COVID-19 International Money Transfers FAQs

Answers about COVID-19 (coronavirus) and international money transfers

How does the current pandemic situation affect international money transfers? We’ve compiled answers to some of the questions we are receiving from customers. The situation is evolving, so we’ll keep this page up to date with new information as it is released.

COVID-19 International Money Transfers

Should I transfer money now, or should I wait?

The current climate has impacted exchange rates. As such, it’s important you compare exchange rates between providers to ensure you’re getting the most out of your transfer.

Through our comparison service, you can compare the indicative exchange rates between a number of licensed providers. The provider will then give you a final rate before you commit to your transfer.

Last updated: 26/03/2020

Will there be any delays with international money transfers due to COVID-19?

There might be slight delays in processing international money transfers (IMTs) due to COVID-19. These delays may stem from limited staff or interruptions to business.

Typically, IMTs take only a few hours or perhaps a few days to arrive into your recipient’s bank account. If your money needs to be transferred through multiple banks across multiple countries, your transfer might take a little longer to process fully. Weekends and public holidays may also impact transfer times.

Last updated: 26/03/2020

I need to send money to someone overseas who is struggling. What can I do?

The two options that may be most practical in the current climate are as follows:

  1. An international money transfer (IMT)

You may like to make an international money transfer through a trusted provider to your recipient. As exchange rates are ever changing, it’s important you compare rates regularly to ensure you’re informed and getting good value for your money.

To compare exchange rates and to make a transfer, try our IMT comparison tool. Simply enter:

  • the amount you’d like to send overseas;
  • the currency you’re sending from; and
  • the currency you’re sending to.

We’ll then show you the rates of several providers.

Learn more about these types of transfers by reading answers to frequently asked IMT questions.

  1. A transfer through your bank

You can use your existing bank account to send money overseas. This is a convenient option, but please be aware that, depending on your bank, you might attract higher fees and less competitive exchange rates.

Last updated: 26/03/2020

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