For millions of Australians with family or friends abroad, COVID-19 travel restrictions have led to months of missed celebrations - weddings, birthdays, and soon, Christmas reunions too.
But what’s the alternative when you can’t pay a visit in person? Sending cash gifts via an international money transfer is one popular way to celebrate with loved ones from a distance.
It’s not only cheaper than posting physical presents, but also a lot faster, especially as COVID-19 causes parcel delays worldwide. Plus, if your loved ones are struggling to make ends meet right now, a cash gift could provide much needed financial support.
“Almost a third of Australian residents were born overseas, so it’s no surprise why so many people regularly move money from Australia back home. However if you’ve been sticking with your bank when transferring those funds, you could be losing out to poor exchange rates and high transfer fees,” Mozo’s Director, Kirsty Lamont said.
The good news is Australia is home to a number of specialist money transfer providers who offer far more competitive rates than the banks as well as fee-free transfers and speedy online services. They’re so affordable that if you’re sending US$5,000 from Australia, Mozo calculations at the time of writing show you could save AU$263 just by going with the average IMT specialist rate rather than the average big four bank rate.
So say goodbye to being stung by hefty money transfer costs, and hello to these four top specialist money transfer providers who can help you keep more money in your wallet this Christmas.