Who usually transfers money overseas?

Shirley Liu 7 April 2016

transfers-money-overseas

It’s cheaper and easier than ever before to send an international money transfer.

Whether you’re sending money to loved ones overseas or transferring business funds to international clients, using a specialist money transfer service over a bank can save you money.

In today’s technological society, the world is a lot more closely connected than ever before. As the internet and other tech advancements have overcome the barriers of geographical distance, more and more countries have opened their doors to trade and become global citizens.

As a result, the need for Australians and citizens of other countries around the world to send money overseas has rapidly expanded. The World Bank estimates that more than $601 billion was remitted worldwide in 2015, up from the $534 billion transferred across international borders in 2012.

There is now a wide range of businesses that specialise in offering affordable international money transfers, with more choice and flexibility available than ever before.

So who are the people who most commonly need to send money overseas?

Overseas workers

The strong, stable Australian economy and our high standard of living makes Australia a popular destination for overseas workers from around the globe. From overseas visitors on a temporary work (skilled) (subclass 457) visa to working holiday makers travelling the length and breadth of the country, overseas workers often need to send money home to support their loved ones or to stay on top of ongoing expenses.

To give you an idea, the top five countries for granted 457 visa applications in the 2014-15 financial year were:

  • India
  • The United Kingdom
  • China
  • The United States of America
  • The Philippines

Overseas students

According to Australian Education International, in January 2016 there were 323,751 international students enrolled in study courses at Australian educational institutions. With several student visa options available and more than 1,200 educational institutions to choose from, Australia is a popular destination for overseas students looking to further their study and explore the world at the same time.

Statistics from the Australian Government Department of Immigration and Border Protection reveal that of the visas granted in 2015-16 to 31 December 2015 under the Student Visa and Temporary Graduate Visa Programme, the top five applicant countries were:

  • China
  • India
  • Brazil
  • South Korea
  • Thailand

People moving overseas and returning expats

The idea of moving overseas, either for a short period or permanently, is a tempting one for many Australians. Of the eight million Australians who left our shores in 2012, 372,000 were planning a permanent move. However, estimates from the Department of Immigration and Citizenship

(now the Department of Immigration and Border Protection) predicted that only 80,000 of those would end up staying overseas for good.

Regardless of whether you’re organising your move overseas, sending money to loved ones in Australia while overseas or preparing for your return home to Australia, you’ll need to find the most affordable and convenient way to transfer money internationally.

People with friends or family members travelling overseas

As international flights become more affordable and countries around the world open their borders to tourists, there are diverse and memorable travel experiences just waiting to be explored on every continent. According to the Australian Bureau of Statistics, 9.2 million Australian residents departed the country short-term.

But although travel is unpredictable and exciting, it also comes with a certain level of risk. Wallets can get stolen, bags can get lost, and it can be quite easy to run out of spending money on the other side of the world. So if you need to offer financial support to a friend or family member who is off travelling the world, finding a cheap and quick way to send money overseas is essential.

Businesses

Thanks to the Internet, countries all around the world are more closely connected than ever before. And while this has led to obvious changes for individuals, it’s also had a huge impact on how businesses function around the world.

For many Australian businesses, an increasing proportion of their transactions take place overseas. Whether buying goods from overseas suppliers or selling to overseas clients, finding a cost-effective way to manage your business’ international payments is essential.

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