Sending/spending money overseas? Save up to 16x with your TransferWise Platinum debit Mastercard®.

TransferWise
14.10.19
5 minute read

An independent researcher compared TransferWise to four other Australian bank accounts. They found that we’re up to 6x cheaper for spending abroad. And we do not charge fees to withdraw $250 from an ATM. There are no set up fees, monthly fees or minimum balance with the TransferWise account. It’s also up to 16x cheaper to send money abroad.

What we researched

The research was carried out in Sep 2019 by market research agency, Alderson Consulting (Bristol) Ltd, in conjunction with TransferWise. The data was gathered through publicly available pricing information and mid-market rate comparison data provided by Reuters.

The different fees recorded for this price comparison include:

  • Cost^ of $250 and $1,000 AUD point of sale (POS) transaction (this is when your card is swiped at a register or machine at a store or restaurant)
  • Cost^ to withdraw $250 AUD from an ATM abroad in another currency every month
  • Cost^ to send $250 and $1,000 AUD abroad
  • Monthly account fees

^The costs collected are made up of both the foreign transaction fee and any exchange rate mark up.

Research took place on transfers from AUD to NZD, EUR, GBP, and USD routes. The companies compared were ANZ, Citibank, ING, CommBank, NAB and Westpac.

What we found out

Fees to make a $250 POS transaction using a debit card

AUD → EUR: TransferWise debit card is 6x cheaper

  • TransferWise debit card: $1.18
  • ANZ Access Advantage: $7.50
  • Citibank Global Currency: $6.25
  • CommBank Smart Access: $7.50
  • ING Orange EveryDay: $6.25
  • NAB Personal: $6.25
  • WestPac Classic Plus: $7.50

AUD → GBP: TransferWise debit card is 6x cheaper

  • TransferWise debit card: $1.18
  • ANZ Access Advantage: $7.50
  • Citibank Global Currency: $6.25
  • CommBank Smart Access: $7.50
  • ING Orange EveryDay: $6.25
  • NAB Personal: $6.25
  • WestPac Classic Plus: $7.50

AUD → NZD: TransferWise debit card is 6x cheaper

  • TransferWise debit card: $1.25
  • ANZ Access Advantage: $7.50
  • Citibank Global Currency: $6.25
  • CommBank Smart Access: $7.50
  • ING Orange EveryDay: $6.25
  • NAB Personal: $6.25
  • WestPac Classic Plus: $7.50

AUD → USD: TransferWise debit card is 6x cheaper

  • TransferWise debit card: $1.18
  • ANZ Access Advantage: $7.50
  • Citibank Global Currency: $6.25
  • CommBank Smart Access: $7.50
  • ING Orange EveryDay: $6.25
  • NAB Personal: $6.25
  • WestPac Classic Plus: $7.50

Fees to make a $1,000 POS transaction using a debit card

AUD → EUR: TransferWise debit card is 6x cheaper

  • TransferWise debit card: $4.70
  • ANZ Access Advantage: $30
  • Citibank Global Currency: $25
  • CommBank Smart Access: $30
  • ING Orange EveryDay: $25
  • NAB Personal: $30
  • WestPac Classic Plus: $30

AUD → GBP: TransferWise debit card is 6x cheaper

  • TransferWise debit card: $4.70
  • ANZ Access Advantage: $30
  • Citibank Global Currency: $25
  • CommBank Smart Access: $30
  • ING Orange EveryDay: $25
  • NAB Personal: $30
  • WestPac Classic Plus: $30

AUD → NZD: TransferWise debit card is 6x cheaper

  • TransferWise debit card: $5
  • ANZ Access Advantage: $30
  • Citibank Global Currency: $25
  • CommBank Smart Access: $30
  • ING Orange EveryDay: $25
  • NAB Personal: $30
  • WestPac Classic Plus: $30

AUD → USD: TransferWise debit card is 6x cheaper

  • TransferWise debit card: $4.70
  • ANZ Access Advantage: $30
  • Citibank Global Currency: $25
  • CommBank Smart Access: $30
  • ING Orange EveryDay: $25
  • NAB Personal: $30
  • WestPac Classic Plus: $30

Fees to withdraw $250 using a debit card every month

AUD → EUR: TransferWise debit card does not charge at all

  • TransferWise debit card: $0
  • ANZ Access Advantage: $12.50
  • Citibank Global Currency: $6.25
  • CommBank Smart Access: $12.50
  • ING Orange EveryDay: $2.50
  • NAB Personal: $12.50
  • WestPac Classic Plus: $12.50

AUD → GBP: TransferWise debit card does not charge at all

  • TransferWise debit card: $0
  • ANZ Access Advantage: $12.50
  • Citibank Global Currency: $6.25
  • CommBank Smart Access: $12.50
  • ING Orange EveryDay: $2.50
  • NAB Personal: $12.50
  • WestPac Classic Plus: $12.50

AUD → NZD: TransferWise debit card does not charge at all

  • TransferWise debit card: $0
  • ANZ Access Advantage: $12.50
  • Citibank Global Currency: $6.25
  • CommBank Smart Access: $12.50
  • ING Orange EveryDay: $2.50
  • NAB Personal: $12.50
  • WestPac Classic Plus: $12.50

AUD → USD: TransferWise debit card does not charge at all

  • TransferWise debit card: $0
  • ANZ Access Advantage: $12.50
  • Citibank Global Currency: $6.25
  • CommBank Smart Access: $12.50
  • ING Orange EveryDay: $2.50
  • NAB Personal: $12.50
  • WestPac Classic Plus: $12.50

Fees to send $250 using TransferWise

On average, it’s 9x cheaper to send money internationally with TransferWise compared to the banks in Australia — ANZ, NAB, Citibank, CommBank and Westpac. ING Orange Everyday account does not offer send money service.

AUD → EUR: TransferWise is on average 16x cheaper

  • TransferWise upfront fee: $1.17
  • TransferWise exchange rate mark up: $0
  • Average banks upfront fee: $8.25
  • Average banks exchange rate mark up: $10.02

AUD → GBP: TransferWise is on average 6x cheaper

  • TransferWise upfront fee: $2.60
  • TransferWise exchange rate mark up: $0
  • Average banks upfront fee: $8.25
  • Average banks exchange rate mark up: $8.51

AUD → NZD: TransferWise is on average 8x cheaper

  • TransferWise upfront fee: $2.17
  • TransferWise exchange rate mark up: $0
  • Average banks upfront fee: $8.25
  • Average banks exchange rate mark up: $9.89

AUD → USD: TransferWise is on average 6x cheaper

  • TransferWise upfront fee: $3.05
  • TransferWise exchange rate mark up: $0
  • Average banks upfront fee: $8.25
  • Average banks exchange rate mark up: $9.92

Fees to send $1,000 using TransferWise

On average, it’s 9x cheaper to send money internationally with TransferWise compared to the banks in Australia - ANZ, NAB, Citibank, CommBank and Westpac. ING Orange Everyday account does not offer send money service.

AUD → EUR: TransferWise is on average 11x cheaper

  • TransferWise upfront fee: $4.68
  • TransferWise exchange rate mark up: $0
  • Average banks upfront fee: $12
  • Average banks exchange rate mark up: $40.08

AUD → GBP: TransferWise is on average 7x cheaper

  • TransferWise upfront fee: $6.33
  • TransferWise exchange rate mark up: $0
  • Average banks upfront fee: $12
  • Average banks exchange rate mark up: $34.04

AUD → NZD: TransferWise is on average 9x cheaper

  • TransferWise upfront fee: $5.68
  • TransferWise exchange rate mark up: $0
  • Average banks upfront fee: $12
  • Average banks exchange rate mark up: $39.53

AUD → USD: TransferWise is on average 8x cheaper

  • TransferWise upfront fee: $6.56
  • TransferWise exchange rate mark up: $0
  • Average banks upfront fee: $12
  • Average banks exchange rate mark up: $39.68

Monthly account fees

  • TransferWise: $0
  • ANZ Access Advantage: $5
  • Citibank Global Currency: $0
  • CommBank Smart Access: $4
  • ING Orange Everyday: $0
  • NAB Personal: $0
  • WestPac Classic Plus: $5

Thinking of using TransferWise? Check out our product disclosure statement first. This advice has been prepared without taking account of your individual objectives, financial situation or needs. Before acting on the advice, you should consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. TransferWise Australia Pty Ltd is registered at Level 40, Gateway, 1 Macquarie Place, Sydney NSW 2000. TransferWise Limited is registered at 6th Floor, TEA Building, 56 Shoreditch High Street, London, E1 6JJ, United Kingdom and is the parent company of TransferWise Australia Pty Ltd. In Australia, TransferWise Ltd holds an Australian Financial Services Licence (AFSL 456295) issued by the Australian Securities and Investments Commission (ASIC). TransferWise Australia Pty Ltd is an authorised representative of TransferWise Ltd AFSL (authorised representative number: 001269088).

The TransferWise Platinum debit Mastercard® is issued by TransferWise Australia Pty Ltd. under license by Mastercard Asia/Pacific Pte. Ltd. For full conditions of use refer to transferwise.com/legalstuff. Mastercard is a registered trademark, and the circles design on the card is a trademark of Mastercard International Incorporated.

TransferWise is the smart, new way to send money abroad.

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