Aussies sending money overseas, watch out! The Australian dollar has dropped steeply amid growing fears around the coronavirus outbreak, and it could mean hundreds of dollars lost on your international money transfer (IMT).
New data from IMT provider SendFX reveals the AUD/USD currency pair fell a staggering 4.52% on Monday. This means that if you exchanged AU$10,000 to USD after Monday’s movements, you could be looking at a potential loss of US$299 on your money transfer.*
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The good news is, specialist money transfer providers in Australia have a few handy features to help you manage the risks of foreign exchange volatility.
- Forward contracts allow customers to lock in a great exchange rate for a future transfer, so they won’t miss out on a good deal if they’re not sending any money for the time being.
- Limit or firm orders give customers the opportunity to nominate an exchange rate at which they would like to transfer money. Once your target rate is reached, the provider will inform you and help you make your transaction.
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What’s better, Mozo’s number crunch also revealed IMT specialists offer better exchange rates than the big four banks! For an AU$10,000 transfer to USD, you could save US$261 just by hopping onto the average IMT specialist rate rather than the average big bank rate.**
So if you’re looking to cut down on the cost of sending money overseas and secure yourself a great deal, here’s a few hot picks to get the ball rolling…