As the cost of living rises, Aussies send more money to family overseas

woman on her phone checking how the currency exchange rate is doing

With global inflation expected to increase the cost of living well into 2023, many Australians with families overseas believe they are worse off and are planning to send them money.

Specifically, a survey commissioned by the international money transfer (IMT) comparison website Money Transfer Comparison found that 54% of Australians plan on sending their overseas relatives' money to help with living expenses.

Over the next two years, 16% of Aussies said they’d send $10,000 or more, while 30% were thinking of sending more than $5,000 and 37% were considering sending up to $3,000, as per the data.

“In a climate of rapidly growing inflation, a sizable proportion of Australian households are willing to impact their own finances to help their relatives overseas,” says founder and managing director of Money Transfer Comparison, Alon Rajic. 

The survey found that most Aussies planning to send money overseas came from Victoria and NSW, and most are between the ages of 18-30.

Tips for reducing costs when sending money overseas

young woman checking the exchange rate

If you are sending money overseas check out these tips below to aid you in getting a bigger bang for your buck.

1. Transfer money at the right time. Make sure to keep an eye on the currency exchange rate, a couple of cents can make all the difference when sending money. Many IMT services offer rate alerts, so consider turning it on to be notified when the exchange is high.

2. Try to avoid money transfer fees. When sending money, it’s best to avoid as many fees as possible so your family can receive as much as possible. Look for IMT providers that offer $0 transfer fees. 

3. Choose the best currency for overseas payments and transfers. Some countries use multiple currencies in their economy. So it might be worth checking which might be more cost effective and help you save money.

4. Make fewer transfers with larger sums. When you make large, less frequent transfers you can avoid constant fees. So IMT providers tend to remove fees when you send large sums of money.

If you want to learn more about the world of international money transfer, check out our guides and tips page. Alternatively, if you’re ready to send money abroad, start comparing IMT providers below.

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