MasterRemit international money transfers in Australia. The fees, rates & how-tos

Sending money overseas is no longer confined to complex bank transfers, making it easier than ever to send funds to friends and family overseas.

Whether for a birthday shopping spree or to support further education, there are several available solutions for fast international money transfers.

In this guide, we’ll take a closer look at one option, Master Remit, delving into how they work, what fees are involved, transfer timelines and more so you can make an informed choice.

💰 Wise provides you the mid-market exchange rate and low transparent transfer fees shown upfront.

Learn more about
Wise money transfers

What is MasterRemit in Australia?

MasterRemit is marketed as an Australian money transfer service that seeks to leverage mobile technology for greater financial inclusion globally.¹

They facilitate secure international money transfers from Australia to a number of overseas locations and in a variety of currencies. Catering to developing nations, these transfers are possible without the need for the receiver to have a bank account.

Regulated by both AUSTRAC and ASIC, MasterRemit meets the standards expected for security and safety in the Australian financial sector¹.

How do MasterRemit transfers work

Once signed up with MasterRemit, you log in to their website or app, nominate a payment method and initiate a funds transfer to a selected beneficiary.

No SWIFT codes are needed, even when making a transfer to a bank account, just some basic details of the receiver such as a phone number, first and last name and address.²

You have the option, depending on the desired destination to send these funds via MasterRemit as the intermediary to a mobile wallet, cash-out location or bank account.¹

MasterRemit international money transfer fees

Just like most international money transfer services, MasterRemit levies a fee for each transfer made with them.

The following is a breakdown of these costs. For context, we’ve compared these with the international transfer fees charged by Wise.

Fees (in AUD)	MasterRemit³	Wise
International transfer fee	Variable depending on the payment method, amount, currency and receiving country. For example, a transfer of AUD$500 to INR deposited to a bank account attracts a fee of AUD$0.99	From 0.43% of the sent amount, the fee varies by currency. For an AUD$500 transferred to INR and deposited to a bank account an AUD$0.65 fee applies
Currency conversion fee	No currency conversion fee is listed. However, a fee in the form of a variable margin is applied to the exchange rate as per the below example.	A variable fee starting from 0.43% of the transaction amount depending on the currency For AUD$500 to INR this equates to AUD$2.93 based on the 0.59% variable fee for AUD to INR transactions
Account loading	AUD$0 charged by MasterRemit NB: Payments made to a MasterRemit account using a credit card may attract a cash advance fee or interest charges depending on your bank.	AUD$0 to transfer AUD into an AUD currency account. 2% of the amount transferred may apply when topping up e-wallets or external accounts which may be convertible to cash such as cryptocurrencies. Does not apply to all currencies or top-ups.

As seen on 11 March 2024

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

As touched on above, MasterRemit does not charge a set fee for all transfers. This can make it difficult to work out exactly what your transfer is going to cost.

As they allow you to make payments from different sources and to different receiving methods, they determine your unique transfer fee based on your transfer selections.³

To discover the exact fees you will be charged based on the payment method, transfer amount, currency and destination, we recommend speaking with MasterRemit directly.

MasterRemit international money transfer exchange rate

Master remit does not specify in their terms and conditions which exchange rate they utilise for international transactions.

They do, however, advise that their rates are variable based on currency and that they and their service providers may make a profit from adding a margin to the exchange rate used.⁴

To give an indication of what that may mean for your transaction, we have prepared the following example using Wise as a comparison.

Example: Sending AUD$500 to a friend or family member's bank account in India.

Provider	Transfer amount	Exchange rate	Recipient receives
MasterRemit⁵	AUD$500	AUD$1 = INR₹54.301	INR₹27,150.66
Wise	AUD$500	AUD$1 = INR₹54.8066	INR₹27,207.09

As seen on 11 March 2024

Seen against Wise, who uses the mid-market exchange rate with zero markup, we can easily see the margin added by MasterRemit.

In this example, these differing exchange rates account for a difference of INR₹56.43.

While this is only around AUD$1.70 based on today's mid-market exchange rate, this margin is an additional fee levied by MasterRemit and something to be mindful of if making multiple or ongoing transactions.

The margin applied also varies by currency and destination, meaning it may be higher or lower based on the specifics of your transfer.⁴

MasterRemit supported currencies

At the time of writing you can use MasterRemit to send money from Australia to the following countries⁵:

Bangladesh India Indonesia Nepal Nigeria Philippines Thailand Botswana Congo B Congo DRC	Djibouti Egypt Ethiopia Ghana Kenya Malaysia Rwanda Saudi Arabia Somalia South Africa	South Sudan Sudan Tanzania Turkey Uganda United Arab Emirates Vietnam Zimbabwe

How to send money internationally with MasterRemit

To send money with MasterRemit, you will need to do the following⁶:

Step 1. Sign up

From the MasterRemit website you will need to sign up and have your identification verified before you can log in.

MasterRemit advise this should take no longer than a couple of hours following the submission of your identification documents.⁷

Step 2. Select country

Select the country you wish to send to, your payment method, delivery method and the amount you want to transfer.

Step 3. Add recipient

Add the details of the recipient, this may vary based on the delivery method, what this may include or what is required is detailed further on.

Step 4. Confirm payment

Double check all the transfer details and then select to confirm payment.

Depending on your payment method, you may receive a one-time passcode from your bank at this point to verify the activity. This will need to be entered to confirm the payment transaction.⁷

What details are needed to send money with MasterRemit?

The information required by MasterRemit to facilitate an international money transfer can vary based on your selected delivery method.

Depending on whether you choose to send to a mobile wallet, cash collection point or bank account, you will need a combination of the following²:

• Full name as it appears on their government-issued identification
• Address, a full address is not always necessary, the recipient's city is needed as a minimum
• Mobile number, this is used to send an SMS notification with the transaction reference which is used to access or collect funds
• Email, while optional, MasterRemit advise this can be a useful addition in situations where mobile coverage is less reliable for receiving SMS notifications

Transfer limits with MasterRemit

With MasterRemit, the maximum amount you can transfer each day depends on the country you are sending the funds to.⁸

This is due to some countries setting limits on how much can be received in a given timeframe.

MasterRemit advises that the maximum transaction amount permitted for your chosen destination will be provided before you accept the transfer quotation.

TransferRemit money transfer payment methods — In and out

Paying for your transfer

MasterRemit accepts the following payment methods⁸:

• Bank-issued credit or debit card or other prepaid cards. Only Visa and Mastercard are accepted at this stage.
• Internet banking, you can pay online directly from your bank account using online payments facilitator POLi.
• Bank transfer, send funds from your bank account to MasterRemits bank account.

Receiving a transfer

Accessing funds will depend on which payment method was selected at the time of the transfer. Funds may be received⁸:

• To an approved mobile payment wallet
• At a cash collection agent/pickup point
• To a bank account

Pros and cons of sending money with MasterRemit

MasterRemit may not necessarily be the best fit for your needs and circumstances.

As with any money transfer it is important to weigh up a few different factors to determine its suitability.

Pros

• Allows for fast and easy transfers to developing nations often excluded from other transfer platforms
• Headquartered and regulated in Australia making it a reliable, safe option
• Gives choice over where to send money, making it easier to meet receiver’s circumstances

Cons

• Limitations on how much you can transfer at any one time
• Lack of clarity on fees and charges, multiple variables to account for
• Limited number of destination countries and currencies on offer

How long does an international bank transfer with MasterRemit take?

MasterRemit states that in the majority of cases, money transfers performed via their service are available within a matter of minutes.

On occasion, there may be delays in processing. Status updates regarding the transfer can be accessed via the ‘My Transactions’ page when logged into the MasterRemit website.⁸

Contacting MasterRemit In Australia

To discuss international transfers or to seek help with a transaction in progress, you can contact MasterRemit via:

• 03 9407 1785

24/7 customer support is advertised, however, it is unclear on MasterRemit’s website whether this is by phone or email¹.

Transfer money the Wise way

Sending money with Wise is safe and easy. You can send money to over 160 countries, at the mid-market rate and with low fees shown upfront.

With the Wise Account, you can get your own local AUD account details (with other popular currency account details too). This makes it easy to be sent money from home, or convert and send your money back home as well.

You can also order your own Wise debit card to be linked to your account, so that you can spend your hard earned cash anywhere Visa is accepted.

Join over 16 million customers currently using Wise. It’ll only take a few minutes to register and see what’s inside.

Register your Wise account
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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

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Sources:

1. MasterRemit – About
2. MasterRemit – How It Works
3. MasterRemit – Fees & Charges
4. MasterRemit – Exchange Rates
5. MasterRemit – Transfer Calculation
6. MasterRemit – How To Send Money
7. MasterRemit – Verification
8. MasterRemit – Transfer limits, Payment Methods & Timelines
9. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Sources checked on: 011 March 2024