Big Four highest cost international money transfer providers

Comparison site Mozo has found big differences in fees and charges involved in making international money transfers, with the big local banks consistently charging more than specialist providers.

Mozo looked at the cost of transferring £10,000 to Australian dollars. World First came out on top, offering to transfer A$19,152, while the average among the Big Four was a transfer of A$18,378 (the comparison was done on April 29).

For a transfer of US$10,000 to Australia dollars, World First offered to transfer A$12,486, while the average of the offers from the Big Four was A$11,994.

Mozo said the big banks had the international money transfer market to themselves for a long time and had not adjusted to competition.

Other low cost providers on Mozo's site include OzForex, TorFX, HiFX and CurrencyFair.

Mozo cited a World Bank report listing Australia as the fourth most expensive country for international money transfers, behind South Africa, Japan and Canada.