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Situated on the shores of the Adriatic Sea, Montenegro is famous for its medieval history, spectacular mountains and picture-postcard coastline. The Balkan nation was once a part of Yugoslavia and is home to a population of more than 620,000 people.
If you need to send money from Australia to Montenegro, do your bank balance a favour and shop around for the most affordable and convenient transfer option you can find.
When you need to send an overseas money transfer, you might think that the best way to complete the transaction is via your bank. But while banks certainly offer a convenient option, they don’t offer a cheap one — the low exchange rates and high fees they offer simply work out to be too costly.
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Instead of sending funds through your bank, compare your options to see whether you can find a more affordable deal from a specialist money transfer company, such as OFX or CurrencyFair. These providers trade high volumes of foreign currency and can therefore offer much better exchange rates than the banks. They also charge lower fees, so doing a quick comparison between transfer providers can save you a whole lot of cash.
Ivan’s wife Karina stayed behind in Montenegro while Ivan was posted to Australia to work for six months. With the bills piling up at home, Ivan wants to send his wife $1,000 to help her take charge of the family finances. Instead of taking the rubbish exchange rate offered by his bank, Ivan decides to compare two specialist money transfer companies to see if a better deal might be available.
As the comparison table below shows, while the first transfer company can save Ivan AUD $3 in transfer fees, the better exchange rate offered by the second company allows him to send almost €20 extra.
| Money transfer company 1 | Money transfer company 2 | |
|---|---|---|
| Exchange rate | 1 AUD = 0.6067 EUR | 1 AUD = 0.6266 EUR |
| Transfer fee | $0 | $3 |
| Transfer method | Online bank account transfer | Online bank account transfer |
| Processing time | 1-3 days | 1-3 days |
| Amount received (in EUR) | €606.70 | €626.60 |
Today's exchange rate AUD to EUR
When you need to get money to a friend or loved one in Montenegro as quickly as possible, an emergency cash transfer is the way to go. Some companies offer overseas transfers that can be completed within minutes, which is extremely convenient, but make sure you’re aware that these types of transfers will cost you more. High transaction fees and lower exchange rates usually apply, so review the full cost of a transaction before you commit yourself.
Western Union operates a substantial cash transfer network that includes several locations in Montenegro. Some popular pickup locations are listed below - make sure you’ve got photo ID and a transaction reference number handy when you go to collect funds.
Regardless of whether you’re in Montenegro or Melbourne, it always pays to take a few simple safety precautions when picking up cash:
Although the transfer process varies from one provider to the next, you will usually have to:
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