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Expatriates from South East Asia who currently reside in Australia could have any number of reasons why sending money back home is important to them. You may be helping your family with their living expenses or saving to make an investment in your home country.
Whatever the reason may be, it is important that you find a company or bank that will allow you to make these overseas money transfers to South East Asia with as little fees as possible and an exchange rate that's competitive.
The Australian Government’s Department of Foreign Affairs and Trade (DFAT) lists 11 different nations belong to the South East region of Asia. These include; Brunei, Cambodia, East Timor, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. If you are originally from one of these countries, but are currently living in Australia you are likely to need to investigate your money transfer options.
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Use the table below to compare options for transferring money to South East Asia. Be sure to check that the service offers your particular currencies and destination before signing up. To find out specifically which currencies a product or service supports click "More" to be directed to a review page.
You can use the table headings to sort through products based on features and fees.
You will find a number of different options available depending on where in South East Asia you are transferring money to. For example, National Australia Bank (NAB) is an Australian bank that will allow bank to bank transfers from Australia to Indonesia, Philippines, Singapore and Thailand. For other countries, you will have to check with the bank personally.
Check the options available for your recipient country carefully in order to ensure that you are getting a good deal on transfer services. Expect to pay a fee for the transfer as well as a reduction in the value of the currency.
Jael has found a banking option that will do an account to account transfer from Australia as well as a money transfer service that necessitates someone back home physically pick up the money at an agency. Here's what she found when comparing the two different companies:
| Bank money transfer service | Non-bank money transfer service | |
|---|---|---|
| Exchange rate. | 35.99 Philippine Pesos for every one Australian dollar sent. | 38.52 Philippine Pesos for every one Australian dollar sent. |
| Fees. | This bank charges $22 Australian dollars per transfer. This fee does not include what may be charged by the Filipino bank. | You will be charged a fee of $11.99 Australian dollars when initiating the transfer. The recipient is typically not charged a fee at pick-up. |
| Amount received per $1,000 Australian dollars sent. | 35,990 PHP will be deposited into the Filipino account minus any fees charged by the bank. | 38,520 PHP will be available for pick-up. |
| Turnaround time. | It will generally take up to one business day for the money to leave your Australian account and one to three additional business days for it to clear in your overseas bank account. | This service is normally conducted in a matter of minutes. You will have to arrange for someone to pick up the money at one of their locations. To do this you will have to give them the transfer code. |
As you can see, using a non-bank transfer service not only saves over $10 in fees, but the amount received in the Philippines is 2529 pesos higher thanks to a more competitive rate offered by the transfer service. Monies lost in the transaction will add up to thousands of Australian dollars quickly if Jael is sending money home consistently.
Today's exchange rate AUD to PHP
Jaslyn has been able to find two secure ways of getting money to her husband while away in Australia. One is a well known bank, while the other is a money transfer company. When comparing the differences between the two, this is what she found:
| Bank to bank money transfer. | Non-bank money transfer. | |
|---|---|---|
| Exchange rate. | The exchange rate with the bank was $1.07 Singapore dollars for every $1 Australian dollar. | The exchange rate offered by this service is $1.08. |
| Fees. | The fee for a bank to bank money transfer from Australia to Singapore is $22 Australian dollars. This is not including any charges from the bank the money is transferred to. | You will be charged a fee of $70 by the transfer company to conduct this overseas transaction. |
| Amount received per $1,000 Australian dollars sent. | The Singapore bank account will receive $1,065.60 Singapore dollars at the completion of the transaction. | The recipient will receive $1,082 Singapore dollars. |
| Turnaround time. | This service is normally conducted over a period of two to four business days. | This service is normally conducted in a matter of minutes. This is a cash pickup service only, where you will be instructed to give the recipient a transfer code in order for them to be given the money. |
In this case, the transfer with the non-bank company gives the recipient $16.4 Singapore dollars more than the bank transfer, but Jaslyn lose $48 Australian dollars more in fees. Depending on what the Singaporean bank will charge, in this case it's more economically sound to use the banking service over the non-bank service unless you want the recipient to have the money immediately.
As you can see from the case studies, the rates and fees are going to vary greatly from country to country when looking at different methods of transferring money from Australia to South East Asia. Look at the following points carefully when deciding which is your best option:
As there are many nations that comprise South East Asia you will have to research to find those that provide money transfer services to the country of your choice.
Try these banks and companies first, as they are your most likely options to send money home:
If you are robbed while travelling in South East Asia and need emergency assistance, the first thing you should do is contact the local authorities. Once you have an official police report you can decide the best way to get more cash to finish out your travels.
Cavite City
Rosario
Cavite City
Kawit
BKK Forex PTE LTD – People’s Park Complex
Ameertech Remittance And Exchange
West District
Central District
Learn more about using local currencies in Southeast Asia
Back to topThe Australian Department of Foreign Affairs and Trade (DFAT) recommends that you practice normal safety practices when travelling in most countries in South East Asia. However, you should be cautious when picking up cash at any known cash transfer location.
If possible you should travel with a friend to the location, or ask your hotel personnel for assistance. After the pickup, secure the cash in different locations on your person and head back to your hotel or bank immediately in order to secure it.
Back to topYour options for sending money from Australia to South East Asia will depend on the country that you are sending the money to. The more exotic the currency, the more difficult it will be for you to find a company or bank that will work with you. Once you do find a money transfer company that meets your needs, be prepared to supply the following:
Expect to receive a receipt at the end of your transaction, showing your name, the recipient's name and the amount transferred.
Transferring your money from Australia back to South East Asia is an important thing you should be considering before you make the move. Explore the options you have thoroughly and pick the one that provides you the most convenience for the least cost.
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