Are you looking for the fastest, 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. More than 310,000 Australians live abroad, according to the Australian Statistics Bureau.
As a result, the need to send money to Australia is increasing, especially due to the limited physical travel that is taking place today. In this article, we’re going to look at the best options you have when sending money to Australia.
Use online money transfer services
Online money transfer platforms offer you the best ways to send money to Australia. These companies will help you send money to other countries using your computer or even your smartphone.
Fortunately, the number of these companies has increased in recent years. Some of the most popular ones that you can use are TransferWise and WorldRemit. Other traditional money transfer companies like Western Union have also developed digital platforms to simplify their business models.
These companies use different models. Some offer free international transfer solutions, but make money by adding an exchange rate surcharge. For example, if the exchange rate between the British Pound and the Australian Dollar is 1.80, the means at 1.75 will be used. So if you send 100 pounds, the recipient will get A $ 175 instead of A $ 180.
Other companies charge a simple commission per transaction. A typical commission is usually between 1% and 4% per transaction. To find the right company, you can use a money transfer comparison company to compare several companies at the same time. This way you can compare and understand the transfer fees.
Use the transfer
Another way to send money to Australia is by wire transfer. This is a simple process of instructing your bank to send money to another bank. All you need is the recipient’s bank account, bank name and Swift code, as well as their contact address.
In the past, you had to physically visit a bank branch to make such a transfer. Nowadays, most banks have mobile apps and other online platforms where you can do this yourself.
The transfer usually has a limited cost, often less than $ 50 per transaction. In many cases, however, banks tend to make money from the exchange rate.
Use the cryptocurrency
Another popular approach to sending money to Australia is with cryptocurrencies like Bitcoin and Litecoin. All you have to do is confirm whether the recipient is familiar with using cryptocurrency.
If so, all you have to do is deposit funds into your crypto wallet and then transfer it to theirs. The process is often easy and cheaper, depending on the cryptocurrency and wallet used.
Understand the best option for you.
When deciding how to send money to Australia, consider which one best suits your needs. Comparing all options is important to get the best deal, but it is also convenient for you and the recipient.
The process and cost of sending money abroad have decreased in recent years. In the past, it took several days or weeks for the transaction to complete. Nowadays it takes less than 2 days using most platforms. Before doing this, make sure you have checked the cheapest option and the overall exchange rate.