International Money Transfer (IMT) is a way of electronically transferring cash to someone in another country. Typically there have been some distinct big players in this space, but innovation from digital providers has seen traditional banks get a bit more competition in recent years.
When sending money overseas, choosing the right service can potentially save you time and money. PayPal and international money transfer (IMT) providers are two popular options, but they cater to different needs. This guide breaks down their pros, cons, and ideal uses to help you decide which is best for your situation.
Receiving money from overseas is a part of life for many Aussies — whether you're an expat, a business owner, or simply getting payments from friends or family abroad. The process can seem straightforward, but there are a few key things you should know to make sure you get the most out of the transfer, avoid unnecessary fees, and understand the tax implications.
Whether you're off on a backpacking adventure, studying abroad for uni, taking a job transfer, or making a permanent move to another country, managing your money across borders is one thing you want to get right.
Thinking about importing a car from overseas? Whether you’ve found your dream ride — a classic Corvette from the US — or scored a deal on an electric car from China, understanding international money transfers can save you paying unwanted extra costs.
Peer-to-peer (P2P) transfers let you send money overseas using a platform that connects you directly with another person, rather than going through a bank or currency exchange. This method can offer more competitive rates, with the potential to get closer to the real exchange rate (mid-market rate), which is typically reserved for larger financial institutions.
Planning to send money overseas from Australia and curious about how it all works? From choosing the right transfer service to understanding fees and limits, we've got you covered. Here's a quick guide to get you started on everything you need to know about international money transfers.
With Aussies swapping the Outback for Oxford and Brits trading Big Ben for Bondi Beach, sending money between Australia and the UK has become as common as debating Marmite versus Vegemite.
According to the World Bank , China is one of the top receiving countries for international money transfers, with Australia being the biggest contributor. The number of Australians investing in Chinese businesses and property is on the rise and there also continues to be a large influx of Chinese people migrating to Australia.
If you’re planning to send an international money transfer (IMT), it's important to understand that these transfers aren’t instantaneous like BPAY.
If you’re looking to transfer money overseas, whether it's to family, friends or into a bank account for your own extended stay, then the first thing you look at is probably the exchange rate.
If you’re here, that means you’re looking to live overseas for an extended period of time and maybe wondering, “do I need to lodge a tax return while living abroad?”
.jpg?width=324)
Regardless of the size of your business you may find yourself in a position where you need to make an international money transfer (IMT), be it a one-off occasion or on a regular basis. Reasons for making a business money transfer include; purchasing goods and services for your business overseas or paying royalties and wages.
For many people, needing to send money overseas isn’t an everyday or even an every year kind of thing, so when you are in the situation when you do need to send money to someone or a business overseas in a one off situation, transferring money across borders can seem kind of daunting.
Whether you just bought property in Bali or invested in a business in Shanghai, if you’re looking to transfer a large sum of money overseas, we’ve got some great tips here to help you get the most bang for your buck.
If you’re new to international money transfers then you’re in the right place, this fast guide will run you through all the essential info you need to know and be aware of when international money transfers has evolved. This is partly due to developments in internet banking and also due to the fact that many of us now transact globally on a regular basis. Paying uni fees, sending money to relatives, booking overseas holiday accommodation or buying an investment property, these are some of the common reasons you could be looking to transfer money overseas.
Sending money overseas can be daunting enough, without having to decipher all the mumbo jumbo foreign exchange providers throw at you.
When it comes to sending money across the globe, you’ll generally have two main options: make the transfer with a bank or use an international money transfer specialist.
Need to make a payment overseas? Maybe your daughter’s year abroad has turned out to be more expensive than she bargained for, or you’re buying a nice little beach-front bungalow in Mexico?
An international money transfer (IMT) is a great way to send funds overseas, but it isn’t the best solution in every situation. So in this guide we’ve run through everything from how IMTs work to some of the main alternatives to help you decide which will work best for you.
In 2020, Vietnam received about 17.2 billion USD in personal international money transfers (IMT) , says the World Bank .
If you’re making a career move and migrating to the United Arab Emirates (UAE) for a while, buying property or sending money to some friends chances are you’ll need to make an international money transfer (IMT).
With more than 70,000 Thailand-born residents in Australia , it’s no surprise that many Australians are looking to send money there.
The World Bank received about 6.4 billion USD in personal international money transfers (IMT) in 2020.
With just over 140,000 Sri Lankan-born residents in Australia and even more with family and friends in Sri Lanka, it’s no surprise that many Australians are looking for ways to send money there for a variety of reasons - from purchasing presents for family, to buying property.
Sending money to Sweden is simple and easy to do which is especially useful if you’ve got money matters to deal with in Sweden. Whether you’ve invested in a business or property in Sweden or have money to send to family or a friend, we can help you iron out a few of the creases. Just spend a moment familiarising yourself with certain terms and conditions that Mozo explains below before making an international money transfer.
An international money transfer (IMT) takes place you transfer money from your domestic account to an account overseas. The best part about Mozo’s guide on transferring money to Switzerland is that it’s pretty straightforward.
Australia and Spain may be nearly 16,000 kms apart but the two countries enjoy a strong bilateral relationship. Pre-pandemic, Spain was a popular destination for Australians on work or holiday visas, while on the commercial front it was Australia’s 25th largest goods and services trading partner in 2019, according to the Department of Foreign Affairs .
South Africa is a common destination for international money transfers. In fact, US$890 million in remittances was received by the country in 2019, according to the World Bank .
Saudi Arabia is becoming an increasingly common destination to send money to, with the World Bank revealing that the number of personal remittances received by the country has grown from 93.9 million in 2005 to 334 million in 2019.
Thinking about buying a house in Norway, or transferring money to family or friends who live there? Or perhaps you’re a business owner who needs to make payments to overseas staff based in Norway. Whether it’s personal or corporate related, there are plenty of reasons why you may need to make an international money transfer (IMT). If this is your first time and you’re not familiar with what to do, then read on for a breakdown of the process and even a few tips.
Are you a business or property investor in Malaysia? Do you sometimes or regularly send money to family or friends? We know how important it is to save money where you can, so take a five minute break from your busy day to read how you can make an international money transfer from Australia to Malaysia work for you.
In this day and age, sending money to Singapore is a relatively stress free exercise. With advances in technology, there are many easy and convenient ways to transfer money, be it to relatives living in Singapore or maybe you need to purchase goods and services for your business over there. Whatever your purpose for making an international money transfer to Singapore, make sure you take the time to compare and analyse exchange rates and fees before booking the deal. You want to ensure you receive as many Singapore dollars as possible for your Australian dollars.
If you’re wanting to send money to the Philippines from Australia, then you’ve come to the right place. Whether you’re moving money between businesses, buying a house, sending money to loved ones, or migrating to the Philippines, an international money transfer is what you need.
If you send money overseas by using an international money transfer (IMT) provider, chances are you’ve seen the term ‘forward contract’ before.
As one of our neighbouring countries, New Zealand shares close ties with Australia on the migration, trade and sporting front. Every year hundreds of thousands of Aussies and New Zealanders travel across the Tasman, whether for a holiday, business purposes or to visit family. The Department of Foreign Affairs estimates that about 670,000 or nearly 15% of New Zealand citizens live in Australia, while around 70,000 Australians reside in New Zealand. As such there are a whole range of reasons why you may need to make an international money transfer to New Zealand:
Whether you’re sending emergency funds to your relatives in Rome, investing in a property in Florence, or paying a business supplier in Naples, there are many reasons why you might need to send money to Italy.
Imagine being able to convert Australian dollars to Japanese yen, then transfer it to any bank account in Japan, any time of day or night? Well thanks to online international money transfer providers, you can do just that.
The Indian community is one of the largest groups of permanent migrants in Australia, with more than 700,000 people making up Australia's population in 2020, according to the Australian Bureau of Statistics . With many Indian citizens moving to Australia, there are a range of personal reasons why people would need to send money overseas to India. These reasons would include:
There’s a huge community of expats living in Hong Kong, with around 100,000 Australians residing there. Australia’s business ties with Hong Kong are also profound, so there are plenty of reasons why we would need to make an international money transfer there. For instance, you may have to send money to Hong Kong in order to purchase goods and services for your business, or pay your overseas employees. Maybe you have relative living in Hong Kong and you want to send them a cash gift for their birthday.
Greece has slowly opened up its borders to fully vaccinated travellers from different parts of the world that can provide a negative COVID test. International money transfers have arguably become a more essential way than ever to support family and friends over there and for Aussies who are still struggling to get a flight home. The good news is, sending money to Greece can be done cheaply and conveniently with the right foreign exchange provider.
Thanks to this modern world we live in, sending money to Germany is a relatively stress free and economical exercise. With advances in technology, there are many easy and convenient ways to transfer money and many purposes for sending funds to Germany such as:
If you've got friends or family who have packed up their lives to move to France for work or their studies, you may find yourself needing to transfer them money.
It has become increasingly common for Australians to send money overseas to Europe, whether for work or study. In fact, in 2019 alone, countries in the European Union received a combined total of $119 billion in remittances, according to the World Bank .
So you need to send a small amount of money overseas - say $200 for a birthday present, or $300 for your backpacking son’s final flight. It shouldn’t be a big deal to send a small amount, right? And it certainly shouldn’t cost you an arm and a leg in fees.
If you're buying property in Denmark, doing business over there, or have family and friends who live in the capital of Copenhagen, chances are there’ll come a time when you need to send money overseas. Whether it's a one-off transaction or a regular transfer, we’ll guide you with quick how-to tips to get you on your way. Take a moment to read about how an international money transfer to Denmark would work.
In 2021, Australians have lost more than $130 million in scams . According to the Australian Competition and Consumer Commission (ACCC), most people lose money through investment and money transfers scams.
.jpg?width=324)
Perhaps you’re starting a new online business, or expanding your current company’s eCommerce operations abroad. For the first time, you may need to make regular business to business (B2B) international payments to a supplier, contractor or possibly even staff in an overseas office. Whenever you are exchanging one currency to another you will want to limit your exchange rate risk and keep bank fees and charges to a minimum. After all, every extra cent you pay in fees or foreign exchange (FX) margins, means less profit for your business.But finding the cheapest deal for your business money transfer isn’t always simple. Because exchange rates are always fluctuating, what’s considered ‘cheap’ can also vary from month to month. In 2020, for instance, there’s been a lot of volatility, with the Australian (AUD) dollar plummeting to 55 US cents back in March before hitting highs of 74 US cents in early December. For a business, a ‘good’ exchange rate would look very different during those two time periods. With that in mind, let’s take a look at some of your options for making international payments as a business. The option you choose will largely depend on how frequent and how large your transactions are.
From balmy beaches to scrumptious cuisine, many Aussies dream of retiring overseas. But moving halfway across the world is no easy job, and requires a lot of financial planning, especially if you’re looking to be free of money worries by the time you jet off to your retiree’s paradise. Often, you’ll be dealing with big sums of cash, whether that’s your pension, super or life savings.
.jpg?width=324)
Looking for an easy and reliable way to set up a regular international transfer for your overseas business transactions? Well, whether it’s for making recurring payments for goods you’re importing or freelancers you’ve employed, you need to have an efficient foreign exchange account in place that doesn’t affect your company’s profits.
You’ve been living overseas and the time has come for you to move back to Australia. The flight is booked, the movers organised, and now it’s time to figure out the best way to bring your money back to Oz. Regardless of whether you’ll need to transfer $1000 or $100,000, this guide will outline how to get your money repatriated in the safest and most cost effective way possible.
Whether your grand backpacking travel plans involve a visit to every continent on earth in a six month period or you’re planning on a single destination for your gap year adventure, one thing you’ll definitely need to do is transfer money into another currency from the country that’s on your passport.
As an expat you’re bound to have to send money internationally at some point in time. It may be a one off or it may be on a regular basis. Here are some potential situations for sending money home or transferring funds from back home:
There was a time when paying an overseas bill required a lot of paperwork, paying exorbitant bank and foreign exchange fees and lots of your time. These days needing to make an international payment can be as simple as logging onto your smart phone and in a few clicks you’ve transferred money across the globe.
Looking to escape Australia’s sweltering summer by heading overseas to a more bearable climate? Realistically you know you can’t afford the hefty prices of a hotel for a couple of months so why not look into renting a house or apartment, it could be a much more viable alternative. There are plenty of advantages to renting a property overseas whether you choose to a Tuscan villa, a property on the Mexican Pacific coast or a unit in the hub of Dublin. Read on to learn all you need to know about renting a property overseas, you’ll be pleased to discover it’s a relatively stress free process.
As you let your fingers do the work, you discover your dream boat online at half the price that what it costs here in Australia. Only problem, it’s halfway around the world on the Mediterranean coast! This could be a challenge, not only shipping it to Australian shores but paying for it too. Whether you’re buying a fishing boat, yacht or large motor cruiser (all of which cost a substantial amount of money) from a remote location, the most cost efficient way of paying for it is by making an international money transfer through a foreign exchange provider. However, keep in mind, it costs around $40,000 to freight a yacht from Europe to Australia.
Australia’s sky high house prices are forcing buyers to look overseas to purchase properties. Why not, when you can get more bang for your buck with a ski chalet in New Zealand or a holiday home on the Spanish coast! But before you jump the gun and purchase that dream overseas holiday home or investment property there is a lot you need to consider when it comes to transferring money abroad. The quickest, cheapest and most efficient method to send money overseas is through a foreign exchange specialist. So have a thorough read of this guide as it will provide you with all the ins and outs of international money transfers for purchasing homes abroad.
Sending money internationally has become increasingly important in our connected world, whether you're supporting family overseas or running an international business. Australia's big four banks all offer International Money Transfer (IMT) services, but their features and fees vary significantly.
Read More
When it comes to sending money overseas, many people may default to using their bank. It's familiar, it's easy, and you probably already have an account set up.
Read More
Working out the best way to send money overseas isn’t always easy.
Read More
Australia’s anti-money laundering laws can be quite strict, with plenty of scrutiny around international money transfers (IMTs). Whether you’re sending a personal payment or managing business transactions, ensuring your transfer doesn’t trigger a suspicious activity alert is crucial. Here's how to send money overseas smoothly while staying within the law.
Read More
