
Ditch the big bank fees on your next international money transfer
When it comes to sending money overseas, many people may default to using their bank. It's familiar, it's easy, and you probably already have an account set up.
When it comes to sending money overseas, many people may default to using their bank. It's familiar, it's easy, and you probably already have an account set up.
Working out the best way to send money overseas isn’t always easy.
Whether you're supporting family abroad, paying for international purchases, or managing offshore investments, knowing the latest money-saving strategies for international money transfers can help you keep more dollars in your pocket.
International money transfers (IMTs) – also known as remittances – are pretty common around Christmas and New Year. But these transactions can attract costly fees and exchange rates, making it expensive to send cash to family and friends over the holiday season.
Sending money internationally has become increasingly important in our connected world, whether you're supporting family overseas or running an international business. Australia's big four banks all offer International Money Transfer (IMT) services, but their features and fees vary significantly.
Australia’s anti-money laundering laws can be quite strict, with plenty of scrutiny around international money transfers (IMTs). Whether you’re sending a personal payment or managing business transactions, ensuring your transfer doesn’t trigger a suspicious activity alert is crucial. Here's how to send money overseas smoothly while staying within the law.
While international money transfers (IMTs) to Australia aren't directly taxed, the Australian Taxation Office (ATO) and the Australian Transaction Reports and Analysis Centre (AUSTRAC) keep a close eye on these transactions to ensure any undeclared income is reported.
Despite advances in how we send money overseas, there’s still a whopping $200 million in potential savings going untapped, according to the latest report from the Australian Competition and Consumer Commission (ACCC).
Whether you’re sending money overseas for the first time or are on the lookout for a different provider, always be sure to research what’s on offer.
If you’ve ever sent a hefty amount of money overseas via one of the big four banks, then chances are you’ve also been hit with hefty fees. But if you look beyond the big four, it is possible to get a better deal with specialist international money transfer services.