Are you wanting to send money overseas and thinking of using Apple Pay? Consider a range of international money transfer providers right here with Savvy to find out where to get the best exchange rates and lowest fees. Compare your options to determine whether transferring money overseas with Apple Pay is the right option for you before you start your transfer today.
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.
You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.
Apple Pay is not a stand-alone method of sending money. It’s a digital wallet that holds credit, debit and pre-paid cards, and is similar in function to Google Pay and Samsung Pay. Whether you can use the debit or credit cards contained in your Apple Pay wallet to send money overseas will depend on the individual credit card issuer and the Australian bank supplying your debit cards. Be warned, though: credit card companies (which you’d likely use with Apple Pay) can charge 3% or more of the transfer amount in fees, in addition to often providing a lesser exchange rate.
However, some international money transfer services support Apple Pay (such as Wise or Western Union), so you can include an international debit card in your Apple Pay wallet and use a specialist provider to send your money overseas. An international money transfer company will almost always ensure you receive a better exchange rate with fewer fees than if you use your credit card to send money internationally.
However, not all international money transfer companies allow payments through Apple Pay and instead use a direct debit from your bank account. This is a faster and cheaper option, as it doesn’t involve any card fees or additional expenses. Savvy has partnered with a panel of trusted international money transfer (IMT) providers who can help you open an account and start transferring money overseas quickly today.
The other options you have available to send money overseas include:
On top of comparing international money transfer services to determine whether they support Apple Pay, consider the following to help find the most suitable option for you:
It’s important to get the best exchange rate for the currency you wish to transfer your Australian dollars into, as the higher the rate, the more foreign currency you can buy. The exchange rate you want to look out for is called the ‘mid-market’ rate (as it’s mid-way between the buy and sell price on the international money market). The mid-market rate represents the top exchange rate available at the time and is the same rate banks use to transfer money. Many providers add markups to their rates, so it’s crucial to compare your options.
Fees for transfer
Some international money transfer companies offer to exchange your money for a fee, while others don’t charge a fee but add a bit onto the exchange rate (called adding a ‘margin’ or a ‘mark-up’). The fees charged can either be a set fee (ranging from $6 up to $15) or a percentage of your transfer amount (such as 0.4% to 0.5% of your transfer sum).
Make sure the transfer company you choose services the country and provides the currency you’re after. Not all providers operate in all countries, while some companies specialise in a particular continent and region. For example, SingX is based in Singapore and specialises in transfers to other Asian nations, including sending money to China.
Speed of transfer
We know that banks can take from three to five business days to make a transfer, but international transfer companies get your funds overseas faster, on average within two days. Depending on the destination, many transfers will arrive the same day or even instantly. Since Apple Pay will use your nominated bank credit card, any payments could be subject to lengthy bank delays. If you need to get money overseas quickly, it’s always worth comparing between providers to see who can get your funds to their destination the fastest.
Some money transfer companies impose limits on transfers. Minimums range from $1 up to $250, and maximums range from $1,000 a day up to between $50,000 and $500,000 or more. However, other companies have no upper limits, so it’s worth comparing your options thoroughly if you need to make a very large money transfer.