Commbank large amount transfers. How do they work
If you wish to send very high amounts with Commbank, you may need additional assistance of transfer approvals. Let’s see how large transfers work with this bank
PayPal alternatives in Australia for sending money
If you need to make online payments, convert currency or send money abroad it’s likely you’ve heard of PayPal.
In this guide we’re going to take a quick look at who PayPal is and what it offers, then introduce you to a series of other companies and apps that offer similar services to Australian customers. You can decide which ones might best suit your needs and you’d like to learn more about.
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Who is PayPal in Australia
In Australia customers can open a personal or business PayPal Australia account. Which one you open depends on your circumstances, but for this article we’re going to focus on accounts for personal consumers.
What services does PayPal offer to consumers
Here’s some of the services that PayPal offers Australian customers with personal accounts.⁸
- Online payments
- Send and receive money
- Currency conversion
- Buy now, pay later services
- Payment protection for eligible purchases
Some alternatives to PayPal for private consumers
Now that we’ve taken a look at PayPal, here’s some of the other providers out there who offer services that are similar to what PayPal does.
- Wise Account
- Google Pay
- Apple Pay
- TorFX
- OFX
- Send
- Western Union
- Xe
Wise Account
Wise is an international money transfer specialist that focuses on making foreign currency exchange and transactions simpler and cheaper. It arrived in Australia in 2016 and currently offers a range of services to business and personal customers.
As an individual you can use Wise to send money to bank accounts in over 160 different countries. Alternatively, you can open a Wise Account which can be used to receive, store, convert and transfer funds. There’s also options to gain local account details for foreign currencies and order a Wise Debit card.
| Pros | Cons |
|---|---|
| Hold and convert 40+ currencies through a single account | Unable to fund transfer with a cash pay in |
| Local account details for AUD, GBP, EUR, USD, NZD, SGD, RON, CAD, HUF and TRY helping you to send and receive like a local | Recipients can only receive funds electronically with no option for a cash payout |
| All currencies exchanges are done at the mid market rate with no hidden fees or markup | |
| Send money to 160+ countries in 50+ countries |
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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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Google Pay
One of the many services offered by Google is their secure payments system, Google Pay. Customers can use it to spend money instore and online using the cards saved to their Google account.¹ Similar to Paypal, the seller doesn’t get to see your card number when a transaction is completed.
| Pros¹ | Cons¹ |
|---|---|
| Helps keep card information secure when spending money online | At this stage functionality for Australian users is limited to making payments; the ability to send payments to other users may be introduced to the region in future |
| Facilitates mobile phone contactless payments so carrying a wallet or purse isn’t necessary | Some online stores aren’t set up to accept Google Pay payments |
| Saves time completing online transactions as the payment information doesn’t need to be entered | Requires a card to be linked to the account, such as a Wise physical or virtual card |
Apple Pay
Apple Pay is exclusive to iPhone, iPad, Mac and Apple Watch devices, which come with the app built in. It enables users to pay for goods and services in person and online. Customer card details are not given to the vendor, similar to Google Pay and PayPal.² Apply Pay
| Pros² | Cons² |
|---|---|
| Helps to keep card information secure when completing online transactions | Australians can only pay by card with Apple Pay; the ability to send money to other users is not available at this time but may be introduced for Australian customers in future |
| Enables convenient contactless payments using portable devices like the Apple Watch or iPhone | Needs a debit card to be linked to the account |
| Saves time going through online checkouts on Safari since the payment information is pulled from Apple Pay | Must own a supported Apple device to access Apple Pay |
TorFX
Since 2004, TorFX has been helping customers complete international payments.³ They have an office in Australia, won awards from Mozo and received a 5-star rating from Canstar multiple years in a row.
In Australia they offer personal client accounts which can be used to convert and transfer money abroad.⁴
| Pros⁴ | Cons⁴ |
|---|---|
| Clients are allocated a dedicated account manager who can offer guidance and support if required | No way to pay for international transactions that require card details |
| Able to set up specific trades like limit orders and stop loss orders which are then automatically executed when the conditions are met | The account is only for transferring money so you’ll need separate accounts to hold the money that is sent and received |
| No additional costs like transfer or transaction fees | TorFX apply a markup to the exchange rate rather than using the mid market rate |
| Read more: TorFX vs Wise (ex.TransferWise) in Australia. Which is for you? |
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OFX
Founded in 2001, OFX is a foreign currency exchange service that has assisted over 1 million customers globally.⁵ They have offices around the world, including Sydney, as well as an online platform and 24/7 phone support.
Personal customers in Australia can use OFX to convert and send money abroad.⁶
| Pros⁶ | Cons⁶ |
|---|---|
| 50+ supported currencies | No option to pay in or out with cash |
| Transfers are fee free when sending over $10,000 AUD (excluding any exchange rate margin or third party bank fees) | Need a separate account to receive the funds as they can’t be stored within an OFX account |
| Options to set up limit orders, lock in an exchange rate for up to 12 months or set up routine payments for a period of up to 12 months | The interbank rate, also known as the mid market rate, is not indicative of the rate OFX gives customers |
| Read more: OFX vs Wise (ex.TransferWise) in Australia. Which is for you? |
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Send
Headquartered on the Gold Coast, Send is an Australian company that focuses on foreign currency exchange.⁷ It was founded in 2018 and has clients in over 100 countries around the world.
As the name suggests, you can use Send to send money to accounts in supported destinations and currencies.
| Pros⁸ | Cons⁸ |
|---|---|
| At this time 37 currencies are supported | No fees for the transfers may mean there’s a mark up on the exchange rate |
| No fees for transferring money | Unable to fund a transfer with cash or be paid out in cash |
| Online customer support is available to answer any questions | This account is only for transferring money so separate accounts are needed to hold the money that is sent and received |
Western Union
Having been around for a while, many people are at least aware of Western Union. This company handles an average of 25 transfers per second and has clients and agents around the world.¹⁰ From Australia, customers can send money to over 200 countries and territories.
| Pros¹⁰ | Cons¹⁰ |
|---|---|
| Able to send money online, through the app or in person at an authorised agent | Western Union makes money on the exchange rate meaning there’s an added margin |
| Options available to receive funds in cash, to a bank account or mobile wallet | Fees can vary depending on how and where the transfer is made |
| Electronic transfers can be tracked online or using the app | Which pay in and payout methods are available depends on the locations of the sender and receiver |
Xe
Xe is a secure online money transfer provider that offers transfer and currency exchange services to personal and business customers.¹¹ Founded in the 1990’s, it is used by customers around the globe including Australia, New Zealand, the US, Canada and Europe.
| Pros¹¹ | Cons¹¹ |
|---|---|
| Currently have 139 currencies available | Unable to pay in or out with cash |
| Transfers can be made to over 220 countries and territories | If you’re converting money for your own use it can’t be stored in an Xe account so you’ll need a separate currency account to receive the funds |
| There is an Australian based customer service teams available to address any queries or concerns you might have | At this stage Australian customers are unable to send funds to a mobile wallet |
Sources:
- Google Pay - About
- Apply Pay - Home
- TorFX - About us
- TorFX - Personal Brochure
- OFX - About us
- OFC - Send money
- Send - About
- PayPal - Shop with PayPal
- Send - Personal
- Western Union - Home
- Xe - Send Money from Australia
Sources checked on: 8 August 2023
*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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