How to Find the Cheapest Way to Transfer Money Overseas
Compare The Total Cost
The total cost of the transfer comes down to 2 things:
1. Transfer Fees
Every Australian bank and money transfer company will charge you a different fee to send money overseas. Usually it’s between $10 and $32.
2. Exchange Rate Margin
There is no “standard” exchange rate. Each bank will offer you a different exchange rate based on the currency you want to send overseas and the amount you need to send.
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Guide to Transferring Money to Australia
How much will it cost to transfer money to or from Australia?
Calculating the cost of your transfer can be tricky. Depending on how you send the money, the fees, charges and margins aren’t always obvious. Here are the most common charges to transfer money from one bank account to another
1. Standard Fees
These are the most common fee types.
Also known as a TT, Telegraphic Transfer, Wire or Remittance fee. This is the fee that banks and providers charge to transfer your money across to another country.
Exchange Rate Margin
This is the difference between the wholesale exchange rate you can see on xe.com and the rate you receive.
2. Bank Surcharges
These are fees that your bank may or may not charge you for.
Corrospondent Bank Fees
This is a bank charge for transferring money to an international account. The fee is deducted from the amount that you transfer to your receipient. Note: This fee is not always charged by your bank.
Recieving Bank Fee
If you are paying foreign currency into an account, the receiving bank will charge you for it. For instance, if you send Chinese Yuan to your Australian bank account, your Australian bank will charge you to convert it.
Choose the Best Way to Transfer Money Overseas
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