Article by Mozo
Well those fancy French crepes aren’t going to make themselves! What are you waiting for? Send your le tante some euros spontaneously, and she may even send you a classic French crepe in the post! Ok, maybe not ideal, but isn’t it nice that you have the freedom to convert Australian dollars to euros anywhere in the Euro Zone, any time you want?
If you’re looking for money options for travelling to anywhere in the Euro Zone, head to our travel money section.
Not only is it safe, it’s fast. Using reputable finance establishments or money transfer agents online means that you could be on your way to transferring money to your aunt in France or wherever she resides in Europe.
Want the fastest and cheapest method of transferring cash to Europe? Then you’re in luck. Online IMT is not only safe, but transfers fast without costing the earth. What’s more, it’s conveniently available 24/7. Superb!
All you need is a few vital bits of important information, a computer, internet connection and confidence. Oh, and a fistful of Aussie cash to convert. Ok, so we don’t mean fistful of cash literally - you’re going to need an Australian bank account to start the transfer, and your recipient will also need a bank account in their name in the European country they reside in.
Remember, we’re talking euros here, so ask your European recipient which currency you need to convert money to. Not every country’s currency in Europe uses the euro. In saying that the euro may be accepted either way. But it’s always a good idea to double check which currency they’d prefer to receive their generous gift. (Doesn’t have to be a gift or a generous amount for that matter, it just sounds nice.)
Keep in mind, an IMT or an International Money Transfer is when you transfer money from one account to another, and does not include cheque, cash or travellers cheques into an account.
Actually knowing the person or third party you’re transferring money to is pretty important too. This saves you from scams and online robbery, so if you don’t know them, don’t transfer!
Converting Australian dollars to euros means you can transfer them anywhere in the Euro Zone. Italy? Belgium? Finland? France? Wherever you need to send money, an online IMT to the Europe is a safe and easy process, so give it a go.
Got a SWIFT/BIC code, IBAN number? Receiver's full name and residential address? This is the list of information you need to have handy before making your transfer in order for it to be successful.
You can use one of the following finance providers or money transfer agents to convert Australian dollars to euros and transfer them to whoever you like in the Euro Zone:
More than just money-keepers, banks offer credit, various other financial solutions, including loans, let you earn interest on your savings and help you transfer money from Australia to another.
Pros: Responsive and familiar names with generally good reputations.
Cons: With their mass of products and services, sometimes individual services get lost. So banks sometimes become less competitive with some services, charging higher transfer fees than other agents or financial providers when it comes to IMT. Not every bank lets you transfer money online, so may not suit the times you’re available to proceed with transfer if you’re obliged to transfer in person during business hours.
Foreign Exchange Specialist
Specialist FX or Foreign Exchange Specialists are IMT experts who help you from start to finish with your conversion from a myriad of currencies to transfer them where you like round the world. Most send to Europe on a regular basis so will likely offer you a discounted rate and fee compared to most other options.
Online IMT and foreign exchange providers like OFX are proud of the thorough service they provide, by simplifying the process with straightforward, safe online forms and procedures.
The good thing about them is that they have less business expenses which usually means the savings will get passed on to you, the customer. You may not be familiar with some of the names, but they are certainly as safe as the well-known IMT agents and banks. The other bonus is that you don’t have to transfer around the business hour clock, allowing you the freedom to pick and choose the time of your transfer, which means any time of the day or night.
Pros: Safe and fast and cheaper international money transfer.
Cons: Always double check there are no hidden fees before making an IMT transfer.
It’s really up to you how you start the transfer process. Your options are: transferring in person at a bank or making a transfer yourself via an IMT agent website online.
Which ever direction you take, rest assured that they’re all pretty safe, tried and tested ways of transferring Australian currency to Europe. To save you time and energy, make sure you have BIC or SWIFT code for your recipient’s bank as well as their full name and address before making the transfer. That way you can be sure the transfer is made as smoothly as possible with very little or no hiccups!
Remember, online transfers are available 24/7 which means that there’s likely to be online help available round the clock too. Want to double check if the BIC or SWIFT code is correct? That’s easy. Log onto http://www.swift.com/bsl to see.
That's ok. You don’t have to make a decision about the frequency in the early stages. However, if it becomes a regular activity for you, you may want to do a little more research and comparisons to make sure you're getting the best deal out there.
As you know by now, Mozo truly enjoys giving you the best information about money matters that affect you and the people around you. We remain neutral in the sea of options, and that includes international money transfers.
It’s not about what we think. We like everybody! Almost. In the end, everyone has something unique to offer the customer (you). Financial providers are trying to stand out from the crowd of many to offer you something a little more special, like a unique selling proposition. We’ve done a little little as to how to best amplify the differences between IMT agents that may even help you save money in the long run:
Firstly, you need to decide which direction you will take - online, in person or over the phone?
Working this out first, will determine your best next steps.
Whichever way you choose to transfer money to the Europe, some crucial bits of information you’ll need for a successful transfer include:
BIC - Bank Identification Code
SWIFT - Society for Worldwide Interbank Financial Telecommunication
IBAN - International bank account number
Recipient - The person or party who receives the money being transferred
IMT - International money transfer
IMO - International money order.Country guides for transferring money internationally