If you want to send money to Luxembourg finding out which method suits you best is important.
Australia and Luxembourg share a healthy bilateral relationship. Ties between these two nations focus primarily on multilateral issues in the UN Security Council, the World Trade Organisation as well as international disarmament negotiations. Bilateral agreements between the two nations cover aspects such as cooperation in issuing visas, criminal matters and extradition.
In 2013, Luxembourg's investment in Australia stood at around AUD15.5 billion, whereas Australia’s investment in Luxembourg was about AUD16.8 billion. Value of the total merchandise traded in the same year was around AUD47.6 million. Key imports from Luxembourg include rubber tyres, tubes and treads. TorFX guarantee to match any competitor's exchange rate for a transaction. Conditions apply.
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Instances of people wanting to send money from Australia to Luxembourg are not uncommon. Here’s the help you need in picking the right option.
Banks versus money transfer companies
David Schmit first visited Australia as a teenager. Ever since, he wished to relocate to this country. Now that he’s here and has a steady job, he wants to send some money back home, to his mother who lives alone. He plans to send around $1,000 every month.
He has a bank account with a leading financial institution in Australia. While he can use its services to send money to Luxembourg, he thinks he might be able to get a better deal. He goes online to compare his options. This is what he finds.
|Australian bank||Money transfer service 2|
|Exchange rate||AUD1 = EUR0.6053||AUD1 = EUR0.6366|
|Amount received for $1,000||EUR593.19||EUR636.60|
|Transfer time||Two to five days||One day|
|Transfer options||Bank account||Bank account|
When compared to his bank, the money transfer company resulted in a more profitable transfer. Besides, if also got the money to his mother sooner. David, choosing to go with the money transfer company, as a result, comes as no surprise.
How do I compare transfer companies when transferring and receiving money via Luxembourg?
While money transfer companies tend to rate better than banks in the field of international fund transfers, not all are equally good. When comparing your options, pay attention to these factors:
- Exchange rate and fees. A money transfer company may offer highly competitive exchange rates, but it may charge high fees to compensate for the same. The reverse holds true as well. This is why you should ideally look at how much money the recipient will receive at the end of the transfer.
- Ways to send money. The most financially viable option might not be the most convenient. Most banks and some money transfer companies let you send money to Luxembourg in person. Some of these businesses let you transfer funds over the phone. You can also find money transfer companies that offer their services only through the Internet.
- Ways to receive money. The recipient can get money directly into a Luxembourgian bank account. Another option is to collect the transferred money by visiting a cash pickup location.
- Turnaround time. The quickest way to send money to Luxembourg is to get the recipient to collect money at a cash pickup location. These transfers can happen almost instantly. If you’re transferring money to a Luxembourgian bank account the turnaround time depends on the transfer company you use.
- Using the same bank. If you and the recipient have accounts with the same bank, using its services to transfer funds can be to your advantage. This would be through reduced fees and a quicker turnaround time.
- Minimum amounts. While some money transfer companies have no minimum transfer limits in place, some others don’t let you transfer less than $200, $500 or $1,000.
- Transfer options. If you plan on sending money to Luxembourg periodically you should ideally look for a company that lets you make scheduled payments. Some also offer forwards contracts and market orders.
- Customer service. If you need to contact a company representative for any reason you should be able to do so online as well as over the phone.
How do I send money to Luxembourg from Australia?
You can send money from Australia to Luxembourg using different methods, through banks or non banking institutions:
- Banks. Check with your bank to find out if it lets you send money to international bank accounts. If it does, you may be able to initiate the transfer online, over the phone or in person. If you have a chequebook you can consider sending a cheque via mail. Buying a money order from a bank and mailing it is another option.
- Non banks. Money transfer companies such as Western Union and MoneyGram let you send money to Luxembourg, in person or online. The recipient can receive the funds in a bank account or at a cash pickup location. You can use the services of PayPal to send money to Luxembourg. Opening a PayPal account takes little time and does not cost any money.
How do I receive money from Luxembourg in Australia?
Getting money from Luxembourg to Australia is not difficult. Your options include:
- Banks. If you have an operational bank account you can get the funds into your bank account directly. The sender can do this using a bank or a money transfer company. You can also receive bank issued money orders and cheques by mail. Once you do, simply deposit them in your bank account.
- Non banks. Non banking businesses such as Western Union and MoneyGram have numerous cask pickup centres across Australia. They let you collect cash transferred from Luxembourg. Using PayPal to receive money is also an option. After the money gets to your PayPal account, withdrawing it into your bank account is simple.
Emergency cash transfers in Luxembourg
Losing your wallet or money in a foreign land can be daunting. If this happens when you’re visiting Luxembourg, make sure you cancel your debit and credit cards as soon as you can. You can then think about getting some emergency money in these ways:
- Cash pickup. Can you get a family member or friend to send you some money? If so, locate the nearest cash pickup centre. Pass this information to the sender. Remember that you’ll need to show a valid ID to collect the cash.
- Cash advance. If you have a Visa, Mastercard or American Express credit card, you can visit a local participating bank to get some emergency money.
- Travel insurance. With the right kind of travel insurance cover you can get funds to deal with a variety of situations that include medical emergencies as well as flight delays and cancellations.
Cash pickup locations in Luxembourg / Western Union / MoneyGram branches in Luxembourg
Western Union and MoneyGram have several locations spread across Luxembourg. When you’re going to collect cash from any such location take the reference number with you. You’ll also need to provide an acceptable form of ID such as your passport or driver’s license. If the transfer involves a large sum, you may want to call ahead of time to check for availability of funds. Here are some cash pickup locations in Luxembourg:
38 Rue Sainte Zithe
Luxembourg, L 2763
Open 10:00am to 9:00pm Monday to Friday, 10:00am to 8:00pm Saturday, 10:00am to 9:00pm Sunday
Manmar Service Sarl
38 Rue Joseph Junck
Luxembourg, L 1839
Open 10:00am to 9:00pm Monday to Saturday, 2:00pm to 8:00pm Sunday
Esch Sur Alzette
PC & Phone Service S A
20 Rue Zenon Bernard
Esch Sur Alzette, L 4030
Open 9:00am to 8:00pm Monday to Saturday, closed on Sunday
P and T
Coin Rue Z Bernard Rue X Bras
Eschcentre, L 4001
Open 7:00am to 7:00pm Monday to Friday, 9:00am to 6:00pm Saturday, closed on Sunday
6 Boulevard D Avranche
Luxembourg City, L 1160
Open 10:00am to 10:00pm Monday to Sunday
Linkz Business Center
2 Place Leon XIII
Luxembourg, L 1929
Open 9:00am to 9:00pm Monday to Sunday
Esch Sur Alzette
17 Avenue J-F Kennedy
Open 10:00am to 9:30pm Monday to Saturday, 11:00am to 9:00pm Sunday
1 Rue de l Ecole Agricole
Open 10:00am to 9:00pm Monday to Sunday
Tips for picking up cash in Luxembourg
Most visits by foreign nations to Luxembourg remain trouble free. However, scam artists can target foreign visitors and local residents alike, leading to considerable financial loss. There has been an increase in reports of burglaries by people who’ve moved into the countryside. Crimes in these regions tend to take place around holiday periods.
There have been instances of pickpocketing, especially at the main bus and train stations. Thefts and pickpocketing take place in hotel lobbies, especially in the Findel area. It is in your best interest to keep your bags within sight at all times. Avoid displaying expensive items.Back to top
What are the steps to send money to Luxembourg?
The steps involved in sending money to Luxembourg can vary depending on the method you select:
- Transferring to a bank account. You’ll have to provide the recipient’s name, account number, bank’s name and bank’s SWIFT code. If you’re using your bank’s services you should be able to transfer money using its online banking platform. If you’re using a money transfer company, you’ll need to provide your bank account, debit card or credit card details.
- Cash pickup. If you’re sending cash in person you’ll have to provide the recipient name along with a desired cash pickup location or the recipient’s bank account details. If you’re sending money online, you’ll need to provide your contact details as well as your bank account, debit card or credit card details.