To send money overseas, you can use an international money transfer; an online provider who will send funds from your account to another. This can be one of the cheapest, quickest options available. Alternatively, use an international money order or organise a cash transfer, where the recipient picks up cash in hand.
The exchange rate will determine how much foreign currency your Australian dollars will convert to. When it comes to sending money overseas, this rate is important in determining how much you need to pay to send a particular amount to your recipient or how much your recipient ends up with once your transaction is finalised.
Furthermore, different banks and money transfer providers offer different exchange rates based on (a) where the money is going, and (b) how much you plan to send.
The recipient you’re sending cash to in the USA must have a bank account set up to receive an international money transfer. Otherwise, you’ll have to settle for a cash transfer or international money order.
The exchange rate is quite different between AUD and GBP, so make sure you carefully observe this rate leading up to your transfer, to ensure you convert your money at a time where the AUD is strongest.
Sending money to India is pretty common for many Australians. This is good news, as it means you have plenty of different transfer options available: bank transfers, cash delivery, international money transfers (online), international cheques (i.e. a money order) and more.
Like any other country, it’s typically better value to use an international money transfer service to send money to someone in the Philippines, rather than transferring money through your bank.
An international money transfer is more than sufficient to send funds overseas – regardless of size. Providers will place a limit on how much you can transfer at once, but it’s typically quite large (e.g. thousands of dollars). Just be mindful that you may need to pay some fees for these types of transactions, and that some providers offer better exchange rates than others.
Due to Australian laws around anti-money laundering and counter-terrorism financing, you must provide a certain amount of information and identification before you can send money overseas.
Most providers will have a minimum and maximum amount that you can transfer overseas, however, they will vary from one another. One provider may impose no minimum amount to send, while another may impose several thousand. Similarly, the maximum might be several hundred dollars, or several million.
One thing to keep in mind is that sending a small amount of money may not be worth it if the dollars received on the other end have been eaten away by fees and a less competitive exchange rate.
We list any currency conversion fees on our website. However, fees charged when the money is being processed during its journey to the recipient won’t be listed in our comparison service (as we don’t know what they’ll be). As such, make sure you consider that the final quoted amount of money may differ to what you previously thought and make all suitable enquiries from the provider you choose.
For one, the value of currencies in different countries is in constant flux. Send your money today while the AUD is strong, and your recipient will receive a healthy sum. Send it tomorrow and it might be weaker, meaning your recipient ends up with less or you have to deposit more funds to send the same amount.
In addition, you can choose to have your money converted to foreign currency either at the start of your journey, or choose to transfer the funds in AUD & the conversion will take place at the recipient’s bank. If you convert the funds prior to sending, you may have a better idea of what the final cost may be (not withstanding intermediary fees). However if you choose to send the funds in AUD you will be subject to the exchange rates at the time of the receipt which may differ.
So, how can you make sure you find the best possible exchange rate for your international money transfer? It’s simple: compare providers and aim to find a fair exchange rate with lower fees.
You need the recipient’s international account number (including SWIFT/IBAN code), full name, address, and contact number. You will also have to satisfy some identification requirements before you can send money overseas.