Find the best exchange rate and save money when your business pays the bills with an international money transfer.
To maximise profits and the potential of your business, sometimes you need to look outside of Australia to find the best services. From IT consultants and accountants to lawyers and public relations firms, in some cases the best advice for your business can be found overseas.
Compare some of Australia's best money transfer exchange rates
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Can’t find what you’re looking for? Have a TorFX currency expert contact you for free
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.
See exchange rate updates in real-time
|1 USD =||1.0000||1.2543 Inverse: 0.7973||1.2333 Inverse: 0.8108||0.8365 Inverse: 1.1955||6.5898 Inverse: 0.1518||0.7410 Inverse: 1.3496||64.7890 Inverse: 0.0154||17.7410 Inverse: 0.0564||50.6200 Inverse: 0.0198|
|1 AUD =||0.7973 Inverse: 1.2543||1.0000||0.9833 Inverse: 1.0170||0.6669 Inverse: 1.4995||5.2538 Inverse: 0.1903||0.5907 Inverse: 1.6928||51.6533 Inverse: 0.0194||14.1441 Inverse: 0.0707||40.3570 Inverse: 0.0248|
|1 EUR =||1.1955 Inverse: 0.8365||1.4995 Inverse: 0.6669||1.4744 Inverse: 0.6783||1.0000||7.8778 Inverse: 0.1269||0.8858 Inverse: 1.1289||77.4521 Inverse: 0.0129||21.2085 Inverse: 0.0472||60.5137 Inverse: 0.0165|
|1 GBP =||1.3496 Inverse: 0.7410||1.6928 Inverse: 0.5907||1.6645 Inverse: 0.6008||1.1289 Inverse: 0.8858||8.8936 Inverse: 0.1124||1.0000||87.4392 Inverse: 0.0114||23.9432 Inverse: 0.0418||68.3167 Inverse: 0.0146|
But if you do enlist professional services from an overseas firm, finding the most affordable way to pay for those services is crucial to your bottom line. Read on to find out how your business could save thousands of dollars by using the right international money transfer provider to help pay your overseas bills.
What professional services do businesses often source internationally?
Australian businesses often look overseas to source a wide range of professional services including:
- Tax advisers
- Graphic designers
- IT consultants
- Investment managers
- Management consultants
- Public relations
- Recruiting services
- Software programmers
- Web designers
This is far from an exhaustive list. Depending on the nature of your business, there are plenty of other professional services you may need to source from outside of Australia.
How to pay for professional services from overseas
One of the downsides of hiring professional services from overseas is that paying for those services can come with an additional expense. Whenever you send money overseas there are two costs you need to consider:
- The exchange rate. This rate reflects the value of the Australian Dollar (AUD) against the local currency of the country where you’re transferring funds. International transfer providers turn a profit by adding a margin on top of the mid-market exchange rate before selling foreign currency on to you.
- The transfer fee. Many providers require you to pay an additional transaction fee before you can send money overseas. In most cases this is a flat fee, but some providers will charge this fee as a percentage of your total transfer amount.
Unless you know how to find an international money transfer provider that offers a fair exchange rate and low transfer fees, sending money overseas to pay for professional services can leave a big dent in your bottom line.
Banks vs online money transfer providers
Many business owners don’t even think to compare their transfer options when sending money overseas. If you do all your business banking with one particular bank it makes sense that you would use that bank whenever you need to send money overseas.
Unfortunately, banks offer a bad deal for anyone looking to send an international money transfer. Not only do they charge higher transfer fees than many other providers, but they also offer some of the worst exchange rates going around. This can add up to a significant extra cost for your business and could influence your decision of where to source professional services.
However, there’s one simple thing you can do to save money when sending funds overseas: use an online transfer company. These providers are specialists at exchanging foreign currency and their lower margins mean they can offer far superior exchange rates to the banks. Their transfer fees also tend to be lower and are sometimes waived altogether on large transfers.
This can lead to big savings for your business as demonstrated in the case study below.
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Case study: The importance of comparing
Jeremy’s IT consultancy firm has run up a bill of GBP£10,000 with a UK-based accounting firm. Although Jeremy initially plans to send the necessary money from Australia to the UK via a wire transfer from his business account with a major bank, the exchange rate his bank quotes him is well below the mid-market rate.
Jeremy decides to compare the cost of sending the transfer via his bank with the cost of using a specialist transfer company.
|Bank||Money transfer company|
|Exchange rate||AUD$1 = GBP£0.5392||AUD$1 = GBP£0.5702|
|Total savings (including transaction fees)||AUD$1,021.90|
As you can see, by choosing the higher exchange rate and the lower transfer fee from the money transfer company, Jeremy can save AUD$1,021.90 compared to sending the same amount via his bank.
This shows just how important it is to compare money transfer providers and to shop around for the best exchange rate. Depending on the size of your transaction, even a simple comparison could save you thousands.
How to compare transfer providers
Make sure to consider the following factors when deciding on the right transfer provider to help you pay for overseas professional services:
- Exchange rates. Make sure you compare your options and shop around for the best exchange rate. Also remember that while one provider may regularly offer a great exchange rate on transfers to a particular country, that doesn’t necessarily mean that it will offer the best value for money when you need to send funds elsewhere.
- Transaction fees. In many cases you will need to factor the transaction fee into your calculations when working out the total cost of the transfer. However, some online transfer services waive their fees on large transfer amounts, so it’s worth contacting these providers for information on their fee-free thresholds.
- Forward contracts. Does the provider offer forward contracts, giving you the flexibility to secure an exchange rate today for a transaction that could take place in a few months or even more than a year’s time?
- Limit orders. Check to see whether you can place a limit order, where you nominate the exchange rate that you want for a transfer and then let the provider monitor foreign exchange markets until your rate becomes available. When it does, the transfer is automatically sent.
- Regular payments. Does the provider offer a facility for regular payments? This can help you save time and schedule payments in advance, which is very handy if you have a large bill to pay off or need to make ongoing payments.
- Number of currencies available. How many currencies does the provider allow you to make transfers in? Will you be able to easily send funds to any country where you source professional services?
- Transfer time. It’s vital that all fees for professional services are paid on time, so make sure you know how long it will take for the money you send to make it into your recipient’s account.
- Personal account manager. Does the provider offer a foreign exchange expert to personally manage your account? This can be particularly useful if you ever need to send a sensitive business transaction or if you need personalised assistance.
- Customer support. Make sure you can quickly access customer support (via phone, email, live chat and even an online help centre) if you ever have a question about your account.
By considering all of these critical factors, you’ll be able to find the best transfer provider to help you send an international money transfer to pay for professional services.