AUD $0 (online) | AUD $0 (online) |
| FX margin | AUD $0 | ~AUD $22.50 (4.5%) | ~AUD $17.50 (3.5%) |
| Intermediary bank deductions | AUD $0 | Possible (USD $20-$50) | Possible |
| Total cost | AUD $0 | ~AUD $22.50+ | ~AUD $17.50+ |
| Recipient receives | AUD $500 worth of INR | ~AUD $477.50 worth of INR | ~AUD $482.50 worth of INR |
| Speed | Under 2 hours | 2-4 business days | 2-4 business days |
On a AUD $500 transfer to India, OrbitRemit saves approximately AUD $17.50-$22.50 compared to the major banks — entirely through the exchange rate difference.
When a bank transfer makes sense
There are situations where using your bank for an international transfer is appropriate:
The amount is very large: If you are transferring more than AUD $50,000, your bank may offer corporate FX rates that are more competitive than standard consumer rates — worth negotiating directly.
The destination is not supported by OrbitRemit: OrbitRemit covers 50+ countries. For transfers to countries outside that network, your bank’s SWIFT capability covers 200+ countries.
Legal or business documentation requires a bank record: Some property transactions, business payments or legal settlements require a transfer issued directly by a bank.
You need to receive money from overseas: OrbitRemit is for sending money from Australia, not for receiving international transfers. Your bank account receives SWIFT payments from overseas — OrbitRemit does not provide this.
What OrbitRemit does better
Transparent pricing: Every fee is shown before you confirm. The rate is locked at confirmation — no surprises when the money arrives.
Speed: Over 85% of Asia-Pacific transfers arrive within 2 hours. For urgent transfers — helping family with a medical bill, paying school fees before a deadline — this matters.
Fee-free corridors: AUD to INR, PHP (GCash), VND, NPR, GBP and BDT are all fee-free from Australia.
Delivery options: Direct to UPI ID for India, GCash for Philippines, eSewa and IME Pay for Nepal, mobile wallets for Vietnam — options your bank cannot match.
Trustpilot rating: Rated Excellent on Trustpilot from over 34,000 reviews — ProductReview Top Rated 2025 and 2026, WeMoney Best for Value 2025 and 2026.
Regulation: ASIC-regulated in Australia (AFSL: 470646), DIA-supervised in New Zealand (FSP7721). Same regulatory standard as a bank for money transfer purposes.
What the banks do better
Security and FCS protection: Money held in your bank account is protected by the Australian Government Financial Claims Scheme up to AUD $250,000. Money held by OrbitRemit during a transfer is not government-guaranteed — though it is held in accordance with ASIC’s regulatory requirements for client money.
Familiarity: You are already set up with your bank. No new account, no identity verification, no app to download.
Receiving international payments: Your bank account can receive international SWIFT transfers. OrbitRemit cannot.
Very large transfers: For transfers above AUD $50,000, negotiated FX rates from your bank may become competitive.
FAQs (frequently asked questions)
Is OrbitRemit cheaper than CommBank for sending money overseas?
For most corridors, yes — significantly. CommBank applies a 4-5% FX margin on international transfers. OrbitRemit charges AUD $0 on fee-free corridors (INR, PHP, VND, NPR, GBP) with a competitive rate and no hidden markup. On a AUD $500 transfer to India, OrbitRemit saves approximately AUD $20-$25 compared to CommBank.
Do Australian banks charge fees for international transfers?
The flat sending fee has been removed for online foreign currency transfers at CommBank, ANZ, Westpac and NAB. The real cost is the exchange rate margin — 3-5% above mid-market — which is built into the rate, not shown as a separate fee.
How long does OrbitRemit take vs a bank transfer?
OrbitRemit delivers over 85% of Asia-Pacific transfers within 2 hours. Australian bank SWIFT transfers to India, Philippines and Nepal typically take 2-5 business days.
Is OrbitRemit safe?
Yes. OrbitRemit is regulated by ASIC in Australia (AFSL: 470646) and supervised by the DIA in New Zealand (FSP7721). It has been operating since 2008 with over 600,000 customers and is rated Excellent on Trustpilot from over 34,000 reviews.
Can I send money to any country with OrbitRemit?
OrbitRemit supports 50+ countries. For countries outside that network, your bank’s SWIFT capability covers 200+ countries — making bank transfer the only option for some destinations.
Related guides
- What is a SWIFT transfer? How international bank transfers work →
- What is PayID? How to send money in Australia →
- OrbitRemit review 2026 →
What it means for your transfers
Every transfer you make via a major Australian bank on a fee-free corridor costs AUD $30-$50 in hidden exchange rate margin per AUD $1,000 sent — money that goes to the bank rather than your family. OrbitRemit charges AUD $0 on those same corridors with the rate locked at confirmation.
Fees and exchange rate margins are indicative and subject to change. Always compare current rates before sending. Last updated August 2026.
Sources: moneytransfer.com.au — Best Australian Bank for International Transfers 2026 | ausbusinessregister.com.au — Best Business Bank Australia 2026 (June 11, 2026) | Airwallex — What Australian banks charge for international payments (June 2026) | Mozo — Sending money overseas with Australia’s big four banks | global-fin-info.com — International Banking Australia 2026 (May 2026) | Wise — Currency exchange comparison Australia
