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…