Sending money? Quick tips for sending international money transfers

Father and son in front of a waterfall smiling together

Sending money overseas may not be a common thing for everyone, however for immigrants it can be integral to their family finances. 

In Australia, 30% of the population are immigrants and many of them send money to families overseas.

This approach is typically talked about in the digital payments sector. For example, managing director of Asia-Pacific at WorldRemit, Scott Eddington says that “immigrants and overseas foreign workers are often working to support themselves whilst also supporting their families and communities back home.” 

However, you don’t need to be an immigrant to send money overseas. There are many reasons to send money abroad. Here are a few below.

Send money to fund someone’s education

It is no surprise that university students like studying abroad. Many Australian universities partner with other institutions abroad and do student exchanges to give young adults a different cultural experience. 

While living temporarily abroad a student may need to open a foreign bank account and occasionally need financial assistance. With international money transfers (IMTs) you can get your Australian dollars and send them to the student in the correct currency for them to use. If you use an IMT specialist you’ll receive competitive exchange rates giving you more bang for your buck.

Send money to help with bills

As the world becomes more interconnected there might be a chance members of your family may choose to move abroad permanently. A perfect house warming present might be sending them some money to help them get settled. 

It could also be the case that you are thinking of retiring overseas and want to make regular payments from your Australian bank accounts to your new home.

Send money to give presents

Sending gifts with Australia Post may sometimes be an expensive hassle. You may find yourself spending more on the shipping than the cost of the present. That’s why it might be better to send a money transfer, and save yourself the present searching and sending hassle.

Send money to buy property overseas

With Australian property prices being much higher than many other markets overseas it comes as no surprise that some people want to invest overseas. Buying property overseas might seem like an impossible task but if you partner up with an IMT service you’ll find that owning property overseas is much like owning it in Australia. Although, just like any major purchase, do your proper research before investing in something. 

If you are looking to learn more about IMTs check out Mozo’s money transfer guides to get your questions answered.

I want to transfer
to
Today’s foreign exchange rates
Search promoted international money transfers below. Advertiser disclosure.
  • Excellent exchange rates, no transfer fees
  • 24/7 transfers online, over the phone or through the TorFX app
  • Personal account management and expert insights

$6,635 USD

  • IN PERSON
    n/a
    BY PHONE
    $0
    ONLINE
    $0
  • $0.6635 USD

  • 1-2 days

  • $200 minimum

  • Send to 200+ countries and 100+ currencies globally
  • Dedicated Australia-based client services team with personal account management for transfers over $20,000
  • 48,000+ 5-star 'Excellent' ratings on TrustPilot

$6,622 USD

  • IN PERSON
    n/a
    BY PHONE
    $0
    ONLINE
    $0
  • $0.6622 USD

  • 1-3 days

  • none

  • Fee Free transfers
  • Talk to a human, 24/7. Sharp Rates and Fast and Secure transfers.
  • Australian owned, ASX listed and Official Foreign Exchange Provider of the NHL

$6,621 USD

  • IN PERSON
    n/a
    BY PHONE
    $0
    ONLINE
    $0
  • $0.6621 USD

  • 1-2 days

  • $250 minimum
    $500 monthly minimum for regular transfers

  • Transact online 24/7 with fast settlement & extremely competitive rates.
  • Quick and easy account setup, supports multiple payment methods including debit/credit card, bank transfers and wire transfers.

$6,622 USD

  • IN PERSON
    n/a
    BY PHONE
    $0
    ONLINE
    $0
  • $0.6622 USD

  • Within minutes

  • $0 minimum

  • Competitive exchange rates and low fees to pay
  • Enjoy instant transfers between Revolut users
  • Go global and send to 100+ countries in 40+ currencies

$6,645 USD

  • IN PERSON
    n/a
    BY PHONE
    n/a
    ONLINE
    $0
  • $0.6645 USD

  • Immediate

  • none - AUD $2,000 per month limit on fee free transfers on the Standard subscription tier