Media Release

Surge in global money transfers as Aussies spread Christmas cheer

  • 155% year-on-year surge in the number of people looking to send funds overseas
  • Aussies can save $145, on average, by using an online transfer service
  • How to compare global transfer services this holiday period

20 December, 2016, Sydney, Australia – A new analysis has uncovered a spike in international money transfers ahead of the festive season, with Australians able to save $145, on average, by leveraging the services of a specialist money transfer provider, according to finder.com.au, Australia’s most visited comparison website1.

By reviewing the average amount of USD returned for $AUD5,000, including all transaction fees and charges, finder.com.au’s analysis discloses the most cost-effective way to send money overseas. On average, online money transfer providers – such as WorldFirst Currency Fair, and TorFX – were $145 cheaper than the big four banks.

In the lead up to Christmas, there’s been a 155% year-on-year2 spike in the number of Australians looking to send money to family and friends abroad.

Bessie Hassan, Money Expert at finder.com.au, says Aussies need to compare global money transfer options to ensure they’re getting the best value for money.

“When weighing up your options and deciding on the best transfer method, review a number of features such as the exchange rate, the minimum transfer amount, transfer speed, and any fees that apply to the transaction such as a transfer fee.

“You also need to consider payment options such as whether you can complete the transaction using your credit card or via BPAY, as well as collection options available in the destination country,” she says.

When it comes to popular currencies, the research shows the majority (27%) of Aussies are looking to convert their cash into American dollars. The British Pound comes in at second place (20%), followed by the Euro (11%), and the New Zealand Dollar (8%).

“When it comes to locking in a favourable exchange rate, it’s a matter of doing the legwork. Firstly, find out what current rates are to get a feel for the market rates on offer. You should then compare quotes from different providers as well as the key terms, features, and fees of each transfer service.

“Also, it makes financial sense to send funds in one large transfer instead of smaller separate transfers as many transfer providers offer more competitive rates and lower fees for larger transfer amounts,” Ms Hassan says.

Big four versus specialist transfer providers

International Money Transfer CompanyAU$5000 equivalent
WestpacUS $3,481
CommbankUS $3,467
NABUS $3,507
ANZUS $3,568
AverageUS $3,506
Currency FairUS $3,670
OzforexUS $3,647
WorldFirstUS $3,667
TorFXUS $3,620
AverageUS $3,651
(+US $145)
Source: finder.com.au, westernunion.com.au, westpac.com.au, commbank.com.au, nab.com.au, worldfirst.com.au. Figures correct as of midday 15/12/16.
International Transfers$5,000 (AUD to USD)USD result for AUD
TorFX0.723US $3,620
Currency Fair$5.10 fee + $17.50 Commission (0.7385)$3,670
Ozforex$0 transfer fees (0.7294)$3,647
WorldFirst$10* transfer fees (0.7349)
*$0 fees available via finder.com.au
$3,667
Westpac$20 per transfer (0.7001)$3,481
Commbank$22 per transfer (0.6977)$3,467
NAB$22 per transfer (0.7058)$3,507
ANZ$18 per transfer (0.7171)$3,568
Source: finder.com.au, westernunion.com.au, westpac.com.au, commbank.com.au, nab.com.au.

Generation breakdown:

  • Older Millennials (25-34 years) were the most likely to be searching for money transfer options online, making up 37% of traffic, followed by Generation X (35-44 years) which accounted for 22% of traffic.

Men vs women

  • Men were more likely (58%) to search for money transfer solutions online compared to women (42%).

1 Experian Hitwise since 2015
2 Beginning of Oct 2016 to mid-December 2016

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For further information

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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