Navigating the maze of overseas money transfers from Australia can be a daunting task, especially if you’re not familiar with the process. Fear not! This definitive guide is here to take you through the steps and options available to Australians and residents of Australia looking to send money overseas.
Understanding the Basics of Money Transfers
First, let’s clarify what international money transfer involves. Essentially, it’s the process of sending money from an individual or entity in one country to another in a different country. This process is sometimes referred to as a wire transfer or remittance.
This guide focuses on three of the most popular services used for international money transfers from Australia: Wise (formerly TransferWise), Remitly, and Western Union.
Wise: A Game Changer in International Money Transfers
Wise is a renowned digital platform offering cheap, fast, and reliable money transfers. This service is especially favoured by many Australians for a few good reasons:
- Transparent fees: Wise is upfront about any fees involved in the transfer. They provide a cost breakdown before the transaction.
- Competitive exchange rates: Wise uses the mid-market exchange rate, which is typically the best rate you can find.
- Speed: Transfers through Wise are usually completed within 1-2 business days.
How to Send Money Overseas with Wise
Sending money overseas with Wise is a straightforward process:
- Create a free Wise account.
- Enter the amount you want to send.
- Provide the recipient’s bank details.
- Pay for your transfer (using debit card, credit card, or bank transfer).
- Wait for email updates about the progress of your transfer.
Remitly: Another Excellent Choice for Australians
Remitly is another digital platform gaining popularity among Australians for its ability to provide secure, fast, and low-cost international transfers. Here’s why:
- Speedy transfers: Remitly offers two types of transfers – Express and Economy. Express transfers, although more expensive, can happen within minutes.
- Easy to use: The platform is user-friendly with an intuitive interface.
- Good customer support: Remitly provides 24/7 customer support to handle any issues that might arise.
Sending Money Abroad with Remitly
Transferring money with Remitly is just as easy:
- Sign up for a free Remitly account.
- Choose your sending country (Australia) and your receiving country.
- Enter the amount you wish to send.
- Provide recipient details.
- Choose your payment method.
- Review the details and send.
Western Union: A Trusted Name in International Money Transfers
Western Union has been a staple in the money transfer industry for years. While their fees might be higher compared to newer digital platforms, Western Union offers extensive global coverage with agents in over 200 countries.
The Process of Sending Money Overseas with Western Union
Here’s how you can send money via Western Union:
- Sign up or log in to your Western Union profile.
- Choose the country, enter the amount and select ‘Bank account’ as the receiving method.
- Enter your receiver’s bank account details.
- Pay for the transfer.
- You’ll receive a confirmation email with the tracking number (MTCN).
|Service||Speed||Cost||Global Reach||Customer Support|
|Remitly||Minutes to few days||Low||Wide||Excellent|
|Western Union||Minutes to few days||Medium-High||Very Wide||Good|
1. Which service is the cheapest to send money abroad from Australia?
The cost of sending money overseas depends on factors like the amount, destination country, and payment method. Wise and Remitly generally offer more competitive rates compared to traditional services like Western Union.
2. How long does it take to send money overseas?
The transfer speed can vary. With Wise, it typically takes
1-2 business days, while Remitly’s Express transfers can occur within minutes. Western Union’s bank transfers can take a few business days, but their cash pickup option is often available within minutes.
3. Is it safe to send money overseas?
Yes, it is safe to send money overseas through regulated money transfer services like Wise, Remitly, and Western Union. These companies must adhere to financial regulations and employ security measures to protect users’ data and funds.
Navigating the world of international money transfers doesn’t have to be complicated. With a little knowledge and the right service, sending money abroad from Australia can be done quickly, securely, and without breaking the bank. Remember, your choice of money transfer service should depend on your specific needs regarding cost, speed, and convenience.