Don’t get ripped off!! It’s worth comparing and shopping around to get the best deal and rates to send money overseas. There are several ways to send money overseas. The exchange rates, fees and transfer time will depend on the option you choose.

Some of the institutions to consider for foreign exchange and to send money overseas are:

  1. Use a specialist foreign exchange provider. Such examples would be OzForex or Western Union. These are companies that have been sending money overseas for many years and are familiar foreign exchange brands.
  2. Use your bank. In Australia all the major banks will help you transfer money overseas – for example Westpac, Commonwealth, NAB and ANZ. Most of the smaller banks and financial institutions will also be able to send money overseas. If you already bank with several institutions then it may be worthwhile to compare the rates and services being offered.
  3. Use an internet payment gateway such as PayPal, which allows you to use funds from your credit card, within your PayPal account or to transfer money in from your registered bank account.

When comparing different options there are a number of factors to keep in mind when deciding which one to go with.

  1. Fees – this is the most obvious cost that most people look for when sending money overseas. It’s easy to identify and compare. Some providers will offer no fees for transactions over a certain monetary value (e.g OzForex for transfers over $10,000). Some providers have a fixed fee for sending any amount and others have different methods of calculating fees.
  2. Recipient Fees – this fee is levied by the receiving bank or financial institution. Banks tend to be the ones who usually charge this type of fee to international banks transferring money into their accounts. Some of the providers may be able to help you avoid this fee. For example – OzForex has their own bank accounts in many countries and they make a consolidated deposit to their overseas account consisting of many customer transactions. They then make a local bank transfer to send your money to its final bank account destination. In other words they take all customer transfers to the USA for one day and transfer them into their New York bank account. They then transfer the money from their NY bank to the recipient’s US bank and hence avoid the recipient fees. This is not available in all countries – best to ask OzForex (1300 300 424) if you are interested.
  3. Exchange Rates – the exchange rate can often differ significantly between the banks and various providers! It can pay to shop around to find the best exchange rate – in some cases the exchange rates will vary between providers by several percent. This can really start to add up as you send larger amounts of money. This is often a hidden area where consumers can get stung – don’t just assume that you are being offered the best available exchange rate!
  4. Transfer Time – you will want to consider how long it will take your money to arrive at its destination. If you have a tight timeline, compare several providers before sending. Many institutions now send money overseas within a few days – but if you’re sending a foreign cheque for example, it may take over 20 working days to clear. The recipient may be highly unimpressed to have to wait that long for funds and it may jeopardise a business transaction.
  5. Maximum Transfer Amount – some providers place limits on how much you can send in a transaction. For example with Xoom they allow up to $2,999. Western Union applied a limit of $999 to new account holders sending money overseas.

At SendMoneyOverseas.com.au we provide general information only about foreign exchange, exchange rates, transferring money and other financial services. We provide information as a guide only to help you in knowing what services are available in the market.

If you want more specific advice you can contact the advertising partners we have on this site or speak to another licensed financial institution. They will be able to provide specific financial advice.


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Sending money can be expensive if you are using the major banks. With OzForex you can transfer money faster and for a lot less. Their fee is only $15 (AUD) and their exchange rates are great – just compare them to the banks and other providers. Best of all you can do it anytime you like online or by phone – they are open 24-hours a day, business days!

By using OzForex you will enjoy;

  • No receiving bank fees in most countries
  • Extremely competitive foreign exchange rates across 18 currencies
  • Online access 24/7
  • Access to a dedicated Dealer by phone 24-hours a day, 5 days a week
  • Complete exchange rate transparency
  • No transaction fees for amounts over AUD10,000
  • Risk management tools through Limit Orders and Forward Exchange Contracts
  • Exchange rate alerts via email

To speak to one of their accredited dealers about your foreign exchange requirements call 1300 300 424 in Australia (0845 686 1950 in the UK; 1800 680 0750 in Canada or 0800 161 868 in NZ) or register online. Registering with OzForex is free and you can view their live dealing rates immediately.

As a special bonus you will receive your first two transactions fee FREE, simply click here and sign up for an account.

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