Transferring money to Australia from Czech Republic does not have to be complicated, expensive or time-consuming. Compare the most popular ways to transfer money to find the cheapest way for you.

1. Sending Money From Czech Republic to Australia through a Bank

Sending Money From Czech Republic to Australia

This is the most popular way of transferring money from Czech Republic to Australia. It is also the easiest but it comes at a cost. Most banks will not only charge a flat fee, but the exchange rate they offer can increase the cost of the transfer significantly.

Some fee free alternatives include TorFX World First and XE

Why it’s popular:

It’s the fastest way to transfer money into Australia. It also could be the easiest way particularly if you are based in Australia. Sending the money directly to a bank rather than using a money transfer company is very safe.

See: VIDEO: How to Transfer Money to an Overseas Bank Account Without High Fees

2. Money Transfers at the Best Exchange Rate


Transferwise is one company that offers you the ‘real’ exchange rate that you see on or google. Keep in mind that they do charge a percentage based fee which can add up if you are transferring more than $40,000

When and why it’s cheaper:

Getting the best possible exchange rate makes it much cheaper to send money overseas, particularly for less common currencies or for amounts under $40,000

See: Transferwise Review

3. Paypal

Paypal to send money overseas

Yes – Paypal. When you use Paypal to send money overseas, the currency conversion rates aren’t great, but the fees are almost non-existent. It’s also super quick when the person you are paying already has a Paypal account.

When and why it’s cheaper:

If you are paying someone under $1000, like an overseas freelancer, Paypal is cheaper than using a bank. This is because they don’t charge a bank transfer fee, which can range between $18 and $32.

See: Converting and Sending Currency via PayPal – How does it compare?

4. Niche Money Transfer Companies

World Remit

Unless you are sending money to a popular country like China, the US or UK, it can be really costly. This is because the exchange rate charged is considerably worse. Luckily there are companies that specialise in foreign currency transfers to smaller countries.

Some alternatives include WorldRemit, Orbit Remit and Instarem

When and why it’s cheaper:

These companies are much cheaper than a bank and can be better than ‘fee free’ companies, particularly on smaller remittances. They also tend to be faster than larger companies or banks, because they have strong local banking relationships.

5. Blockchain Technology

Blockchain Technology

The next generation of international payment apps are blockchain based. Blockchain is the technology behind Bitcoin. The technology removes the need to go through a channel of banks to send money from one place to another.

They have similar aspects to using Bitcoin, including the benefit of super fast payments and very low transaction fees. The main difference will be the complexity. You won’t need to set up a digital wallet and the person you are paying also won’t need a digital wallet to get the money.

When and why it’s cheaper:

Blockchain technology will allow international money transfers to go through in seconds and at a fraction of the cost than bank transfers. Unfortunately, the technology is still relatively young and needs greater acceptance from both the banking fraternity and regulators. You won’t have to wait too long, though. Watch out for these exciting new solutions in late 2017 and 2018.

6. Use a Foreign Currency Account

World Remit

Sending the money to a foreign currency account makes a lot of sense, particularly if you don’t want to convert the money straight away. Most Australian banks offer foreign currency accounts but keep in mind, each has a list of fees and charges. One alternative to consider is the Borderless Account by TransferWise. It has relatively few fees and is easy to set up.

When and why it’s cheaper:

Sending it to a foreign currency account is much cheaper than converting the money twice. It can also reduce your exchange rate risk.

See: Borderless Account Review

7. Bitcoin

Transferring money online

You can use Bitcoin to send money overseas, but be aware that it can be quite complicated, particularly if you are not familiar with using a digital currency. You’ll have to set up a wallet with a Bitcoin company, like Coinjar, then fund your online wallet with Australian dollars, convert it to Bitcoin and send it to the person you are paying overseas. They also need to have a Bitcoin wallet and will then convert it to their local currency.

When and why it’s cheaper:

Bitcoin transaction costs are much lower, because you don’t have to go through any banks to send the funds. The exchange rates are better than a bank, but you add some exchange rate risk, because you are converting currency twice (to Bitcoin, then to the local currency) instead of once.

8. Cash

czk to aud

This can be one of the cheapest ways of transferring money into Australia but it’s not one we recommend. Firstly it depends on the exchange rate you receive to buy the Australian dollars. Often with converting currency in cash, exchange rates are not as good as a money transfer. There is the security aspect. Bringing cash into Australia is less safe than a bank transfer and must declared if the amount exceeds 10,000 AUD.

When and why it’s cheaper:

It’s only cheaper if you can exchange your foreign currency cheaper than a money transfer which will be hard.

See: The Ultimate Guide to Currency Exchange



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:

Money transfer fees

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.

Exchange rate margin fees

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.

Money Transfer Comparison Tool


OFX offer


Ready to go?

Get your first two transfers to Australia with OFX for free


How To Transfer Money Online

Frequently Asked Questions

Paypal and Western Union (cash pick-up) are the fastest options. The transfer can be done in minutes.
If you are sending the money to a bank account, it will take 1-2 days if you are using a bank.
Or 2-3 days if you are using a money transfer company.

Sending money using a money transfer company is similar to using a bank but there are some important differences. Here are the main steps to do it online:

Setting things up (only has to be done once)

  • Log on to their website and register your details. You’ll need to have some I.D handy
  • Once your account has been approved, you’ll get a login and password
  • Enter the banking details of where you are sending the money. They are usually called the “Beneficiary” or “Recipient”

Transferring Money

  • Get a quote for the amount you want to send
  • Confirm the details including the rate and how much it is in Australian dollars
  • You’ll get a deal confirmation. Finally you’ll need to pay them the Australian dollars before the money is sent.

1. The Bank Overseas Sending the Money

Getting the bank overseas to convert the money before it is transferred to Australia is an easy option but you don’t always know what exchange rate they will use. In some cases, the overseas bank will give you a better exchange rate than a local bank. This is particularly true for transfers from Thailand, Malaysia and India.

2. Your Bank in Australia

This is by far the easiest option. Unfortunately, banks generally have higher fees and uncompetitive exchange rates. But this doesn’t mean you should never use a bank. For small amounts under 1000 dollars they are worth considering.

3. A Money Transfer Company

Money Transfer Companies like OFX and TransferWise are often the cheapest option when you are receiving between $1000 and $1,000,000 from overseas. This is because they offer better exchange rates and lower (and sometimes no) fees. The downside to using a transfer company outside of a bank is that you’ll have to set up an account with them first. Once you have registered your details, you’ll need to ask for their bank account details and transfer your foreign currency to their account before it’s converted and deposited in your local Australian dollar account

The banks and Paypal don’t have a minimum transfer amount but most money transfer companies do. If you are sending less than $500 to Australia and intend to use a money transfer company, make sure you check their minimum transfer amount.

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Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

An easy way is to use a comparison table for either international money transfers or currency exchange. These tables list and compare the banks with other large foreign exchange companies.

We’ve also put together tons of helpful videosguides and reviews that will help you make the right decision. You can work out a cheaper way of converting currency while still keeping your money safe.