Ashley is moving to the UK from Australia for 12 months, and wants to transfer her savings into a local bank account to use while she’s there. She has AU$90,000 of lifesavings to take with her and after looking at her options, she’s decided an international money transfer is the best way to shift her funds.
Now, she just has to work out how to perform the transfer and keep as much of her money as she can in the process.
Because she doesn't know how long it will be until she can find a job in the UK, it’s important that Ashley can keep as much of her savings as possible in the transfer. That means she’ll need a really great IMT deal. Here are some of the things she’ll need to look for:
It’s important that Ashley secures a great exchange rate, because it will be a major factor in how much foreign currency her Aussie dollars will convert to. It’s especially important since she’s converting to the pound, which is generally strong against the Aussie dollar.
Ashley crunches some numbers to work out what effect different exchange rates will have on her savings.
As you can see, with a large amount to transfer, even a small difference in exchange rates can mean a difference of hundreds of dollars (or pounds) in the end.
Fees are the hidden killer of international money transfers. One thing Ashley needs to be particularly aware of is whether the fees charged are a fixed amount or a percentage of the amount she’s transferring. On large transfers like hers, percentage-based fees can quickly become a huge money drain.
The good news is that many providers offer deals where the transfer fee is waived on large amounts. Ashley’s AU$90,000 will be exchanged fee free, as long as she chooses her provider wisely.
Ashley will need to have a bank account set up in the UK for the funds to go into. But she knows that sometimes, the receiving bank charges fees on international money transfers that the IMT provider can’t waive.
That means she should check that the local bank doesn’t have added fees for receiving the IMT, or, if fees are unavoidable, at least that her chosen bank is offering the most competitive deal around.
Ashley considers her options for making the transfer. She could:
Ashley is a little bit worried, because she hasn’t heard of this provider before, and it’s a bit nerve-wracking putting all her savings in their hands!
So she jumps online and does some research. She finds that her IMT provider - along with most of the other options she looked at - is authorised and regulated by ASIC.
Knowing that her money is secure with a government regulated provider, she’s happy to go ahead with the transfer.
Flights booked, and with an apartment found, Ashley is about to take the plunge and transfer her money to her UK bank account. To do so, there’s a few details she’ll need to provide to her IMT specialist:
Are you moving abroad like Ashley? Or maybe you’re putting a down payment on an overseas property? Whatever the reason, if you need to make a large money transfer overseas, check out our international money transfer hub to find the best rates and snag a great deal.International money transfer case studies