Do you need to send money overseas quickly? Are you wanting to make an instant international money transfer? If so, Savvy can help you compare providers, find one with the fastest service and lowest fees and get your transfer underway quickly. Start your transfer process with Savvy today and have your funds arrive at their destination before you know it.
Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
There are several different types of money transfer services available when it comes to transferring your money instantly. Some of these include:
International transfers through specialist money transfer providers
If you do need to send money overseas globally in a hurry, an instant transfer through an online specialist international transfer company is usually your quickest option. Companies that specialise in foreign exchange offer affordable currency transfer services to both retail and business clients and can have your funds transferred internationally in a matter of seconds in some cases.
While not all providers can facilitate instant transfers, you can still get your money overseas very quickly (within two days on average). Some companies allow you to pay extra for a same-day transfer option, which guarantees delivery of your funds within 24 hours. The exact transfer delivery time will depend on the country you need to get the funds to and the time of day in the receiving country (and its time difference compared to Australia).
International transfers with cash
Some providers also offer a cash transfer service to certain countries, although this is a less widely available option. This can be completed instantly and doesn’t require your recipient to have a bank account. You may also be able to have cash delivered, such as if a relative is in an overseas hospital. However, this transfer type is often much more expensive than transferring with an online provider, so it may not be the best option for you.
International transfers through your bank
In general, the large banks will take between three and five days to deliver your money abroad, so using a bank isn’t a viable option if you want your money transferred instantly. Their fees are also often much higher than those of specialist providers, potentially ranging up to $30 per transfer.
PayPal is a service which offers same-day global money transfers. However, even though the money may appear in your PayPal account the same day, there may be a delay to receive it in your bank account, which could be up to five days. In addition, same-day transfers with PayPal often attract higher fees and a weaker exchange rate.
The process to make an instant international money transfer online is:
Naturally, you’ll want the highest exchange rate possible to get the biggest bang for your buck. Try and find a company offering an exchange rate as close to the advertised mid-market rate as possible, as this will mean that no major markup is being added to the current true exchange rate.
Some companies charge a set fee (from $6 to $15), while others charge a fee based on a percentage of the transfer (0.4% to 0.5%). Others come with no fees, however, which can apply in certain situations. It’s important to compare different providers with Savvy, as transfers advertised as ‘free’ may not always come with the most competitive exchange rates.
Not all providers offer transfer services to all destinations and in all currencies. Check the transfer service provider you choose is able to make a transfer to your desired country and in your preferred currency.
Minimum and maximum transfer limits
There are usually minimum and maximum transfer limits for international money transfers. For example, TorFX has a minimum of $200 and a maximum of $50,000. OFX has a minimum transfer limit of $250, but fee-free transfers over $10,000. Compare and check transfer limits to make sure you get a provider compatible with your needs.
Exchange rate guarantees
Does the provider you choose offer a guaranteed spot price on the exchange rate quoted? Is this price guaranteed not to change for a set number of hours? This can vary between providers from 12 to 36 hours, so it’s important to consider this if you don’t wish to make your transfer immediately.
Would you like to receive an alert when the currency exchange rate reaches a limit you’ve had your eye on for a while? Some companies offer a range of exchange tools such as alerts, limit orders and forward orders which can all help you access the best exchange rate for your international money transfer.