Ben Todd | Jun 2, 2017 | 1
Best Way to Send Money to Australia
The best way to send money to Australia is online, but the way you do it is really up to you. It all depends upon your circumstances. For example, I know that it is not so easy to get cheap bitcoin in Australia, so sending money to Australia in the form of bitcoin may be a good idea if the recipient knows a bit about selling bitcoin. However, if you cannot get your hands on cheap bitcoin, then sending bitcoin is not a good idea. Another example is if your recipient doesn’t have a bank account and you want him or her to pick up cash. Maybe you don’t have a bank account and wish to send money to Australia. No matter what your circumstances, there should be a solution for you right here with one of the companies listed in this article.
Send Money to Australia With TransferWise
Send money with your bank card or via a bank transfer, and TransferWise convert your money into the fairest rate on the market. The exchange rate is the same as the one you get on the Internet when you enter it into Google. All of your fees are given in advance, so there are no nasty surprises. There is also a tool you may use where you may see how much you are going to pay in fees, how much the recipient is going to receive, and how much of what you are sending will arrive. There are are few other money transfer companies that are so transparent. In addition, it only takes 2-3 business days for your transfer to go through, which is also less time than it takes most other transfer companies.
Send Money to Australia With CurrencyFair
CurrencyFair operates by having people pay commissions on what they send. The company doesn’t make the bulk of its money from exchange rates, they make it from commissions. If you wish to make a transfer to Australia, then you may make a quick transfer and take their rate, or you may wait and see if a better rate comes along. The average fee is around 0.35%, though it always depends on how much you are sending and where you are sending it to. Transactions usually take around two working days to get to Australia. If you would like to see how much your recipient will receive against how much you are spending, then try their no-obligation tool on their website.
Send Money to Australia With Western Union
One of the best reasons to use Western Union is that your recipient may pick up your transfer in cash. The last time the company updated its facts and figures (2014), it said there were at least 4000 branches in Australia. That is 4000 places where your recipient may walk in with some identification and pick up your transfer in cash money. You may also transfer money online so that the recipient receives the money in his or her bank account. You may pay for your transfer with POLi, a debit card, Internet banking and a credit card. Don’t forget there will be a cash advance fee from your credit card issuer.
Send Money to Australia With MoneyGram
MoneyGram has 400 banks in its international network, and there are over 400,000 MoneyGram locations around the world. There are 30,000 trusted locations in the US alone. MoneyGram doesn’t have a great reputation online, but that is mostly because they have millions of customers every year, and very few of them go online to talk about MoneyGram if it does its job. On the other hand, if there are problems or mistakes, then people jump online to rip it apart. You may visit one of their locations and pay by cash, or you may pay by credit card or debit card. Conduct your transaction online if you wish.
Send Money to Australia With PayPal
Opt for PayPal, and you may keep and maintain your balance without paying a fee. It is an online wallet that allows you to withdraw for free to your bank. Transfers to friends and family are free. You may receive payments from businesses where you are charged a fee, or from regular citizens where you are charged a fee if it is work related. You may pay and/or receive money with nothing more than a phone number or an email address. The PayPal company now offers credit if you need a little help, and the way that PayPal works means that your bank and credit card details are kept secret from the people you are paying and the people you are receiving money from.
Send Money to Australia With A Bank Transfer
You are probably going to need a special type of bank account if you wish to transfer to a bank in Australia. Unless you live in Australia, you are probably going to have to convert your money into Australian dollars. Each bank does its job a little differently. For example, some banks ask that you set up a multi-currency account, and some will simply not allow you to transfer money overseas unless you have some sort of premium or advance bank account. Nevertheless, almost all banks have at least one way in which you may move your money from your bank account to one in Australia, but your bank will make you jump through a hoop or two.
Send Money to Australia With A Check
There are two ways it may go when sending a check. Either you convert your currency and have the check written in that currency, or you send it in your own currency and have the recipient have the check converted. If you have it converted over here, then you need an account where you may store your Australian dollars that also allows you to write checks. If your recipient has to exchange the check, then your recipient’s bank is going to make that person wait a few (if not several) weeks while the money converts, clears, and passes their security checks. Your recipient may also be unhappy about having to pay any exchange fees or currency conversion losses because of a bad exchange rate.
Send Money to Australia With Bitcoin
Buying Bitcoin is tricky enough in most countries, and even though Australia has caught up regarding Bitcoin, they are still behind the times. Buying in Australia is tough, but selling is rather easy. You can find a small number of Bitcoin exchange companies in Australia, and there are far more people looking to buy than there are people looking to sell. Such circumstances may be a good thing because your Australian recipient may have an easier time selling his or her Bitcoin and may even be able to get a good price for it. Buying it yourself may be tough because even though the cost of transferring your Bitcoin will be cheap, the cost of actually buying it may be…less than cheap.
Send Money to Australia With An International Money Order
Buying an international money order seems to be different depending upon which country you are in. There also appears to be different rules for sending money to different countries. For example, if you try USPS in the United States, they will allow you to send $700 to people in Australia, but only allow you to send $500 to Guyana and El Salvador. International money orders tend to come with a fee, but it is not a devastating fee.
For example, a $700 international money order from the USPS that is heading to Australia will come with a $8.25 fee. In addition, you have to pay for postage to another country, and that can be pricey if you are paying for something such as Priority Mail Express International or First-Class Mail International. Check with your recipient to be sure he or she is able to clear the international money order before you send it.
Send Money to Australia With Vorto
You could always try a Vorto for your international money transfer. I mention it because I personally think it is a pain in the ass getting set up and registered, but if you send regular transfers to Australia, then I can’t deny that Vorto is worth consideration. You may use Vorto over the phone or over the Internet, there are a number of transfers options, and they offer a same-day transfer.
You may also set up a regular payment, which is a little like a direct debit. They allow you to send money in 140 currencies, and their fees are not terrible. They do make money with fees, despite what their home page says, and they also make their money by skimming from the exchange rate a little. Give Vorto a bit of consideration if you keep hitting a brick wall during your search for a way to send money to Australia.
Send Money to Australia With World First
Send money with World First, and it will take around a day to arrive from somewhere such as the US to Australia, though it may take two days in some cases. They allow for one-off payments and regular payments. The minimum amount you are allowed to send is $1000. You will lose more on the exchange rate than you will on fees. Despite what their affiliates and their website says, you are very likely to pay fees unless you are sending amounts above $10,000 in North America. World First makes its money by skimming from the exchange rate.
Send Money to Australia With OFX
There is no minimum amount with OFX, and your transfer will take between one and two working days. You may make your transfer over the phone or the Internet, and they allow for regular payments or one-off payments. You will lose more on the exchange rate than you do on fees. The website says there are no fees, but there are if you are transferring overseas and if you are making a currency conversion. Maybe it was a website bug when our team was doing its research, but we couldn’t find the international fees and conversion fees on the website without registering first. Even the FAQ wouldn’t show us the fees when we clicked the link for fees.
Send Money to Australia With HiFX
HiFX allows you to send Australian dollars, which is good when you consider that they only support 20 currencies. Their fees are pretty low when sending transfers, and they waive the fee if you send over $5000. The transfer speed is between 3-5 days because they make their money by skimming from the exchange rate and by exploiting peaks and troughs in currency prices between the time you send the money and the time they credit the recipient. The minimum you are allowed to send is $100, and you may send single payments or regular payments.
Send Money to Australia With TorFX
Transfer time with TorFX is between one day and two days. You may transfer online, over the phone, and with an agent. Users are able to make regular payments or one-off payments. The minimum you are able to transfer is $150, and their fees are low (and there are many times when you do not have to pay fees). TorFX makes its money by skimming from the exchange rates.
Conclusion – Do You Want It Sent Quickly Or Cheaply
You may have noticed that sending money to Australia is cheaper if you are not in an urgent rush to get money over there. There are some transfer companies and some transfer methods that are cheaper because they are slower. There are other circumstances where your ability to wait and/or bide your time for the best price is the reason you get a cheaper transfer.
If you are only planning to send money a handful of times, then pick the method that is the most convenient without being too expensive. On the other hand, if you are planning on making regular transfers, then do your research into a number of the solutions listed above and maybe give a few a trial run to see which saves you the most money.
Try not to believe too much of what they read online. For example, if a company has many negative reviews, consider how large the company is and how many successful transfers it is conducting. In addition, never believe the price comparisons that websites offer because the people running the sites are getting paid to present one as cheaper than another. If you want a true price and cost comparison, then run tests yourself by trying out different companies and methods.