Need to send money overseas to loved ones? Or needing to set up regular international payments for your small business? You may already know that the big four banks all offer International Money Transfer services, but it’s not always as simple as walking into a branch.
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The Australian dollar (AUD) has been anything but stable over the past few weeks, fluctuating constantly between 70.5 and 72 US cents. While this may not seem like much variation, for a larger international money transfer of AU$100,000, it could mean saving or losing as much as US$1,500.And that volatility is only set to intensify throughout October. According to foreign exchange specialist OFX’s head of treasury, Sebastian Schinkel, the Aussie dollar could be knocked out of its current trading range as major global events like the deadline for Brexit and the US election loom on the horizon.“There are a lot of things brewing in the background that may help the Aussie move away from that range. But it’s hard to tell which way we’re going because there are so many factors at play,” he said. “Firstly a lot of attention is being put on the US election, and depending on what happens there, we should definitely see a move in the Aussie. We also have the same thing happening with Brexit in the next couple of weeks or months, and then whatever happens with COVID-19 and US-China trade tensions [will also have an impact on the Aussie].”Plus, uncertainty lingers around Australia’s economic position going forward - the AUD could go up or down in value, depending on whether or not fiscal support announced in the recent Budget will help the economy recover. “I think the Federal Budget will help cover the reduction in JobKeeper and JobSeeker [payments], but at the end of the day, the main challenge for the government and for the country is confidence. There’s a lot of offer for credit but what we are lacking is people actually demanding that credit because they’re afraid of making investments,” Schinkel said. A negative risk sentiment would typically cause investors to flee toward ‘safe haven’ currencies like the US dollar (USD), Japanese Yen (JYP) and Swiss Franc (CHF), which would then weaken the Aussie dollar. That’s precisely why the AUD crashed to 55 US cents back in March after COVID-19 was declared a pandemic. Meanwhile, a positive risk sentiment would likely do the opposite, boosting the value of ‘risky’ currencies like the Aussie dollar and Canadian dollar (CAD).
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With faster international money transfers becoming even more of an essential during COVID-19, PayPal and Visa have stepped in with a payments option that could reduce your wait time from days down to minutes.
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Things are looking up for Aussies sending money overseas to New Zealand as AUD/NZD exchange rates hit a two-year high last week.
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Despite fears of another Aussie dollar crash, the AUD has continued to hold its ground over the past few weeks and gain strength against the US dollar.
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It’s official. Up has just made history as one of the first neobanks in Australia to join the international money transfers scene, thanks to its latest partnership with IMT provider TransferWise. Launched today, the collaboration will enable Up users to send money in 48 different currencies with TransferWise, all via the Up app.TransferWise Australia’s country manager, Tim Cameron said it’s a next big step to making international money transfers cheaper and faster. “Though an email can travel around the world in a matter of seconds, moving money internationally is still incredibly cumbersome, slow and expensive,” he said. “TransferWise and Up share a common vision to change this status quo and to modernise the international financial system to provide a fair and transparent banking experience for everyone.”In fact, Up customers using the new IMT feature won’t have to worry about any exchange rate markups, plus they’ll know exactly how much they need to pay in transfer fees and how much foreign currency will enter their recipient’s bank account. “Australians staying with traditional providers could end up paying between five and eight times more than Up customers, who will have a seamless, low-cost TransferWise experience without leaving the Up app,” Up’s co-founder, Dom Pym said. Mozo’s number crunch reveals that for an AU$10,000 transfer, Aussies could save US$261 just by opting for TransferWise’s exchange rate today instead of the big four bank average rate.*And according to Transferwise, it doesn’t just deliver bigger savings - but also fast speeds. For instance, Transferwise data shows that in the second quarter of 2020, 28% of money sent overseas with the IMT provider arrived instantly (i.e. took 20 seconds or less).
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It’s been a turbulent year for the Aussie dollar. Back in March, the AUD crashed to a 17-year low of 55 US cents before rebounding to 71 US cents last week.And this period of volatility isn’t expected to end any time soon, as headwinds such as escalating US-China tensions and spikes in COVID-19 infection threaten to hamper the AUD’s strong position.So as a business paying overseas suppliers or contractors, you may be wondering: what are my best international money transfer (IMT) moves in these times of volatility? TorFX’s managing director, Nigel Fox says it could partly come down to waiting for opportune moments to make your transfer.“Exchange rates are always moving, with some currency pairs fluctuating by as much as five percent in a matter of weeks,” he says.“Subsequently, timing is everything when it comes to securing the right rate for your international money transfers. Picking the wrong time to move your money could prove costly and eat into potential profit.” To illustrate this, let’s compare AUD/USD exchange rates on two different days.
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Whether you’re an Aussie sending money overseas or investing in assets abroad, chances are you’ve noticed the Australian dollar (AUD) has fluctuated significantly over the first half of 2020.
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With Australians said to be losing millions of dollars a year on their international money transfer (IMT) by not shopping around, changes are afoot to try and rectify the issue.
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Whether to split bills with friends or send cash gifts to family, more Australians are embracing mobile payments.
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