same currency transfers

Stop Worrying About Exchange Rates with Same Currency Transfers

Your complete guide to same currency transfers.

Whether you’re transferring funds to someone in Australia or sending money overseas, conducting a same currency transfer is easier than ever before. There are plenty of reasons why someone may wish to conduct a same currency transfer. For example, you may be travelling overseas and may wish to send some of your Australian dollars to a relative back home, or you may be on a European holiday and want to transfer funds from one Euro Zone country to another.

Whatever the case may be, it’s simple and straightforward to lodge a same currency transfer.

Rates last updated August 24th, 2017
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
HSBC Foreign Currency Flexi Saver Account USD
Save in multiple currencies with flexible access. USD, GBP, EUR, HKD, CAD, JPY, NZD, SGD, CNY and CHF
0.01% 0.01% 0.00% $0 $0 / $0 More
Citibank Multi Currency Account
Invest in up to 11 currencies with no monthly account keeping fee. AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD and ZAR
0.00% 0.00% 0.00% $0 $10,000 / $10,000 More

Rates last updated August 23rd, 2017
Name Product Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received Description
TorFX International Money Transfers
AUD 200
1 day
Online, Phone, Agent
Forward contracts and order types available
Receive currency analysis by market professionals, free transfers and competitive exchange rates
Exclusive: World First International Money Transfers
AUD 2,000
1 day
Online, Phone
Forward contracts and spot contracts available
View live rates, graphs and economic commentary. eCommerce-tailored solutions.
Exclusive: OFX (Ozforex) International Money Transfers
AUD 250
1 day
Online, Phone, Agent
Exclusive offer: Special exchange rates and $0 transfer fee
OFX is currently offering finder.com.au exclusive exchange rates and $0 transfer fee on all transfers.
Compass Global Markets International Money Transfers
AUD 1,000
1 day
Online, Phone
Hedge your foreign exchange risks by becoming a client.
Currency Solutions International Money Transfers
AUD 3,000
2 days
Online, Phone, Bank Account to Bank Account
You can increase your profit margins and mitigate currency risk with Currency Solutions.
World First Foreign Exchange for Online Sellers
AUD 250
2 days
Online, Phone, Agent
Designed for online sellers
Open receiving accounts around the world is easy, including China and Japan.
FC Exchange International Money Transfers
GBP 3,000
1 day
Online, Phone, Bank Account to Bank Account
No transfer fee via online, branch or phone when transferring more than £10,000 or equivalent.
HiFX International Money Transfers
AUD 50
2 days
Online, Phone, Agent
HiFX business services are designed to save you time and money.

Compare up to 4 providers

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Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options. Our foreign exchange experts offer a best rate guarantee, are ASIC authorised and never charge transfer fees.

They can help you with all your needs including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting

How does a same currency transfer work?

Same currency transfers can be used for all sorts of purposes. You may need to submit payment for goods you have purchased, or possibly to send an emergency transfer to a relative in another country.

The main benefit of sending funds in the same currency is that you will not have to worry about foreign exchange rates or currency conversion fees. Although transfer fees will still apply, this overall reduction in fees can help you save a whole lot of money.

There are plenty of options to choose from when planning a same currency transfer, including online money transfer companies, banks and even PayPal.

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How do I compare same currency transfers?

  • Fees. Perhaps the most important feature you should consider when choosing a same currency transfer provider is the fees you will be charged. Some providers charge a flat fee, others charge fees as a percentage of your transaction amount, while a few providers will waive their fees altogether when you send more than a certain amount.
  • Transfer methods. Compare the available methods for lodging a transfer. Is it all handled online or do you need to visit a branch to send your funds?
  • Transfer time. How long will it take for the funds to arrive to your recipient? This is especially important if you are sending an emergency transfer.
  • Pickup options. Some companies will only offer transfers direct to someone else’s bank account or provider account; others make it possible for the cash you send to be picked up in person from an agent location.
  • Customer service. Weigh up the pros and cons of the customer service options offered by different providers. It’s important that a company is able to offer assistance whenever you need it, so look for features such as online help centres, live chat and 24-hour call centres.
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What are the pros and cons of same currency transfers?

Pros

  • No need to worry about exchange rates. Because there is no need to convert the currency you send into another currency, you don’t need to worry about finding a good deal on foreign exchange rates.
  • Plenty of options. Thanks to the internet and a range of other modern technologies, you have plenty of options to choose from when deciding how to send a same currency transfer.
  • Convenient. There is no hassle when sending a same currency transfer. If you wish, the entire transaction can be conducted quickly and easily online.

Cons

  • Fees. You might have to pay a fee when you send a same currency transfer, although this depends on the service you go with.
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What are the risks of this type of transfer?

  • Not being aware of the fees. As with any financial transaction, it’s important to make yourself aware of any fees that may apply before you lodge a same currency transfer. This will ensure that you don’t end up with a nasty surprise that leaves you out of pocket.
  • Dodgy providers. There’s always a risk, albeit minimal, when you use online money transfer providers. Make sure you use a trusted and reputable company to avoid being a victim of fraud.
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Your most common questions about same currency transfers answered!

There are plenty of options at your disposal if you want to send a foreign currency, including banks, online money transfer companies, bricks-and-mortar transfer providers, international money orders and PayPal.

Some of the options you may wish to look at include PayPal, MoneyGram and Western Union.

Yes you can, but both you and recipient will need to have a PayPal account. These accounts are free and easy to set up.

Banks typically offer quite poor exchange rates on international money transfers so you’re better off comparing the rates offered by dedicated transfer companies. You’ll find a list of trusted providers on the left-hand side of this page.

Yes, many major Australian banks offer foreign currency accounts and multi currency accounts. These allow you to send, receive and hold funds in currencies other than Australian Dollars.

Shirley Liu

Shirley is finder.com.au's publisher for banking and investments. She has completed a Masters in Commerce (Finance) and is the author of hundreds of articles. She is passionate about helping Aussies make an informed decision, save money and find the best deal for their needs.

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TorFX International Money Transfers

TorFX guarantee to beat any competitor's exchange rate for a transaction
Conditions apply

Exclusive: World First International Money Transfers

Exclusive offer: $0 transfer fee and competitive rate
The transfer rate displayed is exclusive to finder.com.au users for their first trade only.

Exclusive: OFX (Ozforex) International Money Transfers

Exclusive offer: Special exchange rates and $0 transfer fee
OFX is currently offering finder.com.au exclusive exchange rates and $0 transfer fee on all transfers.

FC Exchange International Money Transfers

No transfer fee via online, branch or phone when transferring more than £10,000 or equivalent.

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4 Responses

  1. Default Gravatar
    yukoAugust 4, 2015

    Hi,

    I have some cash in Japanese yen in Australia. If I open multi currency account in HSBC (and deposit the cash in JPY), then is that able to transfer the JPY to other Australian bank (let’s say, westpac, national bank etc…) account by JPY?

    I am thinking to use Australian FX company to convert the cash with better rate.

    If is that available, what is the actual multi currency account fees and transfer cost in HSBC?? can you advise me?

    thanks

    • Staff
      BelindaAugust 5, 2015Staff

      Hi Yuko,

      Thanks for your enquiry.

      Please note that finder.com.au is an online comparison service and we don’t represent HSBC.

      If you’d like to read more about the HSBC multi currency account and their fees you can visit this page.

      It may be possible for you to transfer the JPY to an external account through an online transfer. The local transfer online is free if the transaction is done as a telegraphic transfer, otherwise you will be charged a $20 fee + other bank fees + 0.25 currency conversion, or a $200 maximum fee.

      However, cash deposits are only accepted in USD, HK and GBP with this account.

      You can find a complete list of their product fees on their website.

      Thanks,
      Belinda

  2. Default Gravatar
    mrJune 15, 2015

    is it easier to open a new account in Australia which we now reside in and then transfer our savings to that account from the uk .? Or transfer it to our bank we now use in australia ??? 2 the Atm cards we hold are still active expire-date is 12/49 ?

    • Staff
      BelindaJune 16, 2015Staff

      Hi Mr Clement,

      Thanks for your enquiry.

      You’ve come through to finder.com.au which is an online comparison service, so please note that we don’t offer products ourselves.

      Deciding on how to manage your funds will depend on the conditions offered by your lender so I would suggest that you speak to them directly.

      Thanks,
      Belinda

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