How to help family and friends overseas get through the coronavirus crisis
Last week thousands of Australians found themselves unemployed, as businesses nationwide closed their doors to comply with new government restrictions introduced to help curb the coronavirus spread.
These devastating times have made acts of kindness even more essential, from checking up on loved ones to buying groceries for vulnerable neighbours.
But what financial support can you offer to family and friends doing it tough, if you live abroad? One option might be making an international money transfer (IMT).
Right now, the mid-market exchange rate for the New Zealand Dollar (NZD) to Aussie Dollar (AUD) is at one of its highest points since 2015, sitting at 0.974394.^ For Aussies living in New Zealand, this means that for every NZ$10,000, you could potentially receive AU$9,743.94 to send to loved ones in Australia.^
But depending on which provider you pick, the value you get from an overseas transaction can differ vastly.
To make your money transfer as cost-effective for you as possible, the number one tip is to consider an IMT specialist over a big bank. Mozo’s number crunch reveals that for an AUD$10,000 transfer, you could save NZ$372 just by hopping onto the average online IMT specialist rate rather than the average big four bank rate.^^
So if you’re hoping to make the most of the money you’re sending to family and friends in need, here’s a few IMT providers to keep on your radar…
TorFX - International Money Transfer
TorFX has been taking on the big banks for over a decade with ultra competitive exchange rates. You can open an account online or over the phone, and send money to loved ones any time of day, as TorFX allows customers to make online transfers 24/7. You’ll even have a personal account manager by your side to help you through the whole process.
OFX - International Money Transfer
OFX has transferred over AU$150 billion globally, and it’s not surprising why so many customers have chosen them, given their great exchange rates and fee-free transactions for amounts over AU$10,000 or equivalent (an AU$15 fee applies otherwise). You can also have peace of mind that you’ll always know where your money is, as all transfers can be tracked online or via the OFX app. And should you encounter any hitches along the way, OFX has support teams around the world including in Australia and New Zealand to assist you.
WorldFirst - International Money Transfer
WorldFirst is committed to making international money transfers cheap and convenient for their customers, bringing benefits like competitive rates and a price match guarantee to the table. With WorldFirst, sending money overseas can take as little as 24 hours, with same day payments available in 30 different currencies. Transfers can also be made around the clock online, via the WorldFirst app or over the phone through your dedicated currency specialist.
Send - International Money Transfer
SendFX offers their customers low-cost, speedy and secure transfers in over 30 different currencies. Creating an account shouldn’t take more than a few minutes, while sending money to family and friends abroad is as simple as picking up the phone or logging into the SendFX app. SendFX also has a 100% Australian-based customer service team to answer any questions you might have.
Looking to provide financial support to loved ones in Australia or in other parts of the world? Get started by comparing today’s exchange rates over at our international money transfer hub.
Or check out our article on other acts of money kindness to practise while social distancing.
^As of 10.53am, 31 March 2020. Data drawn from the XE Currency Converter.
^^Mozo data as of 31 March 2020.
* 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
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.