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.

International Bank Account Offer

Citi Global Currency Account

1.50 % p.a.

max rate

1.50 % p.a.

standard variable rate

International Bank Account Offer

Hold up to 10 currencies. $0 monthly account fee. Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free. Earn up to 1.50% p.a. interest on your AUD balance.

  • Maximum Rate: 1.50% p.a.
  • Standard Variable Rate: 1.50% p.a.
  • Monthly fees: $0.00
Go to site
Promoted
Rates last updated November 18th, 2019
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
Citi Global Currency Account
Mastercard
$0
$0
Hold up to 10 currencies.
$0 monthly account fee.
Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free. Earn up to 1.50% p.a. interest on your AUD balance.
HSBC Foreign Currency Flexi Saver Account USD
Visa
Save in multiple currencies with flexible access. USD, GBP, EUR, HKD, CAD, JPY, NZD, SGD, CNY and CHF

Compare up to 4 providers

Keep ahead of the curve with daily currency exchange rate alerts

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 2,000 1 day AUD 0.00 0.679 USD
6,790
Sign up for a new account and receive a $50 Myer gift card when you transfer $10,000 or more.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.679 USD
6,790
Go beyond borders with your business by making fee-free transfers in 30+ currencies. Go to site Show details
EUR 100 1 - 2 days AUD 0.00 0.676 USD
6,762
Go to site Show details
EUR 8 3 - 5 days AUD 5.00 0.677 USD
6,766
A peer-to-peer transfer service with a large range of currencies on offer. One free transfer if you signup via finder.com.au. Go to site Show details
AUD 0 3 - 5 days AUD 30.00 0.659 USD
6,565
Get help sending business payments 24/7 to over 130 currencies with Western Union. Show details

Compare up to 4 providers


The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Keep ahead of the curve with daily currency exchange rate alerts

Speak to an FX expert

Enter your details to speak to a foreign exchange expert

By submitting this form, you agree to finder.com.au Privacy and Cookies Policy and Terms of Use, Disclaimer & Privacy Policy
TorFX Logo

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?

You can use a same currency transfer for a number of different purposes. You may need to submit payment for goods you have purchased or send an emergency transfer to a relative in another country.

The main benefit of sending funds in the same currency is that you won't 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 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 fee you will be charged. Some providers charge a flat fee, while others charge a fee as a percentage of your transaction amount. A few providers will waive their fee 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 the pros and cons of the customer service options offered by different providers. It’s important that a company be able to offer assistance whenever you need it, so look for features such as online help centres, live chat and 24-hour call centres.
Back to top

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, 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, you can conduct the entire transaction 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.
Back to top

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.
Back to top

Your most common questions about same currency transfers answered!

Was this content helpful to you? No  Yes

Related Posts

International Money Transfer Offers

Important Information*
Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.

Logo for Global Reach (formerly FC Exchange) International Money Transfers
Global Reach (formerly FC Exchange) International Money Transfers

Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Sign up for a new account and receive a $50 Myer gift card when you transfer $10,000 or more.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.

Logo for SendFX International Money Transfers
SendFX International Money Transfers

SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

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

    • Avatarfinder Customer Care
      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 Everyday Global 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 ?

    • Avatarfinder Customer Care
      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

Ask a question
Go to site