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.
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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.Back to top
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.
What are the pros and cons of same currency transfers?
- 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.
- Fees. You might have to pay a fee when you send a same currency transfer, although this depends on the service you go with.
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.
Your most common questions about same currency transfers answered!
What if I want to send money in another currency?
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.
What are some of the providers I can use to send a same currency transfer?
Can I send funds to other people via PayPal?
Yes you can, but both you and recipient will need to have a PayPal account. These accounts are free and easy to set up.
Where can I find the best exchange rates for an international money transfer?
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.
Can I open a bank account that holds more than one currency?
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.