GMT money transfer and exchanges

What do GMT Money Transfer exchange rates compare?

GMT Money Transfer regularly updates its exchange rates throughout the day to reflect changing market conditions. By cutting out the middleman in foreign exchange transactions and using modern technology during the transfer process, GMT claims it is able to save on operating costs and therefore, pass those savings on to its customers.

Usually offering rates better than you can find from the banks, GMT allows customers to view its current exchange rates when you click on ‘Go to site’. You can see a snapshot below.

How much does it cost to transfer money with GMT Money Transfer?

The fees that apply to your GMT Money Transfer transaction will vary depending on where you are sending your money, how much money you send and the transfer method you select. For example, the following fees apply to transfers to India:

• Transfer amounts of $0 to $2,499 attract a $5 fee
• Transfer amounts of $2,500 or above to not attract any transfer fees

Transfers to Pakistan, meanwhile, do not attract any fees but transfers to the Philippines will attract a fee of either $5 (if you send up to $500) or $10 (when you send $501 or above). A flat transfer fee of $10 applies when you send funds to Bangladesh, Nepal or Sri Lanka, while other charges may be imposed by overseas banks or if you amend a transaction.

What's the minimum transfer amount and available countries?

There is no specified minimum transfer limit listed on the GMT Money Transfer and Exchange website. Transfers of more than $25,000 are allowed if you contact GMT Money Transfer directly.

GMT offers support for the following currencies:

What types of transfers can you carry out with GMT Money Transfer?

There are two types of transfers that can be carried out with GMT:

• Bank account deposits. The funds you send will usually arrive in your recipient’s overseas account within 1-2 business days.
• Cash pickup. The funds you send will typically be available for collection from an agent location within 10 minutes.

Transfers can be lodged online through the GMT Money Transfer website. If you ever need assistance with a transfer, GMT offers phone, fax, email and live chat customer support.

What's the registration and transfer process?

Before you can send money overseas with GMT Money Transfer you will need to fill out an application form. You can apply through the GMT website or submit your completed application form in person, by email or by fax.

In order to send a transfer you will need to provide:

• Transaction details. This includes the amount you wish to send and the currency you will be sending.
• Sender details. Provide your name, address, contact details, photo ID, occupation and the purpose of your transfer.
• Beneficiary details. Provide the name, address, contact details, occupation and bank account details (if required) of your recipient.
• Payment details. Choose whether you would like to make a bank deposit or for your recipient to receive their funds in cash. GMT has more than 1,000 affiliated offices worldwide.

What are the pros and cons of using a GMT Money Transfer?

What other products and services does GMT Money Transfer offer?

GMT Money Transfer concentrates its activities solely on handling international money transfers and foreign exchange services.

Questions asked by users

• Is there an app available to lodge transfers?

  Yes, the GMT Money Transfer app is available from both the Google Play store and the Apple App Store.

• How quick can my funds be delivered if I choose the cash pickup option?

  In many cases the funds you send will be available for collection in your destination of choice within 10 minutes.

• How long will it take for my funds to be delivered if I send a bank account deposit?

  Once GMT receives your cleared funds into its bank account, those funds will usually be delivered to your recipient’s account within 1-2 working days.

• How can I view GMT Money Transfer’s current exchange rates?

  These rates are available for viewing on the right-hand side of the GMT Money Transfer homepage.

• Can I pay for a transfer using credit card or BPAY?

  Yes, GMT Money Transfer accepts both of these payment methods.

• How much money do I need to send to India in order to avoid paying a transfer fee?

  You will need to transfer an amount in excess of $2,500 to an Indian bank account in order to take advantage of the fee-free option.