GMT money transfer review: Fees, rates and transfer time


It’s pretty common to need to make international payments - maybe you need to pay an invoice to a supplier based overseas, or you want to remit money home, to support friends and loved ones. In either case, you don’t want to pay any more than you have to in fees and other costs. Doing some research in advance is the best way to make sure you find a service which is fairly priced, but also safe and user friendly.

GMT is a money transfer service which allows people to make payments to India¹. If that’s not what you’re looking for, don’t worry. There are plenty of other options out there. For alternative payment routes, using the best available exchange rate, and with just a low flat fee, try an alternative provider such as Wise.

Read on to learn more, and figure out if using GMT money transfer service for your international payment is right for you.

What are the fees for an international money transfer with GMT money transfer?

Although GMT don’t have an online page where they set out their fees and costs, from the calculator on their homepage it seems that you have to pay AU$5 when you make a payment for AU$2500 or less to India². Before you agree to making an international transfer with GMT you should make sure you’re clear on the transaction fee, though, and in particular the exchange rate that will be used. We will explain a little more about how to spot, and avoid a poor exchange rate in a moment.

There is no commission¹ to pay on transactions over $2,500, but other fees - such as potential intermediary costs - may still apply, as set out in the table below. More about these intermediary fees later.

Here’s an outline of what you can expect to pay:

GMT international payment service Cost applied
Making a transfer to India, under the value of $2,500 Commission fee AU$5 + transaction fee if a credit or debit card is used to fund the transfer³ + possible intermediary bank fees + exchange rate markup An additional $5 charge is applied if the transfer is performed by a GMT operator instead of online¹
Making a transfer to India, over the value of $2,500 Transaction fee if a credit or debit card is used to fund the transfer³ + possible intermediary bank fees + exchange rate markup An additional $5 charge is applied if the transfer is performed by a GMT operator instead of online¹
Cancellations or changes to your transfer $20 + exchange variation fees³

What are the currencies that GMT money transfer supports?

At present GMT money transfers only advertise transfers to India, which are paid from Australian dollars, into local bank accounts in India which are denominated in rupees².

If GMT don’t provide the service you need then check out the broad range of currencies offered for transfers through Wise.

What is the GMT money transfer exchange rate?

GMT publishes the exchange rate used for international transfers online, and this rate is frequently updated⁴.

You’ll likely know thatexchange rates move up and down all the time. GMT therefore advise all customers to call them to book their exchange rate before they make a payment. This means that you can be sure of the exchange rate that will be used for your transfer, as long as you can pay within the agreed deadline⁵.

If you’re looking for the best available deal, it’s worth comparing GMT’s exchange rate to the mid-market rate before you decide which provider to use. Many international transfer services add a markup, or spread, to the real, mid-market exchange rate, and keep the difference as their profit. That means you pay more than you have to, to have your money sent overseas.

However, it's possible to get the mid-market exchange rate for your international payments. Wisealways make international payments using the real exchange rate - no sneaky markups - and only upfront, transparent fees. This could mean your recipient gets more money in their account in the end - and you pay less overall in charges.

How long can a transfer with GMT money transfer take?

GMT say that payments made directly into a recipient’s bank account, are processed in 24 to 72 hours. Other payments, which might have to be delivered using a cheque or draft send to the recipient’s bank via an agent, could take up to 5 days⁵.

One of the reasons international payments take a few days is because they’re often processed via the SWIFT network.

SWIFT is a global network of banks which makes sure international payments get to the intended recipient. Intermediary banks pass payments between themselves until they reach the right place, and so your transfer could be handled by up to 3 intermediary banks before it reaches the end recipient. This can take a day or two - and it can also mean you’re charged extra fees, as each intermediary bank can add their own costs to the payment as it passes through the system.

Here is what GMT say in the terms and conditions section of their website, regarding intermediary bank fees due to the SWIFT system³:

“The intermediary/correspondent/receiving banks may charge variable fees for providing the transfer of funds. This is beyond our control and we cannot reimburse the fees if charged. You agree to pay all fees as they become due and payable.”

If you’re worried about extra costs being added to your transfer, it’s good to know that payments can be made without needing to use the SWIFT network. Wiseuse a smart new approach to making international transfers, which means that payments don’t go through the SWIFT system, and there are no hidden fees to worry about.

How does GMT work?

GMT money transfers are usually made by bank transfer, which can either go direct to your recipient in India, or via an agent who will make sure the money reaches its destination.

What kind of transfers can you make?

You can make transfers from your bank account in Australia directly to an account in India. To do so you’ll have to provide information about yourself, the transfer and the recipient.

You can expect to be asked for information about yourself including your name, address, contact details, your profession and your relationship to the recipient. You’ll need to provide the same information about the recipient, and clarify their bank details and the purpose of the remittance⁵.

Does the recipient have to sign up with GMT money transfer?

The recipient does not need to sign up with GMT money transfer. Funds are deposited into their bank account, and they can access them directly.

Are there any limits to the amount you can transfer?

There is no limit to the amount of money you can send using GMT - however, you may be asked for additional proof of funds if you’re transferring a high amount¹.

Is the service available to anyone?

To use GMT you must first register. You’ll be asked to supply personal information and prove your identity by either attending a face to face meeting to show your documents, or submitting them by email or mail. GMT will then screen you for eligibility, to comply with legislation around PEPs - politically exposed persons⁵.

If your application is accepted, you can then start to send money internationally through GMT.

How can you contact GMT money transfer?

You can contact GMT through a number of routes if you want to ask about a transfer or get any further information⁶:

  • By email on
  • Py phone on 1300 783 036 or +612 86773534
  • By mail - or in person - at their head office address: Shop 2, 2 Station Street Est, Harris Park, Sydney, NSW2150

If GMT doesn’t suit your needs - or if you’re sending or receiving money from abroad often, it might be time to consider an alternative like a Wise multi-currency borderless account.

A borderless account lets you hold your cash in any of dozens of different currencies, and switch between them when you need to, using the real exchange rate, and for just a small fee. If you’re receiving payments from overseas, you could generate local bank details to get paid fee-free into your borderless account from regions such as the UK, US, Australia and the euro area.

Nobody wants to pay more than they have to, when transferring money overseas. Investing in some research is a smart plan, so you can relax, knowing that your payment will go through safely - and that you’re getting the best available deal.

*All sources checked on October 9, 2018

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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