When sending money overseas, it’s important to choose a transfer method that is reliable and will guarantee that your funds arrive at their destination safely. Savvy has partnered with a panel of trustworthy international transfer service providers to bring you more options to compare when transferring money internationally. Choose which one suits your needs the best and start your transfer today.
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There are many ways to send money overseas from Australia. However, if you want to find the cheapest and most reliable way to send money overseas, you need look no further than specialist international money transfer companies.
Such companies are frequently able to offer the lowest fees, the best exchange rates and the fastest transfer services available. They’ll often be able to get your money overseas far quicker than a bank, and with much lower fees, too. The process is also highly convenient, with everything taking place online from start to finish in a highly secure manner with high-level encryption to keep your details safe.
Savvy has partnered with a panel of reputable international money transfer service providers so you can make your international transfer worry-free. They offer the best way to send money overseas, so your only remaining choice is which one of Savvy’s partners offers you the best value for the sort of money transfer you want to make.
There are many ways to compare different international money transfer services, with some of the key features including:
The exchange rate you’re quoted will have the largest influence on your transfer, as even a small difference in the rate can have a huge impact on the amount of money you end up sending overseas, particularly if you’re making a large transfer. That’s why it’s so important to compare exchange rates with Savvy before making your transfer decision.
To get the best deal on your international exchange, look for a company which offers an exchange rate as close to the mid-market rate as possible. This is the ‘true’ exchange rate, which falls halfway between the buy price and sell price on the international currency exchange market. The closer your exchange rate to the mid-market rate, the more foreign currency you’ll be able to buy with your Australian dollars.
Next, look at the fees you’re being charged to transfer the money. There are three main ways that international money exchange companies make their money:
All of these methods of charging for international transfers will probably end up being cheaper than using your traditional bank, as banks charge fees anywhere between $6 and $30 to complete a transfer from one bank to another overseas. By comparison, an international money transfer company may charge a fee of less than $5 to make a small transfer.
In general terms, flat-fee charges are the best for larger transfers and percentage charges are more economical for smaller transfers. Make sure you’re aware that some companies have minimum and maximum transfer limits, such as minimum limits of $200 to $250, maximum limits anywhere from $50,000 to $500,000 or more and occasionally a daily limit of $5,000.
Countries and currencies
It’s vital to make sure the company you choose offers money transfer services to your preferred destination in the currency you require. You can check this fact by going to the company’s website and looking at their list of countries serviced.
The transfer time and speed of delivery of an international transfer will vary from provider to provider and based on the destination of your transfer. High-volume destinations from Australia, such as the UK, USA, New Zealand and India will often transfer more quickly than if you send money to a less common destination. Transfer times for money exchange companies range from zero to two days in most cases (but can reach up to five days), with some able to have your money available overseas in a matter of seconds.
Some companies can be paid in cash, while others require payments to come directly from a bank account. Some will allow payments by cards, while others require bank details. Make sure you check whether the company you choose offers the payment method which suits you most.
You can safely use any of Savvy’s trusted partners to reliably transfer money overseas from Australia. Some of our reliable international money transfer providers include:
Canstar Award-winning provider Xe is a globally-recognised online FX trading specialist based in Canada. It’s a subsidiary of the giant Euronet Worldwide Group, and has been established for over 25 years. It offers transfers to over 220 countries using more than 138 currencies.
Founded in Singapore, SingX offers exchange rates with no markups and low fees. They offer transfer speeds of 0-2 days to more than 30 nations, primarily in the Asia-Pacific region. SingX is commonly used by individuals looking to transfer to and from Asia.
Offering a percentage fee and very competitive exchange rates, Wise offers an international currency account on an app with many useful tools to help make your transfer cheaper. Their percentage-based fee makes them a suitable option for smaller, more frequent transfers.
TorFX offers a full-service foreign exchange trading platform and is commonly used by businesses to transfer money overseas. They offer account managers to assist with commercial transactions and highly-regarded, award-winning customer service. They come with a minimum transfer of $200 and offer 35 currencies.