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.

I want to transfer
to
Today’s foreign exchange rates
Search promoted international money transfers below. Advertiser disclosure.
  • Excellent exchange rates, no transfer fees
  • 24/7 transfers online or over the phone
  • Personal account management and expert insights

$7,085 USD

  • IN PERSON
    n/a
    BY PHONE
    $0
    ONLINE
    $0
  • $0.7085 USD

  • 1-2 days

  • $200 minimum

  • Fully regulated, Australian-based team on hand; Secure transfer using proven and reliable banking networks
  • Provides dedicated account management support
  • Transfer $8,000 or more in March & get a $50 gift voucher! T&Cs apply.

$7,089 USD

  • IN PERSON
    n/a
    BY PHONE
    $0
    ONLINE
    $0
  • $0.7089 USD

  • 0-1 day

  • $250 minimum

  • Fee Free transfers over $250 AUD ongoing
  • 24/7 Service (Phone & Online)
  • Great Rates with Fast and Secure transfers

$7,077 USD

  • IN PERSON
    n/a
    BY PHONE
    $0
    ONLINE
    $0
  • $0.7077 USD

  • 1-2 days

  • $250 minimum
    $500 monthly minimum for regular transfers

  • XE is the world's trusted currency authority used by 280+ million people a year
  • XE dealers are licensed and authorised to provide financial advice
  • XE money transfer specialise in payments above AUD $20,000

$7,089 USD

  • IN PERSON
    n/a
    BY PHONE
    $0
    ONLINE
    $0
  • $0.7089 USD

  • 1-3 days

  • $10,000 minimum

  • Always get the real mid-market exchange rate and low transparent fees.
  • Join over 12 million customers worldwide
  • Over 80% of transfers arrive by the next day.

$7,079 USD

  • IN PERSON
    n/a
    BY PHONE
    n/a
    ONLINE
    $0
  • $0.7079 USD

  • 1-3 days

  • $1.5m maximum

  • Transact online 24/7 with fast settlement & extremely competitive rates.
  • Quick and easy account setup, supports multiple payment methods including debit/credit card, bank transfers and wire transfers.
  • Transfer over $250 by 31 August 2022 and get $30 off on your first transaction. Use code: MOZO30. T&Cs apply.

$7,071 USD

  • IN PERSON
    n/a
    BY PHONE
    $0
    ONLINE
    $0
  • $0.7071 USD

  • Within minutes

  • $50 minimum