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Sending Money Abroad: Top Picks for International Transfers from Australia

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These days, many people travel to Australia for higher education, careers, and better opportunities. The one common thing among all these individuals is to find a seamless way to transfer money overseas from Australia.

If you do not have the right kind of information about money transfer companies in Australia, the process can become a real headache. Challenges such as slow transfer times and high fees can mar the overall experience.

These issues are quite common and plague a lot of people. This blog has been designed to be your go-to guide for transferring money overseas from Australia. In this article, you will get to know the best ways to transfer money overseas from Australia. Apart from that, we will also look into tips on how to choose the right service provider for the transfer process.

What Is International Money Transfers?

When you send money overseas from Australia directly into the bank account of an individual or a business, the process is called International Money Transfer. It can be easily done via money transfer companies in Australia, online platforms, banks, or individual agents.

What Are The Best Way To Transfer Money Overseas From Australia?

Several methods are available for transferring money overseas from Australia. In-depth knowledge of these options will help you choose the best way to send money overseas from Australia based on your needs and budget.

Let’s explore some of the most common methods:

#1 Online Money Transfer

Online money transfers involve using the beneficiary’s account details and the account holder’s information. While they are simple and convenient, they can also come with high fees due to the involvement of intermediary banks.

#2 Online Wire Transfer

Online wire transfers are a newer and increasingly popular method of international money transfer.

This process involves your bank or a money transfer company sending the money directly to the beneficiary’s bank, often using intermediary banks to lower costs. It is a safe and affordable option.

#3 Bank Drafts or Cashier’s Cheques

Bank drafts and cashier’s cheques are traditional methods available at most banks across Australia. To use this method, you visit the bank, purchase a draft or cheque in the destination country’s currency, and send it to the recipient.

While this method is generally cheaper, the funds can take a long time to reach the recipient. However, it is a safe option as it provides a trackable record in case the draft or cheque doesn’t arrive.

Step-by-Step Guide to Transfer Money Overseas from Australia

Step 1: Choosing the Right Service

When you want to send money overseas from Australia, it’s important to choose the right service for your needs.

Look at factors like transfer fees, exchange rates, transfer speed, and the reputation of the service provider.

Think about what’s most important to you: Do you need the money to arrive quickly, or are you more concerned about getting the best exchange rate? Comparing different money transfer companies in Australia can help you find the best way to send money overseas.

Step 2: Setting Up an Account

To start transferring money, you’ll need to set up an account with your chosen money transfer service. Here’s how to do it:

  • Go to the service provider’s website or download their app.
  • Click on the sign-up or register button.
  • Enter your personal details.
  • Create a password and verify your email or phone number.
  • You may also need to provide identification documents, such as a passport or driver’s license, for security purposes.

Step 3: Initiating the Transfer

Once your account is set up, you can start your money transfer. Follow these steps:

  • Log into your account.
  • Enter the recipient’s personal details, such as their name, bank account number, phone number, and email ID.
  • Choose the amount of money you want to transfer.
  • Select the payment method, which could be a bank transfer, Google Pay, Apple Pay, credit card, or debit card.
  • Review all the details to make sure everything is correct.
  • Confirm and send the transfer.

Step 4: Tracking and Confirming the Transfer

After you’ve sent the money, it’s important to track the transfer to makes sure it reaches the recipient. Most money transfer services offer tracking features:

Log into your account and go to the transaction history or tracking section.

Check the status of your transfer to see if it’s been processed and received.

Tips for Reducing Fees and Getting the Best Exchange Rates

#1 Compare Different Money Transfer Services

Look at factors like transfer fees, exchange rates, transfer speed, and customer reviews. Use comparison websites or tools to see which provider offers the best value for your needs. This way, you can find the best way to transfer money overseas from Australia.

#2 Time Your Transfer Right

Exchange rates fluctuate throughout the day and week. To take advantage of the best rates, try to transfer money when the exchange rate is favourable. Keeping an eye on currency trends and news can help you decide the best time to send your money.

#3 Use Promo Codes and Discounts

Check the company’s website, subscribe to their newsletters, or search online for any available promo codes before making a transfer. Using these codes can reduce fees or provide better exchange rates, making it cheaper to send money overseas from Australia.

#4 Try To Avoid Hidden Fees

Hidden fees can add up and make your transfer more expensive than you expected. Here are some tips to avoid them:

  • Read the Fine Print: Remember to always check the terms and conditions of the money transfer service to understand all the fees involved.
  • Ask Questions: Don’t hesitate to contact customer support if you have any doubts about the fees.
  • Choose the Correct Payment Method: Some payment methods, like credit cards, can incur higher fees. Opt for cheaper methods like bank transfers when possible.
  • Compare Total Costs: Look at the total cost of the transfer, including any hidden fees, rather than just the advertised exchange rate.

Final Words

Now that you know of the best ways to transfer money overseas from Australia, it’s time to put this knowledge into action.

We encourage you to start your next international money transfer with confidence. If you want to share your experiences or have any questions, please leave a comment below. Happy transferring!


Feature Pic – https://www.pexels.com/photo/focused-young-man-making-online-shopping-with-smartphone-and-credit-card-6353658/

Mick Pacholli

Mick created TAGG - The Alternative Gig Guide in 1979 with Helmut Katterl, the world's first real Street Magazine. He had been involved with his fathers publishing business, Toorak Times and associated publications since 1972.  Mick was also involved in Melbourne's music scene for a number of years opening venues, discovering and managing bands and providing information and support for the industry. Mick has also created a number of local festivals and is involved in not for profit and supporting local charities.        

Mick Pacholli
Mick Pachollihttps://www.tagg.com.au
Mick created TAGG - The Alternative Gig Guide in 1979 with Helmut Katterl, the world's first real Street Magazine. He had been involved with his fathers publishing business, Toorak Times and associated publications since 1972.  Mick was also involved in Melbourne's music scene for a number of years opening venues, discovering and managing bands and providing information and support for the industry. Mick has also created a number of local festivals and is involved in not for profit and supporting local charities.        
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