Whether you are sending money to Australia for the first time or simply want to send an amount to support your family back home, there are a number of options available. Many online providers offer fast, convenient international transfers that save you the fees and hassle of using your local bank or currency broker.
Getting started with a money transfer provider
To start sending money to Australia you need the recipient’s details, such as their BSB, account number and BIC code (which is similar to a Sort Code in the UK). Then you need to choose which type of receive method suits your needs - cash pickup, bank transfer or an international money order - and select your desired delivery partner.
The amount of time it takes to send your money depends on the transfer method and how much you're sending. Some services can deliver funds within minutes, while others take up to five business days. The turnaround time for your money to arrive will also depend on how quickly you need it.
A quick search online will help you find the right money transfer company for your requirements. Make sure to check the fees and exchange rates for your transfer. A small difference could mean a significant saving on your cost.
Compare international money transfer providers
Moneysmart, a financial services watchdog, Money transfers in australia suggests that if you're looking for the best value international money transfer service, you should consider a comparison site. It can be useful for finding a specialist who offers a range of features, such as low fees, fast delivery and high security standards.
In some cases, a comparison site will also give you an idea of how long it will take to send your funds to the other side of the world. This will be dependent on the type of service you choose, but a good rule of thumb is that most services can deliver funds to Australia within one day.
Choosing a bank or money transfer specialist
A bank is a popular choice for Australians wanting to send money overseas, especially as it is generally cheaper than a money transfer service. But banks can charge a higher fee than a specialist and the exchange rate may not be as competitive.
To avoid paying these fees, look for a company that converts your money at the 'inter-bank' rate, which is where the true market rate is. This will save you 3%-4% on the costs of your money transfer.
If you have a large amount to send to Australia, you should look for a transfer specialist that can offer you a fixed exchange rate and no hidden fees. This will save you money and ensure that you get the best rate for your transfer, so that your receiver can enjoy a great return on their money.
Use a comparison site
The best way to compare a money transfer specialist is by looking at a comparison site, such as Canstar. They use a sophisticated methodology to compare money transfer companies on the basis of price, features and customer service. The top performing products are awarded 5-Star ratings.
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