If you need to send $50,000 overseas, a better exchange rate could save you thousands of dollars.
Use our handy comparison table below to quickly compare the exchange rates, fees and features of our panel of leading money transfer providers.
Compare providers to find the best options when sending $50,000 overseas
Transfer $50,000 from Australia
There are plenty of important reasons why you might need to transfer a large amount of money to a recipient in another country. These could include:
- Gifting or lending money to family members
- Buying an overseas property
- Paying a business supplier
- Paying overseas bills for your business, such as legal fees or payments for professional services
- Buying a vehicle overseas
- Paying off an outstanding debt
Whatever the reason, make sure you weigh up all of your options before just sending the funds via your bank by default. While going with your bank may seem like a convenient option, the unfortunate reality is that banks often provide the worst exchange rates for international money transfers, while also charging high transaction fees.
Instead, consider using a specialist online transfer company to help you send the funds overseas. Unlike the banks, these companies focus all their efforts on international transfers. They have fewer overheads to contend with and work within much tighter margins – all of which can mean big savings for you.
Even a minor variation in the exchange rate can make a huge difference to the overall cost of a $50,000 transfer, so shopping around to compare money transfer providers is crucial. By comparing the transfer providers listed in the table above, you can quickly and easily evaluate your options and find the best value for your business.
Case study: Banks vs online money transfer services
Chris’s daughter Maddy has been living and working in the United States and recently got engaged. To celebrate the exciting news and to help his daughter and her husband-to-be buy their own home, Chris plans to send AUD$50,000 to the United States.
He visits his local bank branch to complete the transaction, but upon hearing the best exchange rate they can offer, Chris begins to have second thoughts. To see if there might be a better deal elsewhere, he also approaches a reputable online transfer company for a quote.
|Bank||Money transfer company|
|Exchange rate||AUD$1 = US$0.7046||AUD$1 = US$0.7403|
|Difference||+ US$1,781 received|
As you can see, if Chris uses the specialist money transfer company, he’ll be able to send his daughter US$1,781 more for the same investment of AUD$50,000, plus the transfer fee. In this case, even the transfer fee is AUD$18 less than what his bank quoted.
Disclaimer: The exchange rate and fees quoted in this fictional case study may not reflect market rates. Confirm the actual rates and fees before proceeding with your own money transfer.
Compare overseas money transfers
Once you've homed in on your preferred providers on the money transfer providers table above, the next step is to click on the "Go to site" button to visit their website and review the features, rates and services they offer. Next, contact the provider to obtain a quote and proceed with the transfer.
Whether you’re making a personal or business money transfer, finding the best exchange rate will ensure that you can send a larger amount for less. Start comparing and saving now.