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Australia and Ecuador might be separated by a vast amount of water, but relationships between the countries is popular. Ecuador has seen a steady economic growth of 3% above average over the past seven years, despite slight slumps in the last quarters of 2015. It's still classified as a developing country and according to the Australian Government's Department of Foreign Affairs and Trade, "the Australian Embassy in Santiago manages a Direct Aid Program (DAP), which provides financial support to a broad range of projects in Ecuador, including community development projects and those designed to address challenges in vulnerable communities."
Transactions between the two countries increase on a year-by-year basis, especially in merchandise and animal feeds. Merchandise is growing consistently and the total imports and exports principal destination relationship between the two is ranked at just above 50th.
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Australia annually imports over A$18 million from Ecuador and exports over A$33 million in return in the form of services. There are growing reports of potential to invest in telecommunication services and information technology but that it will require increased privatisation processes.
Although the unemployment rate has seen significant increases in the past couple of years, Kevin, a local from Quito in Ecuador, has travelled to Australia to learn from international level companies. He has been employed by an IT business in Brisbane, Australia, and he would like to send some money over to his parents in repayment of his study loans from the local bank in their hometown, Quito.
He would also like to send money to Ecuador for when he returns to start his own IT company. His dream is to employ some of the locals to export available infrastructure services for companies in Australia that want to do business in Quito. In Kevin's eyes, Ecuador shows great potential as a developing country.
He made a couple of calculations using A$1000 and drew a general comparison table (see below) to see what it would cost him to send money to Ecuador if he used a bank compared to a money transfer company.
| Money transfer company | Bank | |
|---|---|---|
| Exchange Rate | 1A$ = 0.701 USD | 1A$ = 0.675 USD |
| Transfer Fee | A$12 (average) | A$22 to 30 (dependent on online or branch transaction and may include charges from receiving parties) |
| Amount USD received in Ecuador for 1000 Australian Dollar | $691 average | $645 average |
| Transfer Time | 2 working days | 2-5 working days |
| Transfer Options (Pickup etc.) | Online, agent | Bank account |
| Difference in USD | $46 more is received | $46 less is received |
Today's exchange rate AUD to USD
It's vital for Kevin to send as much as possible money over to Ecuador without losing on costs and delaying his study loan repayments. He uses the following key factors to compare the money transfer companies and has made the data available to you:
As mentioned, Moneygram and Western Union are sure options when transferring money. They are also some of the best options when it comes to receiving money in emergency situations. Despite the high cost, it is still a service that has through time showed its worth. Below are some locations for when you need the cash asap, and tomorrow isn’t soon enough.
Tip number one is to have extra dollars on you for when things go south. Bureaux de changes aren’t around as they used to be in Ecuador. It will be a tricky situation to be in when you need the pay unforeseen fees in picking up money but you’re strapped for cash.
There are more than enough pick-up locations in urban areas so don’t test the pressure of going into unsafe areas because you’re afraid you won’t get your money in time. Always have the necessary proof that you’re picking up your own money and you’ll be good to go!
Back to topTo a bank or bank account (generally speaking):
When receiving from someone to your bank account in Australia:
When sending money from Australia using a service like Western Union, you will need the following:
When sending money from Australia using a service like MoneyGram, you will need the following:
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