In 2012 to 2013, close to 24,000 French citizens took advantage of the working holiday maker program using a specialised visa. France is also a large source of international tertiary students in Australia and had over 4,000 enrollments in 2013.
There is also a growing investment interest from French nationals who invested over $15 billion Australian Dollars (AUD) in 2013 of which $5.5 billion was from foreign direct investment (FDI). Tourism is high between the nations as well, with visitors coming and going to and from both countries.
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Before settling down after university, Tonio, a Paris native, would like to spend time abroad. Hearing of the working holiday maker program he sees Australia as a good opportunity to learn how to surf and work at the same time.
The only concern Tonio has is continuing to pay his student loan while abroad. He does some research online to see how much it would cost to send $1,000 AUD to France monthly, and how many Euro (EUR) that would exchange to.
Money transfer company
1.00 AUD = 0.6881 EUR
1.00 AUD = 0.71773 EUR
Amount for $1,000 AUD
Three to five business days
One to three business days
+ 14.49 EUR
Tonio finds out that sending money through the money transfer service will his money to France quicker, and save him almost 15 EUR per month (over 170 EUR in a year).
Turn fee money into your money by comparing transfer options effectively
There are a number of things to consider when transferring money from Australia to France as you can see from Tonio’s example. To ensure that you are getting the service you want at the best value look closely at the following:
Exchange rate. Exchange rates will fluctuate with the market, so this is something you will need to look at frequently. Always apply it to a larger Australian Dollar amount to see the true difference in value.
Fees. As you can see from the above example, there could be a significant difference in the amount of fees you're charged. This amount may also change if you send higher dollar amounts.
Transfer options. Banks can offers the convenience of completing the transfer online, while some transfer companies require you to go to their office.
Pick up options. As with the transfer, this is a matter of personal preference and ease for the person who will be receiving the money.
Turnaround time. If sending money in an emergency situation, the transfer company is the best option.
France is one of the most visited countries in the world, including approximately 100,000 Australians annually. If you are travelling in France and are robbed of your cash, you have a few ways of replacing at least a portion of it for the rest of your trip:
Money transfer company. With your Australian passport and the tracking code, you will be able to pick up cash from a money transfer agency that has been sent to you from Australia.
Emergency cash from your credit card. A credit card may have an international travel insurance that will cover you for lost cash while traveling abroad. They will make arrangements for you to receive that money.
Travel insurance. An insurance policy is always recommended when traveling abroad. In the event that you are robbed, this policy could cover the cash that was lost and send you a replacement. Remember to save a police report to use when filing your claim.
If you are visiting France and need to travel to a cash pick up agency, call ahead to confirm their hours and to ensure that they have enough cash available. The Department of Foreign Affairs and Trade recommends that tourists practice normal safety precautions, but when picking up cash you should heighten your awareness of your surroundings and choose an agency in a well trafficked area.
If using a money transfer service to send money to France from Australia the company you choose will dictate whether the transaction is completed online or at an agency. In either event you are going to need to following information:
Recipient name. When picking up cash, the recipient is going to have to show a photo identification. The name on that ID must be the same as the name on the transfer request.
Complete address. You will be asked to give the mailing address of your beneficiary.
Contact information. The phone numbers of both you and the recipient.
Security question. For added security you could request that the recipient be asked a question created by you.
A reference number will be given to you at the end of the transaction that you will need to give to your friend or family member in France. Make sure that you save that paperwork in the event of a dispute. As the amount of young people coming to Australia to work and vacation from France continues to rise, the need for reliable means of transferring money will grow. By going over the choices you have carefully, you can find the company that stretches the Australian Dollar further in Euros.
Marc Terrano is the lead publisher of Points Finder and a co-host of the Pocket Money podcast. He was previously a writer and publisher for home loans at Finder. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help Australians get the best value for their money.
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