With many successful startups originating from its local entrepreneurs, Australia has a vested interest in cultivating future business and tech relations with this small country between Poland and Russia.
Although imported services aren’t at a high in the current two-way trade relationship which is at AUD$5.1 million, the growth of young companies in the online environment shows potential increases in growing service imports to Australia. This growth is valued at a current year-on-year growth of 33.3%.
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Compare money transfer companies when sending USD or EUR to Belarus
Victor is part of an upstart, online journalism platform, that faces severe oppression like many of the free press movements in Belarus.
Whilst in Australia, he plans on doing some freelancing journalism to increase the capital available for their small startup.
He uses a benchmark amount of 1,000 AUD and compares the following services that will send the money in either USD or EUR. Most of the transfer companies only send in these currencies and the few that do send in BYR means that the amount received will be a couple of million due to the exchange rate of the BYR compared to the AUD.
This means that comparing in USD as below (still received in Belarus) makes for easier data comparisons in the case where Victor is considering different service options.
What features or components do you use to compare money transfer companies that will send money to Belarus?
Exchange Rates. When comparing rates for sending money Belarus, view the rates between the AUD, USD, EUR and BYR. With many of transfer services you will most likely use three of the four. USD and EUR can be used in Belarus but will need to be exchanged for BYR eventually.
Pickup Methods. Some money transfer services will allow you to send BYR to a bank account and others will have to be a cash pickup at an agent in the form of USD or EUR.
Fees. Fees will be lower for transfers to a bank account that takes a couple of days and higher for emergency cash transfers.
Turnaround Time. Receiving money to a bank account in Belarus will take a couple of days but with cash pickups the money can transferred and ready to use for further conversion in minutes.
Transfer Methods. Money can be sent using an online account, phone, agents or even through a mobile app.
Transfer Options. Depending on which service you use, some of the transfer options include recurring payments, spot contracts, booked rates, and once off payments.
Minimum/Maximum Transfer Amounts. These can range between 250 AUD, 1,000 AUD or 5,000 AUD. Be sure that a low minimum doesn’t have a low maximum attached.
Customer Service. With most of the available companies you can expect phone and email support that is world class. Some of the companies also boast online chat support.
How will Victor send money to Belarus when he is stationed in Australia?
Most of the money transfer services will allow a recipient to get money in USD or EUR for cash pickup and not in BYR. These currencies can be converted in Belarus for the BYR but needs to be brand new currency. See tips lower down in the article for further advice on this.
Banks - Check if your bank offers international money transfer services to Belarus. Each bank charges their own fees. You will need a SWIFT or BIC code and IBAN number.
Paypal - you can use Paypal for international payments and transfers when you have two supporting markets. Belarus and Australia in this instance are both supported markets. This means the money can be converted to the available currencies on Paypal and which is used for transfers.
How will Victor receive money from Belarus when he is in Australia?
Money transfer services - companies like Moneygram and Western Union will allow Victor’s associates to send him money in Australia, but they will need to first get USD or EUR and send it cash through an agent or have it on a currency card with which they do it online. He can also receive money in a bank account if he creates one that is compatible with receiving money from Belarus.
When picking up cash in Belarus, you will receive the money in USD or EUR. When you take the money to a local exchange bureau as noted above, you will need to present new and unmarked currency for exchange.
Some places will accept USD and EUR, but not all of the places you might visit. If you are new to Belarus cities, it is advised to check out how safe the areas are where you want to pick up your cash.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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