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.
Send money to the Slovak Republic with TorFX
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Send money to the Slovak Republic with TorFX
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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.
Money transfer company
1 AUD = 0.6035 EUR
1 AUD = 0.6366 EUR
Online bank account transfer
Amount received (in EUR)
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?
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.
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
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.
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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