International Money Transfers - Star Ratings
Australians send around $2 billion overseas every year, according to the World Bank. This is a small proportion of the total though, a staggering $440 billion is sent from around the world to the developing nations that need it most. With this in mind, the importance of a cost-effective and secure money transfer system cannot be underestimated.
When exchanging many thousands of dollars into a foreign currency, in most cases the exchange rate is the biggest hit to your transfer. And we’ve seen some currency volatility across the globe this year, what with the declining Chinese economy and continuing economic struggle in Europe. Even our own Aussie dollar has been falling.
Then you have to remember the other costs involved in making a transfer, including transfer fees, receiving fees, and even fees to ask the bank whether the money got through!
This is why it’s so important to shop around before making a transfer, or it could seriously hurt your wallet. CANSTAR provides you with a shortlist of the ADI international money transfer offerings in Australia and identifies those that are offering outstanding value. This year, our third year of analysing international money transfers, we assessed what’s on offer with 15 providers.