At some point, you may need to transfer money overseas. This could be because you are buying goods and services, sending money to loved ones abroad, or even moving to a different country. Of course, you want to get the best currency exchange rate to get the most out of your Australian dollars. The good thing is, there are different means to do this.
Here are some key things to consider before transferring money overseas:
Know your options
Before finding the best currency exchange rates, know some of the platforms that will enable you to transfer and exchange money.
You can do this through a bank. The money will be debited from your account and moved to the specified account overseas. This is a convenient way to transfer money, especially if you don’t have time to compare rates.
Another option is through an international money exchange agency. If you regularly transfer money overseas, this is a great option as it is usually the cheapest one, plus they offer exchange rates with low conversion fees. PayPal is also a safe and reliable option, though it can be expensive if you need to transfer a large amount of money.
Check the rates
Get the best currency exchange rate as this will dictate how much foreign currency you can get from your Australian dollars. Since banks, agencies, and other avenues come with different rates, make sure to compare and look at the most attractive rates. Even a few cents can make a significant difference to the amount that will be transferred. Keep in mind that just because a money changer offers the best currency exchange rate for one currency doesn’t automatically mean that they offer the best rate for other currencies.
Consider the fees involved
Converting AUD into a foreign currency comes with a fee, and banks and agencies differ in how they determine the charges. Some may have fixed fees, while others determine the fee to be paid depending on the amount of money to be exchanged.
Know the speed of the money transfer
Usually, transferring money overseas takes one to five days. If you need to complete the transaction sooner, ask the bank or agency if they can make the processing time faster than usual. Just be aware that it may come with an additional charge.
Do you have other ideas on how to get the best currency exchange rates? Share your insights in the comments section.Read More →