Forget the banks and use an online International Money Transfer Service to transfer money overseas to and from Australia
It’s surprising that in the modern society we’re living in today, transferring money overseas from one bank account to another can still be so expensive and non-transparent.
Australian banks typically charge excessive fees for international money transfers and also give their customers the worst possible currency exchange rates.
Luckily though these issues can be easily prevented by using a specialised money transfer service that provide you with great benefits compared to banks.
CurrencyFair, XE and OFX are three of the best online money transfer services that can help you transfer money overseas to and from Australia without hassle and with the best exchange rates.
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Why You Should Never Use Banks For International Money Transfer
When I moved from Europe to Australia more than ten years ago, I was naive enough to use banks to transfer funds between my Euro bank account and my newly created Australian bank account.
I simply didn’t know any better and didn’t bother researching better options. Unfortunately, I ended up losing quite a bit of money using banks to transfer my money to Australia.
Mind you though, back then there weren’t as many options available as there are now, but still I should have known better.
Don’t get me wrong, I don’t hate on banks, they have always provided good service to me. But when it comes to international money transfer, even though most banks have improved over the years, you would still be much better off using an online money transfer service.
Reasons why you should not use banks to transfer money overseas:
- Banks typically charge excessive fees
- They use standard exchange rates that don’t work in your favour
- Banks typically take a cut on the exchange rate
- They are not specialised in overseas money transfers (and they don’t like doing it)
Other online payment services such as Paypal and Payoneer are typically better than banks when it comes to international money transfers.
But they specialise in payments and don’t offer the best exchange rates.
Why You Should Use an International Money Transfer Service
With our society becoming more hi-tech every day, it’s only normal that there are online services available that can transfer your money overseas without any hassle.
All you need is an Internet connection and a cup of coffee to get you started.
Reasons to use an international money transfer service to move funds overseas:
- They are specialised in international money transfers (it’s their core business)
- Money transfer services charge low fees (if at all)
- Much better exchange rates
- A fast, easy and smooth online process
- They are regulated by Central Banks and/or government bodies
- Your funds are secured and protected
- It’s location and time independent
- Excellent 24/7 customer service
Headquartered in Ireland and with offices in the UK and Australia, CurrencyFair is a specialised online peer-to-peer currency exchange market place.
The CurrencyFair model works by matching money senders of a given currency with customers sending funds in the opposite direction. The money exchange then takes place on the CurrencyFair platform as domestic transfers rather than overseas money transfers.
This allows them to keep the overall costs of the transaction very low. You can see CurrencyFair as a regulated online dating website for people who want to swap money while avoiding high fees.
Using the online CurrencyFair platform is designed to be very easy. Click the below button to find out more about CurrencyFair and to take advantage of the fee-free money transfer offer for your first international transfer.
XE (formerly HiFX) provides a quick and easy way to convert any amount at the touch of a button, 24 hours a day and 7 days a week.
Their quick and simple online registration process means that you can be ready to make a transfer literally within 5 minutes. Discounted, live exchange rates ensure that the rate you see is also the rate you get.
They offer very competitive exchange rates and absolutely no transfer fees, so you will always know exactly how much you’re paying. You can stay up to date with your transaction online and get notifications via email and SMS every step of the way.
Previously known as OzForex, OFX is an Australian online foreign exchange and payments company with their headquarters in Sydney.
OFX also operates in the UK, Canada, USA and several countries in Europe and in the wider Asia Pacific region.
Best Sydney Walks and OFX have teamed up and are pleased to offer fee free international money transfers for our readers.
In Australia, OFX is regulated by ASIC so you can be assured your money is protected. Transfering your money overseas to and from Australia is as easy as it gets.
Their online platform provides a smooth and simple process so you can quickly and safely move your funds across whenever it suits you.
OFX follows a simple three-step process to safely transfer your money overseas:
- Register and lock-in your transfer:
Register in only a few minutes via this link. Tell OFX how much you’re transferring, which currency and who to send it to.
- Send OFX your funds:
Send your money to OFX via a simple local bank transfer. You will get notified once your funds are received.
- OFX sends your funds to your recipient:
OFX will transfer your money to most countries within 1 or 2 business days. You can track your transfer online or with our easy mobile app.
OFX offers Best Sydney Walks readers lifetime fee-free international money transfers. Click the below button to take advantage of this great offer.
Final thoughts on International Money Transfer
Most of us put a lot of trust in the big banks. If you’re still a bit concerned about using international money transfer services instead of banks, don’t be. The best way to transfer money overseas to and from Australia is through an online money transfer service.
CurrencyFair, XE and OFX, as recommended in this article, are regulated services, meaning they operate under strict guidelines. They are perfectly safe to use and you are for the most part in control of the whole process.
Banks are usually good at providing home loans, everyday banking accounts, credit cards, etc. But for international money transfer to and from Australia (or any other country), you’re much better off using a specialised service so you can keep more money in your pocket.