professional services

Using an international money transfer to pay for professional services

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

Rates last updated August 22nd, 2018
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
AUD 200
1 day
Online, Phone, Agent
TorFX guarantee to match any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies. Once registered, you'll be assigned an Account Manager who can provide support and guidance.
OFX (Ozforex) International Money Transfers
AUD 250
1 day
Online, Phone, Agent
$0 transfer fees for Finder customers.
Transfer any amount from $250 upwards. $0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
WorldFirst International Money Transfers
AUD 2,000
1 day
Online, Phone
Access live rates, currency converter and market updates via the WorldFirst Money Transfer mobile app. No transfer fees for personal or business customers.
FC Exchange International Money Transfers
AUD 3,000
1 day
Online, Phone, Bank Account to Bank Account
FC Exchange will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
XE International Money Transfers
AUD 0
1 day
Online, Phone, Bank Account to Bank Account
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators, while benefiting from $0 transfer fees.
ANZ International Money Transfer
AUD 0
1 - 2 days
Online, Phone, Bank Account to Bank Account
Transfer to over 99 countries via online banking, phone banking or through an ANZ Bank branch. Rate last updated on 17/08/2018 at 1:30 pm. Find out how we calculate this exchange rate.
HiFX International Money Transfers
AUD 50
2 days
Online, Phone, Agent
Transfer amounts as low as $50. No maximum transfer amount. No transfer fees if you transfer more than AU$10,000.
Foremost Currency Group
AUD 1,000
1 day
Online, Phone, Agent, Bank Account to Bank Account
Trade over 40 currencies with no transfer fees with Foremost Currency Group.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

*The offers compared on this page are chosen from a range of products finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms "Best" and "Top" are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options. Our foreign exchange experts offer a best rate guarantee, are ASIC authorised and never charge transfer fees.

They can help you with all your needs including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting

See exchange rate updates in real-time

Refreshing in: 60s | Wed, 22 Aug 01:11pm GMT
USD AUD CAD EUR CNY GBP INR MXN PHP
1 USD = 1.0000 1.3604 Inverse: 0.7351 1.3022 Inverse: 0.7679 0.8641 Inverse: 1.1573 6.8443 Inverse: 0.1461 0.7747 Inverse: 1.2908 69.8550 Inverse: 0.0143 18.8033 Inverse: 0.0532 53.3889 Inverse: 0.0187
1 AUD = 0.7351 Inverse: 1.3604 1.0000 0.9572 Inverse: 1.0447 0.6352 Inverse: 1.5743 5.0313 Inverse: 0.1988 0.5695 Inverse: 1.7560 51.3507 Inverse: 0.0195 13.8224 Inverse: 0.0723 39.2464 Inverse: 0.0255
1 EUR = 1.1573 Inverse: 0.8641 1.5743 Inverse: 0.6352 1.5070 Inverse: 0.6636 1.0000 7.9209 Inverse: 0.1262 0.8966 Inverse: 1.1154 80.8434 Inverse: 0.0124 21.7611 Inverse: 0.0460 61.7871 Inverse: 0.0162
1 GBP = 1.2908 Inverse: 0.7747 1.7560 Inverse: 0.5695 1.6809 Inverse: 0.5949 1.1154 Inverse: 0.8966 8.8347 Inverse: 0.1132 1.0000 90.1701 Inverse: 0.0111 24.2716 Inverse: 0.0412 68.9153 Inverse: 0.0145

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:

  • Accounting
  • Auditors
  • Actuaries
  • Tax advisers
  • Architects
  • Engineers
  • Graphic designers
  • IT consultants
  • Investment managers
  • Lawyers
  • Management consultants
  • Public relations
  • Pharmacists
  • Physicians
  • 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
Transfer fee AUD$22 AUD$4
Amount sent AUD$18,545.99 AUD$17,542.09
Amount received GBP£10,000 GBP£10,000
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.

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