How specialist money transfer services can save you money this Christmas

Adrian Tomkins 11 December 2015


Save up to $69.70 in exchange rates and transfer fees for every $1,000 sent overseas by comparing your options.

New research conducted by suggests comparing your options is now more important than ever before. When sending money overseas, specialist international money transfer services are now offering better exchange rates and lower fees than the big four banks and consumers are encouraged to find a better deal by considering the smaller players in the market. has seen a 615% increase in the number of Aussies searching for better deals (when sending money overseas), compared to 2014. This may come as no surprise with the Christmas period fast approaching and 28% of people living in Australia born overseas alongside the 60% of Australia’s population growth within the last year from overseas migration sending money back to their loved ones living in other countries.
Bessie Hassan, consumer advocate at , also attributes the sharp increase to Aussies transferring their money before the Aussie dollar falls even further. A survey completed by 29 experts earlier this year forecasted the Australian dollar to hit 71 US cents by the end of 2015 – and 67 US cents this cycle. Many Aussies could be wanting to send money overseas sooner rather than later to avoid lowering the amount being received overseas.

International businesses and online traders can also take advantage of the Australian Dollar by using specialist business transfers when repatriating funds, with services only charging 2.5% in fees, compared to Amazon that charges 4.8%.

How you can save this Christmas

A analysis has found that Australians could save on average $63 when transferring $1,000 overseas by comparing their options.


The table below shows how much you could save when sending USD from one of Australia’s big four banks, compared to an international money transfer service.

Rates correct up to 10 Dec 2015Bank (In branch)International Money Transfer Service
Exchange rate0.6899 USD for every 1 AUD0.7296 for every 1 AUD
Gross amount689.9729.6 (inclusive of fee)
Transfer fee306.96
Transfer time2-5 business days1-4 business days
Transfer optionsOnline, in branchOnline
Amount received for $1,000 (in USD)659.9USD 729.6
Difference + 69.7

As this example shows, using a specialist service to send money overseas can save you $69.70.

In the last 5 years has seen an explosion in the number of specialist international money transfer services competing in the industry. This is great news for consumers as they are able to take advantage of better exchange rates and lower fees. In addition, accessibility has improved as there is now a wider range of pick-up locations globally including: branch pick-up, bank deposit or delivery. It has now made the experience easier and more satisfying for all parties involved.

Some consumers may assume that international money transfers can only be done through their everyday banking, which is not the case. Comparing your bank option with specialist money transfer services could save you money.


Australia sent about USD$7 billion (approximately AU $9.7 billion) to other countries in 2014, placing us 12th in the world. The top three countries are listed below:

  1. United States
  2. Saudi Arabia
  3. Russian Federation

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2 Responses

  1. Default Gravatar
    jjDecember 24, 2015

    can you please suggest best way to receive an AUD $100 per week pension from UK, without it all being eaten up by bank charges.

    • Staff
      ShirleyDecember 24, 2015Staff

      Hi JJ,

      Thanks for your question.

      Please note that we are not licensed to suggest products and services.

      Using a money transfer service that specialises in regular payments would be a good place to start, please see this page for a list of them.