Find the best AUD/EUR exchange rate today with low transfer fees when you send money to Europe from Australia.
If you need to send an international money transfer to a country in the Eurozone, it’s essential that you lock in the best available exchange rate. If you take the time to compare money transfer providers before sending any money overseas, you can get the best value for your money. The table below lists some of the best services you can use to send money to India. Sort through different services using the table headings and click 'More' to read a review of the product, or 'Go to Site' when you're ready to transfer money.
So how do you know when it’s the best time to send money from Australia to Europe? Let’s take a closer look.
Compare some of the best AUD/EUR exchange rates
What happens when I submit this form?
After you've submitted your details, a TorFX consultant will contact you via the phone number you've provide for a free consultation. You will typically receive a response within one business day.
TorFX are international money transfer specialists and have an office based in Surfer's Paradise Queensland and have the AFS Licence number 246838. We will not collect your personal information unless it's necessary to provide the information, advice or service you've requested and, where possible, you'll be able to use our services anonymously.
Why would I want to use this form?
If you have never transferred money before or have a large amount of money to transfer (like paying back an overseas home loan or receiving an inheritance), you may feel more comfortable speaking to a person instead.
What is the "best" exchange rate?
When sending money from Australia to Europe, the best exchange rate is one that allows you to buy the highest number of Euros (EUR) for your Australian dollars. For example, an AUD/EUR exchange rate of 0.754 is better than a rate of 0.744, as it allows you to purchase a higher number of Euros.
AUD/EUR: How to get the best value for money
There are two important factors to consider before you send money from Australia to Europe:
- The exchange rate. You need to time your transfer just right to take advantage of when the exchange rate is at its highest.
- The money transfer provider. You will need to shop around for the money transfer provider that offers the best AUD/EUR exchange rate and charges minimal transfer fees.
Choosing the right transfer provider
To select the best money transfer provider for you, you’ll need to compare the services offered by a range of transfer companies. There are three main options available when you want to send money to Europe from Australia:
- Online transfer providers. These companies, such as TransferWise and World First, offer fast and safe online transfers all over the world.
- Cash pick-up transfer providers. Western Union and MoneyGram both operate extensive worldwide transfer networks, allowing you to send cash to hundreds of thousands of money collection points all around the globe.
- Banks. The third option, and typically the one that offers the lowest exchange rates and highest fees, is to send the international money transfer directly from your Australian bank account to an account held in a Eurozone country.
Don’t assume that just because the AUD/EUR exchange rate is at a high point that you will automatically be given a great rate for your transfer. Rates vary substantially from one provider to the next based on the “margin” between the price at which they purchase currency and the price at which they sell it on to you. At the end of the day, these providers need to make money. For example, banks tend to offer far inferior exchange rates to those offered by specialist online transfer companies, so choosing the wrong company to handle the transaction could leave a big dent in your bank balance. With this in mind, remember to shop around and obtain quotes from competing transfer providers before you choose one.
bank vs money transfer provider vs cash pick-up providerOphelie is studying and working part-time in Australia for two years, but she regularly sends some of the money she earns down under back home to her loved ones in Belgium. Although she usually sends these transfers from her “Big Four” bank account, Ophelie realises that there are specialist money transfer providers who might offer a better deal. She compares the cost of sending AUD$1,000 to Belgium via her bank, a cash transfer company and an online transfer company.
|Bank||Cash transfer company||Online transfer company|
|Exchange rate||1 AUD = 0.6583 EUR||1 AUD = 0.6528 EUR||1 AUD = 0.6990 EUR|
|Transfer method||Bank transfer||Cash pick-up||Online transfer|
|Processing time||2–5 days||10 minutes||2 days|
|Amount sent (in AUD)||$1,000||$1,000||$1,000|
|Amount received (in EUR)||€658.30||€652.80||€699|
As you can see, just a small variation in the exchange rate can make a big difference to the amount your beneficiary receives. By using a specialist online transfer provider, Ophelie can send €46.20 more than if she uses a cash transfer company, or €40.70 more than if she uses her bank. She can also save $53 (vs the cash transfer provider) or $15 (vs the bank) in fees.
Ophelie’s example shows just how important it is to compare money transfer providers and shop around for the best exchange rate. You should also consider transaction fees, transfer methods, processing times and a range of other factors when comparing transfer providers, so find out more in our guide to international money transfers.
Tips to help you get the best AUD/EUR exchange rate
Keep these tips in mind to ensure that you find the highest exchange rate on offer:
- Monitor the mid-market rate. Visit a currency conversion website like XE to check the current mid-market AUD/EUR rate. This will give you a better idea of whether or not a transfer provider is offering a good deal.
- Be wary of calculators. Some transfer providers offer handy calculators to help you work out the cost of your transaction, but be warned: these calculators often use the mid-market exchange rate, not the rate provided to customers. To get an accurate idea of how much your transfer will cost, ask for a quote.
- Use forward contracts and limit orders. Forward contracts allow you to lock in an exchange rate now for a future transaction, providing protection if rates look like they might drop in the future. Limit orders allow you to specify the exchange rate you want; your transfer will then automatically be sent when that rate becomes available.
- Send large transfers. Rather than sending several small transfers and paying a transaction fee each time, send one large transfer and pay only one fee. Some companies will even waive their fees on large transfers, while others may offer better exchange rates on big transactions.
Now that you've found the best money transfer provider for your needs, let’s examine the historical performance of the AUD/EUR exchange rate to get an idea of how you can find the best time to send money to Europe. Of course, past historical performance is not an accurate prediction for future performance.
Australian dollar to euro exchange rate history
As the official currency of Australia, the Australian dollar (AUD) replaced the Australian pound in 1966. The AUD started out as a fixed currency but had all foreign exchange controls removed by the end of 1983. Since being fully introduced across the Eurozone in 2002, the euro (EUR) has been valued much higher against the AUD. In the period from 2002 to September 2015, the value of the AUD ranged from €0.47 to €0.86, with an average of €0.65.
The AUD reached its highest points in July and August of 2012 when the Eurozone battled through a global recession. While the value of the EUR fell relative to most major currencies, the Australian economy avoided a recession, leading to a strong AUD at the time. During 2016, 1 AUD has traded at between €0.62 and €0.71 EUR, with the highest valuations coming in the second half of the year as the AUD steadily rose in value.
Where is the euro accepted?
The euro is the official currency of the Eurozone and is accepted in the following countries:
- The Netherlands
When can I find the best AUD/EUR exchange rate?
The value of any given currency pair will fluctuate all the time, whether it’s the AUD/EUR exchange rate or the AUD/USD, GBP/EUR or any other combination. For a graphic demonstration of just how much rates can fluctuate, take a look at a 10-year graph that shows the historical performance of the AUD/EUR exchange rate. Taking the ups and downs of the exchange rate into account, sending an international money transfer when the rate is at its peak provides much better value for money.
For example, let’s assume that you wanted to send $1,000 from Australia to France in 2016. If you sent your money in February when exchange rates were at their lowest, you would have only got 0.62 EUR for every 1 AUD. However, fast-forward to April and the exchange rate had risen substantially to 1 AUD = 0.68 EUR. Further, if you had waited until November when 1 AUD traded as high as 0.71 EUR, you could have enjoyed even better value for money.
|February 2016||April 2016||November 2016|
|Transfer amount (in AUD)||$1,000||$1,000||$1,000|
|Exchange rate||1 AUD = 0.62 EUR||1 AUD = 0.68 EUR||1 AUD = 0.71 EUR|
|Amount received (in EUR)||€620||€680||€710|
By sending a transfer in November rather than May, you could have sent an extra €90 back home to your loved ones in France – and all by transferring the exact same amount in AUD.
How do I know when to transfer AUD to EUR?
If you’re searching for the best time to transfer AUD to EUR, you will want to wait until the AUD is valued as highly as possible against the EUR. Of course, it can be very difficult to predict how any given exchange rate will perform in the weeks and months ahead, as everything from interest rates and inflation to political changes and economic growth can influence exchange rates. But while forecasting exchange rate performance is far from easy, you can still educate yourself about the intricacies of the AUD/EUR exchange rate so you can better predict when it will rise or fall.
Monitor political and economic developments in Australia and the Eurozone, and keep up to date with reports from financial experts about the performance of exchange rates. Taking a look back at the past performance of the AUD/EUR exchange rate is also recommended. The best time to transfer AUD to EUR is obviously when the value of the AUD/EUR exchange rate peaks. This means that your Aussie dollars will give you maximum purchasing power to buy as many euros as possible. As the graph below shows, the best times to transfer money from Australia to the Eurozone in the year leading up to 17/11/2016 were:
- In December 2015, when 1 AUD = 0.68 EUR
- In April 2016, when 1 AUD = 0.68 EUR
- In August 2016, when 1 AUD = 0.69 EUR
- In October/November 2016, when 1 AUD = 0.70–0.71 EUR
*Screenshot taken from xe.com, 17/11/2016
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