5 ways to save money when sending gifts overseas
Looking to send gifts to family and friends in Copenhagen? New York? Tokyo? Well, with the help of Wise, we gathered five tips on how to save money anywhere abroad.
Australia is home to 25 million people and 30% of them were born overseas, which means that when holidays come around, many Australians might spend up to send gifts abroad.
However, it doesn’t have to be expensive; in fact, you might save if you follow the tips below.
1) Shop online at a local store.
Wise says it's cheaper to buy gifts from a local website rather than buying in Australia and then shipping it.
Let’s assume you want to give your mum in London this Zara kimono ($319 AUD). If you buy it on the Zara UK website, it will be £149 GBP, which is about $265 AUD. Plus, you won't have to pay an international shipping fee, saving you even more bucks!
2) Shop in the local currency
By shopping in the local currency you can save yourself the trouble of being hit with unexpected conversion fees.
3) Use a card that holds multiple currencies
Having a card with multiple currencies lets you move money across relatively hassle-free and in seconds.
4) Look out for conversion fees
Several banks charge a currency conversion fee and a marked-up exchange rate. No one likes being charged twice, so when picking an IMT provider look at what extra fees it may charge.
5) Keep an eye on sales!
When shopping, remember to make a priority list of what you want to buy and research for potential sales. With Black Friday and Cyber Monday around the corner, it's prime time to take advantage of discounts.
Shopping online for loved ones this holiday season doesn’t have to put a hole in your pocket. If you prepare early and use the tips above, you might save some money.
If you want to learn more about sending money overseas with international money transfers. Alternatively, if you’re ready to send money, compare IMT providers below or check out the IMT winners of the Mozo Expert Choice Awards winners.
Personal international money transfer comparisons on Mozo
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IN PERSONn/a
BY PHONE$0
ONLINE$0$0.6463 USD
1-2 days
$200 minimum
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1-3 days
none
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- IN PERSONn/aBY PHONE$0ONLINE$0
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$250 minimum
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* The exchange rates offered by each provider are indicative exchange rates that have either been supplied by each provider or gathered by Mozo. Exchange rates fluctuate constantly and as a consequence the exchange rates listed here may vary to the actual exchange rate you are quoted by a provider. Please ensure you confirm the actual exchange rate with the relevant provider prior to conducting any transaction. These exchange rates are updated every hour.
^See information about the Mozo Experts Choice International Money Transfer Awards
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