So you need to transfer some money abroad and think the best and quickest way to do that is online. Fair enough. You’re probably right now you may want to use an online money transfer specialist, someone like our effects or transfer wise, but that might not necessarily be the best option for you. Let me highlight four key factors to consider when transferring money abroad. Number one, safety. Now, the most important part of any overseas payments is the security of your funds. Luckily, Australia is one of the most highly regulated countries in the world. However, it doesn’t mean that we are completely scammed free, but what it does mean is that we have the opportunity to do some digging into any company that we want to win with for help, which brings us to our next point. What are our options when it comes to transferring funds abroad?
We essentially have two choices to go through a bank all to go through a specialist company. In terms of a specialist company, you’re looking at the likes of PayPal, transfer wise, our fix Western union tour effects, high effects will first as well as a plethora of other small businesses to keep in mind. Each of these companies will charge a different fee and have different exchange rates depending on what currency you need and how much money you need to transfer. I cannot stress this enough. It is crucial to compare all the exchange rates and fees of all the options available to you for you to work out the total cost of your transfer. This is the exact moment we’re doing. Your homework will result in you saving money. Now you might think all of this is a bit of a headache or just too much of a chore and may urge you just to go to your local bank because it’s easy.
Point number three, should I avoid banks in short? The answer is absolute. Banks typically charge between $18 and $32 for an international money transfer. Additionally, the exchange rights site offer nowhere near the interbank rates you will see on Google or xc.com most specialist alternatives will offer exchange rates and the flat fee of between zero and $10 but let me live it with you here for a moment. Realistically, if you’re transferring less than $1,000 overseas, you may want to use a bank. It might not be the cheapest option for you, but it may very well be the quickest, easiest, and most efficient one. However, if you’re dealing with sums greater than $1,000 avoiding a bank is well worth the effort. Which brings us to our fourth and final point, how to use a specialist company. Now the standard set up is as follows. First, you set up your account.
How to send money internationally
Thankfully you only have to do this once. You just register your details and provide identification. Next, you make your transfer. You’ll need to provide the bank account details of the person you are transferring the money to. This is also the point where you lock in the exchange rate. Finally, you will have to pay for your transfer. He’s the catch before you can transfer your money overseas, you’ll first need to pay for it. All companies provide their bank account details for a direct bank, transfer. Some companies even off a Bay pay or allow you to pay using a debit or credit card. So the final verdict, well, we’ve established that there are safe and cheaper alternatives to transferring money abroad. Then using a bank. The fees are lower, but more importantly, the exchange rates are dramatically better. Using a specialist’s like, Oh, FX or transfer wise does take a little bit extra time and effort box. It is well worth it, especially if you’re transferring over $1,000 just be sure to compare your options.