Send nearly $50 more to family and friends overseas with a better exchange rate.
Christmas is fast approaching and as one of the busiest periods for international money transfers, comparing specialist services with banks could mean the difference of $8.99.
Research conducted by finder.com.au suggests comparing your options is now more important during this time of year. In some cases, specialist international money transfer services offer better exchange rates and lower fees than the big four banks and consumers are encouraged to find a better deal by considering the smaller players in the market.
International businesses and online traders can also take advantage of the Australian Dollar by using specialist business transfers when repatriating funds, with services only charging 2.5% in fees, compared to Amazon that charges 4.8%.
How you can save this Christmas
A finder.com.au analysis has found that Australians could save on average $8.99 when transferring $1,000 overseas by comparing their options.
BIG FOUR BANK VERSUS INTERNATIONAL MONEY TRANSFER
The below table shows how one specialist international money transfer service compares with one of the big four banks.
|Charge (rates correct up to 30 Nov 2016)||Bank (online transfer)||Specialist transfer|
|Exchange rate||0.71 USD for every 1 AUD||0.747 for every 1 AUD|
|Gross amount||710||747 (inclusive of fee)|
|Transfer fee||22 (online)||4|
|Transfer options||Online, in branch||Online|
|Amount received for $1,000 (in USD)||694.38||744|
As this example shows, opting for a specialist service lets you send $49.62 more. Comparing a select number of specialist services with the big four, consumers can expect to save $8.99.
Compare international money transfer services
In the last 5 years finder.com.au has seen an explosion in the number of specialist international money transfer services competing in the industry. This is great news for consumers as they are able to take advantage of better exchange rates and lower fees. In addition, accessibility has improved as there is now a wider range of pick-up locations globally including: branch pick-up, bank deposit or delivery. It has now made the experience easier and more satisfying for all parties involved.
Some consumers may assume that international money transfers can only be done through their everyday banking, which is not the case. Comparing your bank option with specialist money transfer services could save you money.