How to rescue your international money transfer from coronavirus panic
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.*
RELATED ARTICLE: Sending money overseas? AUD drops sharply against USD, GBP, HKD and SGD amid coronavirus
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.
RELATED ARTICLE: Big bank overcharging customers for overseas money transfers, finds ACCC
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…
TorFX - International Money Transfer
- Exchange rates that beat the banks
- Low minimum transfer amount of $200
- Forward contracts and limit orders available
With TorFX, customers can say hello to making money transfers from the comfort of their own couch. You can set up an account online and send money in over 40 currencies. You’ll even have a personal account manager to help you along the way, or if you’re not ready to make a transfer just yet, you can lock in an exchange rate for up to 2 years in advance.
OFX - International Money Transfer
- Big bank beating exchange rates
- No transfer fees for transactions over AU$10,000 (third-party banks may charge a fee separately)
- Forward contracts and limit orders available
OFX has transferred over AU$150 billion to date, and it’s no wonder why many customers have chosen them, given their big bank beating exchange rates and the promise of no transfer fees when you send more than AU$10,000 overseas (an AU$15 transfer fee applies otherwise). With OFX, you can access over 55 currencies, plus take advantage of features like forward contracts and limit orders that can help you grab hold of your ideal exchange rate.
WorldFirst - International Money Transfer
- Competitive exchange rates
- Price match guarantee
- Forward contracts and firm orders available
WorldFirst makes sending money overseas affordable, with competitive rates and a price match guarantee. Transfers can be made online any time of the day, or over the phone through your dedicated currency specialist. With Worldfirst, you can also enjoy same day payments in 30 different currencies, or if you’re transferring at a later date, you can fix an exchange rate for up to 2 years down the track. Talk about value!
If you’re sending money overseas, then you’ll want a great exchange rate to match! Compare today’s rates over at our international money transfer hub.
*Mozo calculations as of 10 March 2020.
**Calculations as of 10 March 2020, excluding fees. The specialist average rate on an AU$10,000 transfer would get you US$6,541, while the big four average would get you US$6,280.
* 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.