- While banks usually offer foreign currency transfers, there are many websites and apps that can provide the service at cheaper prices.
- We have completed a list of 5 websites that can be used to transfer money overseas, including World Remit and TransferWise.
- Their fees vary depending on where you are sending money and how you choose to send your funds.
- Visit the Business Insider Australia home page for more stories.
Are you thinking of transferring money abroad?
If you are planning a trip abroad or want to send money to a relative in another country, there are many ways to do it. According to TransferWise’s analysis, Australians lose $ 2.14 billion annually due to bank fees. While banks can offer foreign currency transfers, you also have the option of choosing websites and apps that give you a better deal.
We have completed a list of 5 websites that you can use to transfer funds overseas:
With World Remit, based in the United Kingdom, you can send money to 150 countries and this can be received through a number of options including bank transfer, cash withdrawal, mobile money, World Remit Wallet or airtime (think of cell phone credit ).
There are 50 countries where you can send money using World Remit – Australia is one of them – and there are over 90 currencies available.
World Remit says it is 48% cheaper than sending money through a traditional bank. You can pay using methods such as your credit or debit card, a bank transfer or Klarna. The company does not accept Google Pay, however.
The first transfer is free, but then the fees charged vary depending on the country where you are sending money.
Based in the United Kingdom, the TransferWise money transfer platform, which has over 6 million customers and includes billionaire Sir Richard Branson and PayPal founders Peter Thiel and Max Levchin among its investors.
TransferWise is available in over 50 countries and claims it is 8 times cheaper than banks. It offers a “guaranteed rate” where the exchange rate is guaranteed for 24 to 48 hours, depending on where it comes from. For Australians it’s 48 hours.
TransferWise has also introduced a “borderless account” where you can hold up to 50 currencies and convert them among them. You also get a free Platinum Debit MasterCard with this account that has no foreign transaction fees and free ATM withdrawals worldwide up to $ 350 for every 30 days.
If you want to transfer a lot of money, you can try First World. You can sign up for free but the minimum amount you can transfer is $ 2,000.
World First offers 180 currencies and does not charge fees for international payments. However, the company only makes bank-to-bank transfers.
The Australian exchange company OFX (formerly OzForex) offers over 55 currencies and has one million customers worldwide. It does not charge installation or monthly fees on the account, instead it charges a flat fee.
OFX has the options to lock the current exchange rate when sending your money. And when you send over $ 10,000, you don’t get charged.
Remitly, based in the United States, aims to support immigrants and their families. You can send money from 16 countries including Australia, Canada and the United States. But because the company’s mission is focused on supporting immigrants, money can only be sent to 40 countries.
On Remitly, you can send money “expressly” by debit or credit card or “economy”, paying through your bank account, which is cheaper. The transfer amount varies based on how much you spend and the desired delivery speed.
When you register, you are assigned a send limit level, which limits the amount you can send in a certain period of time. There are three levels. In the first level, you are limited to sending $ 2,999 within 24 hours, $ 10,000 in 30 days and $ 18,000 in 180 days. You can also request to increase the limit.