- No transfer fees
- Price match guarantee
- Dedicated account manager assigned to you
- Forex tools available
It's fairly common for people to send large amounts of money abroad. The best way to do that will depend on your specific situation. When making your decision, it is important to take into consideration things like speed, fees and more.
Money transfer specialists typically offer better exchange rates and charge lower fees than Australian banks. Providers such as TorFX and OFX specialise in helping users make large transfers overseas. Their mark-ups range from 0.5% to 3% on major currency pairs and will lower their markup or waive transfer fees above a certain amount. This discourages people from splitting up transactions.
These providers also have forex tools to help you lock-in the best exchange rates. For example, if you're transferring $100,000 to the US and the Australian dollar is weak, TorFX can set up a limit order and convert money once AUD to USD hits your target rate.
While most banks are able to initiate an overseas transfer, they tend to be the most expensive option. When dealing with smaller transfers, the ease of using your local bank can be worth the fees and unfavourable exchange rate. But for larger transfers, you'll see a noticeable cut taken. It is also worth keeping in mind that your bank may have wire transfer limits in place, so you'll need to ask ahead of time if you plan on making a large international wire transfer over a certain amount.
Sending money for cash pickup is a convenient way to complete your international money transfer, particularly if you or your recipient is under or unbanked. There are several companies that offer cash-to-cash transfers including Ria Money Transfer, MoneyGram and Western Union. Finding the right company for your cash-to-cash transfer is important, so make sure to compare your options.
An international bank draft is issued by a bank on behalf of the payer. It allows another bank, typically in another country, to draw funds directly from the issuing bank. International bank drafts can be drawn in a foreign currency, removing the need to speculate on future exchange rates.
Overall, international bank drafts operate similarly to domestic orders sent within Australia, except that they are created in a foreign currency.
With some services, you can send funds via a prepaid debit card. The sender loads a prepaid debit card with cash funds. The recipient can then withdraw them using the prepaid debit card. Alternatively, you can transfer money from the prepaid card to a bank or card account.
Prepaid debit cards tend not to charge transfer fees. However, you will most likely have to pay an activation fee or monthly fee.
If you hold cryptocurrency, you can send it to a wallet anywhere in the world. Many cryptocurrencies will also let you trade cryptocurrency for fiat currency (a government-issued currency like Australian dollars or euros). Which means it is possible to exchange Australian dollars for a cryptocurrency like Bitcoin, then trade your cryptocurrency for euros.
However it's not a simple process, and you'll likely encounter percentage-based fees at each step, which makes it an expensive option. Here are the key steps to take when transferring money overseas using cryptocurrency:
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If you’re looking for a cheap and secure way to send money overseas, an international bank draft could be for you.