If you need to transfer money to family abroad or are planning on relocating to a foreign country the news isn’t good. According to world bank stats*, Australia is the fourth most expensive country in the world for international money transfers.
To help Australians get more value when transferring money overseas, Mozo has launched an International Money Transfers comparison hub, a one-stop-shop for comparing exchange rates and fees offered by the major banks and specialist online money transfer providers.
A quick search using Mozo’s foreign exchange transfer tool instantly reveals which bank or provider is offering the best rates across 11 major currencies including USD, EURO, GBP, NZD and ZAR (South African Rand). Rates are updated by feed every 15 minutes to give users the most accurate estimate of their final transfer amount.
What are the savings?
Traditionally international money transfers were organised through big banks and wire transfer providers like Western Union. But, like other banking products, now there are specialist online money transfer providers like OzForex and Currency Fair in competition with the banks offering sharp exchange rates.
Say you’re jet-setting over to Europe and need to transfer $15,000 AUD to EUR. Using Mozo’s foreign exchange hub shows you will get €617 EUR^ ($884.60 AUD) more with Ozforex than going with NAB.
Don’t just assume however that a single foreign exchange provider will be the best option for all transfers. A quick play of the Mozo foreign exchange transfer tool reveals that the rankings can vary depending on what currency and how much you are looking to transfer so it is important to shop around.
More reading: Check out our helpful guide on overseas money transfers or our article on common mistakes when moving cash overseas and how to avoid them.
* World Bank – Remittance Prices Worldwide, published in June 2014
^ Data correct as at 16/08/14