Hunting around for the best exchange rates and lowest fees can save you a lot of money when you need to send an international money transfer to Slovakia.
Slovakia, which is also commonly referred to as the Slovak Republic, boasts a spectacular natural landscape and a number of magnificent castles. A member of the European Union, Slovakia is a great place for Australian tourists to visit on any European adventure holiday.
If you ever need to send an international money transfer from Australia to Slovakia - maybe you need to help a cash-strapped relative buy a flight home, for example - there are plenty of companies who can offer quick and easy funds transfers. You just need to compare your options to find the transfer provider that offers the most cost-effective solution.
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While you might think the best way to send an international money transfer is via your bank, the unfortunate truth is that banks offer some of the worst exchange rates you can find for international transactions. They usually charge high fees as well, which can result in a very bad deal for you.
But recent years have seen the emergence of a number of online money transfer companies. These providers, such as OFX and Currency Fair, specialise in handling international money transfers in a fast, convenient and affordable fashion. They typically offer far better exchange rates and charge lower fees than the banks, so they’re definitely worth considering when you need to send money to Slovakia.
Money transfer companies versus banks Sam's family
Although he’s moved to Australia permanently, Sam stays in regular contact with his parents in Bratislava. With their 30th wedding anniversary fast approaching, Sam wants to send his mum and dad a gift of $1,000. In an effort to get the best possible deal for his transfer, Sam compares the money transfer services of a ‘big four’ bank with those of a specialist money transfer provider.
|Bank||Money transfer company|
|Exchange rate||1 AUD = 0.6035 EUR||1 AUD = 0.6366 EUR|
|Transfer method||Wire transfer||Online bank account transfer|
|Processing time||1-3 days||1-3 days|
|Amount received (in EUR)||€603.50||€630.22|
As you can see, Sam can send more than an extra €26 using a money transfer provider instead of his bank, plus he can also save $15 on transfer fees.
How do I compare transfer companies when transferring and receiving money via Slovakia?
- Exchange rates. Shopping around for the best available exchange rate is vital to ensure that you get the most affordable transfer deal. However, check to make sure that the company that offers the best exchange rates doesn’t also charge exorbitant fees.
- Transaction fees. In most cases you’ll need to pay a fee each time you send a transfer, so do your research to find out how much that fee will be. Also check to see whether you can avoid paying a fee by transferring a large amount.
- Transfer options. If you only need to send one-off transfers, there are plenty of providers you can help. However, there are other companies that offer a range of flexible transfer options that can save you time or money, such as the ability to place limit orders or schedule recurring payments.
- Transfer methods. In addition to online transfers, some providers offer in-branch transfers, phone transfers and mobile app transfers.
- Minimum and maximum transfer amounts. Check to see whether a company imposes a minimum or maximum transfer limit on each transaction. Such limits can be frustrating and restricting if they don’t meet your transfer needs.
- Processing times. While some transactions can take several days to be completed, other companies can offer transfers within minutes if urgency is required.
- Pickup options. Will the money you send be made available for cash pickup or simply deposited into your recipient’s bank account?
- Customer service. Does the company offer phone, email and live chat support? Is there an online help centre with a range of frequently asked questions?
How do I send money to Slovakia from Australia?
- Money transfer providers. A wide range of specialist money transfer companies, including TorFX and CurrencyOnline, offer fast and affordable transfers.
- Cash pickup transfer providers. Western Union and MoneyGram operate hundreds of thousands of cash pickup locations all over the world.
- Bank transfers. Banks can send quick and easy transfers to Slovakia, but they certainly aren’t the cheapest transfer option available.
- PayPal. You can use PayPal’s international money transfer service to transfer funds to Slovakia.
- International cheques. A slower, more old-fashioned method is to mail an international cheque from your bank to your recipient.
How do I receive money from Slovakia in Australia?
- Money transfer providers. There are plenty of specialist money transfer providers to choose from so compare your options before picking one.
- Cash pickup transfer providers. If you want fast access to cash, companies such as MoneyGram and Western Union offer a convenient service.
- Bank transfers. Your Australian bank can receive transfers from Slovakian banks.
- PayPal. PayPal customers in Australia are eligible to receive international money transfers.
- International cheques. International guaranteed cheques are an old-school transfer method.
Emergency cash transfers in Slovakia
If you ever need to get cash to Slovakia as quickly as possible, for example if you have a friend who needs cash urgently to settle a debt, be aware of the fact that emergency cash transfers usually cost more. Poor exchange rates and higher fees are the norm with these types of transactions, so make sure to check over all the details of your transfer before you hand over any money.Back to top
Cash pickup locations in Slovakia/ Western Union / MoneyGram branches in Slovakia
Western Union and MoneyGram have multiple locations throughout Slovakia where your beneficiary can collect the cash you send. They’ll need to take along photo ID and a reference number to access the funds, while phoning ahead to confirm suitable funds are available for large transfers is also recommended. Some popular cash pickup locations are listed below:
|Slovenska PostaNam. Snp 35Bratislava, 80200||Bratislava 13Hodzovo Namestie 1Bratislava, Bratislava|
|9am to 6pm Monday to Friday||9am to 7pm Monday to Friday|
|Slovenska PostaPostova 8 Kosice, 040 01||Slovenska PostaThurzova 1 Kosice, 040 02|
|9am to 6pm Monday to Friday||9am to 6pm Monday to Friday|
|NAYObchodna 45BRATISLAVA||NAYMetodova 6Bratislava|
|9am to 8pm seven days||9am to 9pm seven days|
|Agentura Vav SlovakiaKomenskeho 3Kosice, 04001||NAYPri pracharni 6Kosice|
|9am to 4pm Monday to Friday||9am to 8pm seven days|
Tips for picking up cash in Slovakia
Although Slovakia is seen as a safe destination for tourists, it still makes sense to follow these simple safety tips when collecting cash:
- Keep the cash concealed - don’t flash it around in public
- Avoid high-crime areas or areas where you do not feel safe
- Ask a friend to accompany you if possible
- Don’t carry large sums of money around for any longer than you have to
- Deposit the cash in your bank account straight away
What are the steps to send money to Slovakia?
Although different companies have different procedures you must follow when sending a transfer, you will generally have to complete the following steps to send money to Slovakia:
- Register for an account. This is often free to do online and requires you to provide your contact details and proof of ID. Your bank account information will often also be required.
- Enter your transaction details. You will need to enter information about how much money you’re sending and in what currency, where you’re sending the funds to, and the name and contact details of your recipient.
- Confirm your transaction. The final step is to confirm and pay for your transfer, while you should also keep any transaction reference number you receive so that you can check up on the status of your transfer.