Media Release

Uplift in global money transfers: How to get the best value

28 August, 2017, Sydney, Australia – Global money transfers have lifted by 23% in five years, with China and India being the most popular recipient destinations, according to finder.com.au, the site that compares virtually everything.

Recent figures show Australians sent more than $20 billion overseas a year with transfers to India growing by 80% between 2010 and 2015.

finder.com.au analysed World Bank data and found a shift in outgoing money transfers from Australia.

In 2015, Australians sent $20.8 billion overseas, up from $16.9 billion in 2010.

China tops the 2015 list of destinations that Australians send money to, followed by India, the UK, Vietnam and Lebanon.

This list is different from 2010, however, where the UK topped the list, followed by China, Lebanon, India and The Philippines.

Australians have increased their remittance transfers to China by 60% between 2010 and 2015, while India has seen an 80% increase in remittances in just four years.

Sweden, Nepal and Pakistan saw the biggest increases of international money transfers leaving Australia1 growing by 386%, 197% and 127% respectively between 2010 and 2015.

However New Zealand, the UK and the Netherlands witnessed the biggest decreases in international money transfer declining by 51%, 35% and 31% respectively over the same timeframe.

Bessie Hassan, Money Expert at finder.com.au, says sending money overseas has increased over the past couple of years and is projected to increase further.

“Australia is a melting pot of cultures. Almost 30% of the population is comprised of people born overseas. With the ease in transferring money overseas, more Australians are using international remittance services to send funds to their families or loved ones offshore.”

Ms Hassan urges those looking to send money overseas to get online and compare transfer providers in order to minimise fees and to get the best rates.

“It can be three times cheaper to transfer money overseas through a broker compared to a bank,” she says.

The research found the average transfer fee among the big four ranges from $18 to $22, however when it comes to the niche providers the average fee is around $6.

Bank transfer fees compared to specialist transfer provider fees:

Bank / providerOnline feeBranch fee
Westpac$20$32
ANZ$18$32
CBA$22$30
NAB$22$30
Average$21$31
TorFX$0NA
Ozforex$0NA
Worldfirst**$0NA
Currency Solutions**$0NA
CGM**$10NA
HiFX$15NA
FC Exchange**$16*NA
Average$6NA
Source: finder.com.au
*GBP 10
** minimum transfer is $1,000 or greater

The highest fees are generally within the bricks and mortar bank branches and can be as high as $32 per international transfer.

“Be vigilant and don’t just default to the banks; shop around because there can be significant variations between providers.

“Also make sure not to be fixated just on the fees and don’t forget to compare the foreign exchange rates offered, as this can also influence the amount transferred, especially with higher balances,” Ms Hassan says.

1 Out of countries receiving greater than $100m

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Disclaimer

The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.

About us

More than 3 million Australians turn to finder.com.au every month to save money, time and make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.

Our free service is 100% independently-owned by two Australians: Fred Schebesta and Frank Restuccia. Since launching in 2006, we’ve helped our users make more than 17 million decisions.

We continue to expand and launch around the globe, and now operate in the United States and United Kingdom. For further information visit www.finder.com.au.

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