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Times have changed, and you have more options than ever available to you when you want to send money internationally. And more money transfer services means having more details to sift through.
Your transfer’s total cost is one important factor, but only the tip of the iceberg in getting the lowest price. Benefit from our 14+ years of money transfer experience with these key tips.
While your ideal option depends on how much you send, how you pay for the transfer and where you send funds to, some industry-wide key tips include:
Online money transfer specialists profit on your transfers in two ways: transaction fees and exchange rates. When comparing providers, look for low fees and exchange rates closest to the mid-market rate at the time of your transfer.
Most banks allow you to send money internationally, but high fees and poor exchange rates are good reasons to look elsewhere.
To put this into perspective, let’s see what a transfer with each of these options looks like. This table is current as of 6 January, 2021.
|Bank transfer||Cash transfer||Money transfer service|
|Exchange rate||1 NZD = 0.899 AUD||1 NZD = 0.930 AUD||1 NZD = 0.934 AUD|
|Transfer speed||2-5 days||Within minutes||Same day|
|Amount received||874 AUD||926 AUD||934 AUD|
The bank option is the slowest and transfers the least amount of money to your recipient. If you go with the specialist money transfer service, your recipient ends up with AUD$60 more than they would from the bank. However, if speed is what’s most important, the cash transfer can’t be beaten for nearly instant transfers.
Enter the amount you want to send, select your preferred destination and click Calculate to see how much your transfer could cost.
Fees vary widely depending on the provider you choose for the transfer. Overall, money transfer providers make money on your transfer in two ways: by marking up the exchange rate and by charging you a transfer fee.
Because nearly everyone’s sending circumstances are different, the best way to send money internationally varies. Overall, using a digital money transfer provider to complete your transfer is one of the cheapest ways to send money because the company you’re sending through has fewer overhead costs.
Yes. Even though most methods used to send money abroad require that you either have access to a bank account, a debit card, a credit card or cash, you have options.
It doesn’t have to be expensive to send money overseas, and fees differ depending on what country you send to. Countries where online money transfers are more common tend to have lower fees, while other countries may be more expensive. If possible, plan in advance to secure the best rates for your transfer.
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