Are you looking for the fastest and cheapest way to send money to Australia? You are not alone. It is estimated that there are more than 138,000 Australians living in the UK. Also, according to the Australian Statistics Bureau, there are more than 310,000 Australians living abroad.
As a result, the need for sending money to Australia is rising especially because of the limited physical traveling that is going on today. In this article, we will look at the best options you have when you are sending money to Australia.
Use online money transfer services
Online money transfer platforms offer you the best options to send money to Australia. These companies help you send money to other countries using your computer or even your smartphone.
Fortunately, in recent years, the number of these companies has been rising. Some of the most popular ones that you can use are TransferWise and WorldRemit. Also, other traditional money transfer firms like Western Union have come up with digital platforms to simplify their business models.
These companies use different models. Some offer international money transfer solutions at no fee but make money through an exchange rate markup. For example, if the exchange rate between the British pound and the Australian dollar is 1.80, they will use the funds at 1.75. As such, if you are sending 100 pounds, the recipient will receive A$175 instead of A$180.
Other companies charge a simple commission per transaction. A typical commission is usually between 1% to 4% per transaction. To get the right firm, you can use a money transfer comparison company to compare multiple companies at once. This allows you to compare and understand money transfer fees.
Use wire transfer
Another option of sending money to Australia is to use wire transfer. This is a simple process where you direct your bank to send funds to another bank. All you need to do that is the recipient’s bank account, bank name and Swift code, and their contact address.
In the past, you needed to physically visit a bank branch to implement such a transfer. Today, most banks have mobile apps and other online platforms where you can do it yourself.
Wire transfer usually has limited costs, often less than $50 per transaction. However, in many instances, banks tend to make money through the exchange rate.
Another popular approach to sending money to Australia is through cryptocurrencies like Bitcoin and Litecoin. To do this, you just need to confirm whether the recipient is comfortable using cryptocurrency.
If they are, all you need to do is to deposit funds into your crypto wallet and then transfer to theirs. The process is often simple and less expensive depending on the cryptocurrency you are using and the wallet.
Understanding the best option for you.
When determining how to send money to Australia, you should consider which best suits your needs. Comparing all options is essential for both getting the best deal, but also convenient for yourself and the recipient.
The process and cost of sending money abroad has eased in recent years. In the past, it used to take several days or weeks to complete the transaction. Today, it takes less than 2 days when using most platforms. Before you do, ensure that you have checked the cheapest option and the overall exchange rate.