International money transfers allow you to send and receive money from pretty much anywhere in the world easily and securely, and these days there are many ways you can arrange to send or receive money overseas. You can send it online through your bank or specialist provider, send it as cash or via an international money order.
So, how do you know which option to choose and know that you are getting great value on your money transfer? We have a few tips for you to consider before you next send or receive money overseas.
Need to send some cash overseas and send it quickly? Your first thought might be your bank – it’s quick and easy to login to your online banking and send some money right? Yes, but it can also be costly!
The main Aussie banks can charge anywhere between $18 and $22 per international transfer done online, and between $22 and $30 for transfers done in branch or over the phone+. Crazy hey!
They also don’t necessarily offer the best exchange rates – they rely on your loyalty to them, and offer you a convenient option. In exchange for the convenience, you might find that you get poor rates and high fees. Doesn’t really sound like a win-win to us…
You might be surprised how much money you can save if you take the time to compare rates and fees from other service providers. At Travel Money Oz we offer our customers two options for their money transfers:
Over and above the normal exchange rate and transfer fees, many service providers will offer you a deal to transfer through them – especially if you send or receive money overseas regularly.
MoneyGram offers Travel Money Oz customers an exclusive Loyalty Card that can help you save money. If you have a MoneyGram Loyalty Card and arrange your overseas transfer through a Travel Money Oz store, you just need to get your card stamped each time you transfer to receive exclusive offers. If you don’t have a Loyalty Card, speak to one our of FXperts today!
Consider the reasons why you are sending money and the amount you are sending, and choose a service that suits you.
Are you sending money to pay bills overseas? Are you buying property overseas or relocating? Do you have a business that needs to pay overseas suppliers? Are you sending money to relatives back home or to loved ones that are travelling?
Whatever your reason for sending or receiving money, there is a service provider that deals with those types of sends every day and can help you get a great deal, and offer you tailored service.
The amount of money you want to send can also be a factor, as some service providers specialise in sending large amounts of money and can get you a better deal because of this.
For example, MoneyGram specialises in money transfers under $10,000 – regular transfers home to loved ones, to pay bills, for birthdays or a holiday celebration etc. On the other hand, GlobalSend specialises in large money transfers over $10,000 for businesses, relocations or overseas properties.
Your bank may offer you convenience, but they may not specialise in foreign currency or international transfers, which is why the fees can be high and the exchange rates aren’t always the best. It can save you money to shop around for a specialist provider.
With any international money transfer, trust and security should be top of mind, and one way to have confidence in the service provider you choose is to ensure they are properly regulated. In Australia this means having an Australian Financial Services Licence (AFSL) and being regulated by the Australian Securities and Investment Commission (ASIC).
Both MoneyGram®, and GlobalSend are fully regulated, and as such you can send and receive money through them with confidence^.
Unfortunately being regulated doesn’t mean that scammers don’t sometimes still try to use the MoneyGram®, and GlobalSend services for fraudulent activity, so you should always be alert for potential scams and ensure you know the person you are sending money to.
Common scams include claims of winning a lotto, potential romance, paying for goods or services upfront, a tax refund or disaster relief. Often a good rule to stick to is “if it sounds too good to be true then it probably is”.
Our FXperts are always on the lookout for potential scams to help protect our customers from fraudulent activity, so they may ask you why you’re sending money overseas and if you know who you’re sending it to. If you have any suspicions about an international transfer, please let them know before you send the money – once it has been sent, it is very hard to get it back!
If you need to send or receive money overseas, and would like further information on the services we offer our customers, then please contact your nearest Travel Money Oz store – our FXperts will be more than happy to answer questions, provide you with today’s rates or set up a transfer for you. You can find your nearest store on our website.
+Bank fees mentioned were sourced on 22.02.2017 from Commonwealth Bank, ANZ and Westpac websites.
*Fee limits vary depending on country and amount. Fee provided is an indicative price only. For up to date pricing for your country and amount of choice please visit the cost estimator. In addition to the transfer fee, a currency exchange rate may also apply, MoneyGram also makes money from currency exchange. MoneyGram and the Globe are marks of MoneyGram. All other marks are the property of their respective owners. ©2017 MoneyGram. *** Full Terms and Conditions apply. Please see our website for full details. http://www.travelmoneyoz.com/international-transfer/moneygram/loyalty/terms
^Travel Money Oz GlobalSend is provided by TorFX Pty Ltd, Suite 202, 25 Elkhorn Avenue, Surfers Paradise, Queensland 4217, Australia. Regulated in Australia by ASIC (AFS Licence number 246838). TorFX Pty Limited under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 is regulated by the Australian Transaction Reports and Analysis Centre ‘AUSTRAC’. TorFX Pty Ltd ABN 27 103 142 829. The MoneyGram Money Transfer service is provided by OzForex Limited [ABN: 65 092 375 703] (trading as "OFX"). Any reference on this page to "we", "us", or "our" is a reference to OFX. OFX has an Australian Financial Services Licence ("AFSL") issued by the Australian Securities and Investment Commission ("ASIC") to deal and give advice in relation to foreign exchange contracts and derivatives. This licence can be viewed by following this link to the ASIC website: (AFS Licence number: 226 484).
This blog is provided for information only and does not take into consideration your objectives, financial situation or needs. You should consider whether the information and suggestions contained in any blog entry are appropriate for you, having regard to your own objectives, financial situation and needs. While we take reasonable care in providing the blog, we give no warranties or representations that it is complete or accurate, or is appropriate for you. We are not liable for any loss caused, whether due to negligence or otherwise, arising from use of, or reliance on, the information and/or suggestions contained in this blog.