Looking for a way to send money to family, friends or a business in the Czech Republic (or even to your own bank account overseas)? According to MoneySmart, you should avoid Australian banks and go with a money transfer specialist to get better CZK exchange rates and lower fees on international transfers.
Based on the providers we've compared, Revolut is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Xe Money Transfers can get money to your recipient in the Czech Republic within minutes.
As reported by the ACCC, bank transfers are typically the cheapest way to get your money to the Czech Republic. Revolut and Xe Money Transfers have some of the lowest bank transfer fees of the brands we've compared.Remember, it's more important to look at the overall cost of your transfer to the Czech Republic and this has a couple of elements:
Certain providers may give the mid-market rate but add fees on top and others will have low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Czech korunas your recipient will end up with.
Actual transfer times from Australia to the Czech Republic can depend on several factors including transfer amount, payment method and currency.Here are some of the fastest average transfer speeds to the Czech Republic:
The safest way to get your money to the Czech Republic is using a provider registered with Australia's industry regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Australia and the Czech Republic.
A great way to dive deeper is by reading our reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to the Czech Republic, consider using a provider such as TorFX or Xe Large Transfers to secure a better CZK exchange rate and benefit from its expertise handling larger transactions.Using a large transfer specialist can have the following advantages:
To send money to the Czech Republic, you'll need the necessary documentation, your recipient's details and a way to pay.
Tereza is working in Australia as a doctor and she stays in regular contact with her elderly parents back home in the Czech Republic. Her parents need some funds to help pay off a mortgage, so Tereza plans to send them $2,000 from Australia.
She decides to compare a bank and a money transfer specialist to see which one can save the most money on her transaction.
|Bank||Money transfer company|
|Exchange rate||1 AUD = 14.43 CZK||1 AUD = 14.62 CZK|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 - 5 working days||Next day|
|Amount received||28,708.47 CZK||29,198.15 CZK|
The money transfer company enables Tereza to send an extra Kč489.68, which is transferred straight to her parents' Česká Spořitelna account.
When selecting a provider to transfer money to the Czech Republic, here are the main factors to consider:
Compared to a month ago, the Australian dollar is a little weaker against the Czech koruna. Currently, $5,000 is worth Kč73,454.00, whereas a month ago, $5,000 was equivalent to Kč73,880.00. That's a decrease of 0.58% over the past month.
Similarly, compared to a year ago, the Australian dollar is again weaker against the Czech koruna. A year ago, $5,000 was equivalent to Kč78,400.00. That's a decrease of 6.31% over 12 months.
What's more important, however, is the strength of the Australian dollar against the Czech koruna and where it goes from here – which is harder to call. Based on those two data points, your Australian dollars might not go as far as they would have, so shopping around for the best deal on your transfer is key.
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