Example: Debbie's debt
Debbie moved to Australia from the UK in mid-2019, leaving behind a £1,500 personal loan debt. After a couple of months working in Australia and getting her finances in order, Debbie has saved enough money to pay off the amount she owes. She initially plans to send the funds straight from her account with a major Australian bank back to her old bank account, but she decides to compare her options and see if a money transfer company can offer a better deal.
The results of her comparison are shown in the table below. As you can see, Debbie can save $138.30 if she sends the transfer via an online money transfer company rather than from her bank. This shows just how important it is to shop around for the best exchange rate and lowest transfer fees.
* This is a fictional, but realistic, example.