same currency transfers

Stop Worrying About Exchange Rates with Same Currency Transfers

Information verified correct on December 10th, 2016

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 December 10th, 2016
$
$
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
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, ZAR
0.00% 0.00% 0.00% $0 $10,000 / More
Rates last updated December 10th, 2016
Description Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
TorFX International Money Transfers
TorFX can assist your business with forward contracts, different order types, currency analysis and competitive exchange rates. AUD 200 1 day Online, Phone, Agent Go to site More
Exclusive: World First Foreign Exchange
Exclusive: World First Foreign Exchange
Cheaper and faster international money transfers for your business. AUD 500 2 days Online, Phone Go to site More
Exclusive: OFX (Ozforex) International Money Transfers
Exclusive: OFX (Ozforex) International Money Transfers
OzForex offers their business clients with competitive exchange rates, fee-free transactions with 24/7 customer service. AUD 250 1 day Online, Phone, Agent Go to site More
Currency Online International Money Transfers
Currency Online International Money Transfers
Protect your business against market fluctuations. AUD 0 2 days Online, Phone Go to site More
Compass Global Markets International Money Transfers
Compass Global Markets International Money Transfers
Hedge your foreign exchange risks by becoming a client. AUD 1,000 2 days Online, Phone Go to site More
Currency Solutions International Money Transfers
Currency Solutions International Money Transfers
You can increase your profit margins and mitigate currency risk with Currency Solutions. AUD 3,000 2 days Online, Phone, Bank Account to Bank Account Go to site More
World First Foreign Exchange for Online Sellers
World First Foreign Exchange for Online Sellers
Open bank accounts in the UK, US, Canada and Eurozone and sell on more marketplaces while reducing the cost of repatriating earnings. Buy goods from China and sell them in the USA. AUD 250 2 days Online, Phone, Agent Go to site More

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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
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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.

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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!

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?

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

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.

Shirley Liu

Shirley is finder.com.au's publisher for banking and investments. She is currently studying 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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4 Responses to Stop Worrying About Exchange Rates with Same Currency Transfers

  1. Default Gravatar
    yuko | August 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
      Belinda | August 5, 2015

      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
    mr | June 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
      Belinda | June 16, 2015

      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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