In today’s booming technological era, nothing is non-digital. People are transacting online, and they are even paying online. The global economies are sending and receiving a penny, worth billions, from different countries of the world. The sooner or later any economy blows, it’s because of its money flows. With time, the need for transferring money overseas increased, whereas its significance stands still. The exchange rates keep changing constantly, but it does not hinder the money outflow. Well, Australia is one such country that spends billions of dollars sending overseas. The question is, why are they doing it? Or instead, how are they doing it?
As per the World Bank data, in 2018, Aussies transacted 7,195 million US dollars overseas. The sum looks tiny compared to the total world remittances of US$689 billion. However, it is equivalent to 0.5% of Australian GDP, and that’s a lot of money! This article is about five ways to transfer money overseas from Australia. There are four major modes of transferring money overseas. You can transfer money via phone, mobile, online, and the bank’s physical branch. This guide will give you five methods you can use through any of these four modes to send money overseas from Australia. Let’s check them!
1- Wire Transfer:
If one wants to send money from Australia to a person living in a different country, transferring through a bank is the first option. The best and simplest way! It is easy to transfer money from your bank account to another person’s bank account if you both hold an account in the same bank. Often, this kind of service is free of charge. A bank can set up many types of transfers for an account holder.
Usually, when it comes to transferring money overseas, a bank initiates a wire transfer. Being to the bank for overseas money transfer is the most reliable option. However, you will need a lot more information about the recipient. It could be his name, address, account holder’s details, financial institution’s information of the recipient, and the SWIFT or IBAN details of the recipient’s bank. Tip – check the guidelines online or visiting a bank physically for taking money in and out of Australia first.
2- International Money Transfer Services:
It is hard to believe that a person does not have a bank account in today’s time. A person wishing to transfer money from Australia and the person who will receive it, both having a bank account, can opt for International Money Transfer (IMT) services. Also known as International Telegraphic Transfer, it is one of the most excellent overseas money transfer options. (I mean the word ‘International’ in its name justifies it well!)
The SWIFT system is a base for the IMTs. It is a Society for Worldwide Interbank Financial Telecommunication. The money transfers pass through the regional banks before reaching the final receiver, and that’s how this system encrypts the message information. With IMT, you can transfer money to Nepal, the USA, India, or any other country from Australia. Research well because the bank cracks a nasty charge on International Money Transfers, and it goes straight out from the transferor’s pocket to the bank’s profits.
3- Online Money Transfer Services:
Aussies transfer majorly to countries like the UK, the USA, Canada, and India. While there are a lot more monetary transactions between these countries, Aussies have a great option to save on the real-time processing and transact online. There are a few top-notch online money-transfer services provider companies that let you send the money overseas from Australia as an exchange with a handful of fees.
For small-cap, to medium-cap money transfers, you can go for the service providers like Western Union, MoneyGram, WorldRemit, TransferWise, and CurrencyFair. These companies are highly preferred because they cut the crap of exorbitant charges of bank-to-bank transfers by the remittance companies. The ASIC regulated companies like OFX, TorFX, and WorldFirst are suitable for making money transfers extending the AUD 9500 bar. With an increase in the total amount of transfer, there is a decline in the service charges. It is the reason for it being convenient!
There are companies with exceptional customer support in current times, which aim at service providing with 100% customer satisfaction. Such companies are the ultimate options in their respective fields. When we are talking about such companies, we aim at learning more about firms like PayPal (Founded in 1999) maybe. Such platforms allow transferring money overseas for free.
Usually, they come up with an application where you put your email ID, bank details, and personal details, and the same for the recipient and you can transfer money. These apps allow free money to transfer overseas. However, they nominally charge when you want to encash the funds or want them in your bank account transferred digitally. You better gain knowledge about the international exchange rates and the transaction fees these apps charge, so you don’t get trapped unnecessarily anywhere, anytime.
5- Send Cash or Cheque Directly:
The last option for transferring money overseas is yet a conventional method, but many tend to follow it. You can send cash directly to the person who needs to get benefitted. Companies that provide online services like Western Union also offer offline transfer facilities. You can send cash to someone who does not have a bank account. It is a great option if you don’t want to involve technology in money transfer.
Sending a cheque is another option if you wish not to take the risk of losing cash while sent through the mail. However, sending a cheque is quite a less recommendable option for two reasons. One – An individual who wants to receive a quick payment would not be satisfied with lengthy procedures of cheque clearance. Two – for a foreign transfer, you have to request the bank to issue a foreign currency draft and not a normal cheque will work for you.
A little research won’t harm you where your money is involved. You being solely responsible for your money, you should be cautious about transacting safely and not quickly. Ensure the deal you’re doing is ideal. Best luck with the transfer!