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It's fairly common for people in Australia to send large amounts of money abroad, and the best way to do that will depend on your specific situation. Taking into consideration things like speed, tax regulations, fees and more is important when making your decision.
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International money transfer specialists exist to make the process of sending money overseas faster and more straightforward. Transfer specialists often offer some of the most competitive exchange rates for your transfer, and many transfer specialists charge far lower fees than what you'll find at your bank.
Or if you'd rather compare money transfer specialists yourself, use our comparison table by entering the amount you want to send, selecting your destination and clicking Calculate.
Being able to send money for cash pickup is a convenient way to complete your international money transfer, particularly if you or your recipient is under or unbanked. Companies that offer cash-to-cash transfers include Ria Money Transfer, MoneyGram, Western Union and more.
Most banks are able to initiate an overseas transfer, but they tend to be the most expensive option. For small transfers, the familiarity and ease of using your local bank can be worth the fees and unfavorable exchange rate, but for large transfers, you'll see a noticeable cut taken from your transfer.
An international bank draft is issued by a bank on behalf of the payer and 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, as funds are immediately converted when the international bank draft is created.
If you hold cryptocurrency, you can send it to a wallet anywhere in the world. Many cryptocurrency exchanges will also let you trade cryptocurrency for fiat currency, such as euros, US dollars and AUD. That means that it's possible to exchange Australian dollars for a cryptocurrency, like Bitcoin, and then trade your cryptocurrency for a different fiat currency, like euros. But that doesn't mean it's a simple process.
Cryptocurrency for international money transfers: How it works
The basic process for transferring money overseas using cryptocurrency is:
You'll likely encounter percentage-based fees at each step, making cryptocurrency an expensive way to send money.
The best option depends on your specific circumstances. But overall, using a money transfer specialist may end up being your least expensive option. To get a baseline of what your transfer could cost, compare a few different money transfer specialists. Using your bank is convenient, but you'll almost always save money by exploring other options that have lower fees and offer stronger exchange rates.
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Get today’s best Australian to US dollar exchange rates before you send money overseas.
Beat the banks, find the best exchange rates and avoid fees when you send money abroad from Australia.
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