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The Currency Shop
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Hi Jonno
There are heaps of options when sending money overseas but a direct bank transfer is the fastest and the cheapest.

Your Options
To make a direct bank transfer you can go down to your local bank, pay via online banking or set up an account with a non bank provider such as OzForex, TorFX or HiFx.

What’s the Cheapest way?
To work out the cheapest way to send money, you need to consider 3 things.

  1. The fee (usually call TT fee or wire transfer fee)
  2. The exchange rate
  3. Your time

The fee: This can range from $0 to $45 depending on who you use so always ask

The exchange rate: The bigger the amount – the more this matters! If you were going to send 10,000 US dollars overseas today, you might receive anything from 0.8900 to 0.9250 depending on who you choose. In this example, the difference between the best and worst is over $400

Your Time: Do you have the time to track down the lowest fee and rate and will it be worth it? If you are going to send money overseas regularly or if it’s more than a couple thousand, I would say YES!