Send money to Greece
With COVID-19 lockdowns still imposed across Greece, international money transfers have arguably become a more essential way than ever to support family and friends over there. The good news is, sending money to Greece can be done cheaply and conveniently with the right foreign exchange provider.
Besides transferring emergency funds, there are a range of other personal and business reasons why you might send money to Greece:
- Purchasing goods and services for your business
- Paying wages or royalties
- Paying school or university fees to support children living in Greece
- Gift to friends or family living in Greece
- Buying investment property in Greece
Remember this guide is informing people about transferring money to Greece not those wishing to travel there. If you’re planning a holiday or business trip to Greece, head to the Mozo travel money section of our site.
How money transfers to Greece work
An international money transfer is a fairly straightforward process that can be done from the comfort of your own home. Here are six steps that need to be completed in order to send money to Greece with a foreign exchange specialist.
Step 1: Register and set up an account with a foreign exchange provider such as OFX, WorldFirst and TorFX.
Step 2: Decide how many Aussie dollars you want to transfer or how many Euros you want your recipient in Greece to receive.
Step 3: Confirm and make sure you are happy with the exchange rate and costs associated with the transfer.
Step 4: Provide details of the recipient in Greece, including their full name and bank account information.
Step 5: Book the transaction and pay the agreed amount for the transfer; this is usually done by electronic transfer.
Step 6: Once the provider has received the funds, they will send the money electronically to your recipient in Greece.
IMT options: Banks vs Foreign exchange provider
There are several different options for sending money to Greece but there are two main players in this now competitive market - banks and foreign exchange providers. A foreign exchange provider specialises in sending money overseas; the big ones include OFX, WorldFirst and TorFX. If you're transferring money to Greece on a regular basis or need to make a large one-off transfer, you could save hundreds if not thousands of dollars by choosing a specialist provider over a bank, as they usually offer more competitive exchange rates and transfer fees. You want as many Euros for your Australian dollars, don't you?
|Feature||Bank||Foreign Exchange Provider|
| Exchange rate || Bank exchange rates are typically more expensive than an independent broker. The bank usually chooses the exchange rate. || As they are the specialists in the field, foreign exchange providers usually offer a much more attractive exchange rate. |
| Transfer fees || The big banks could charge as much as $30-$32 for in-branch transfers, while online transfers are more affordable, ranging between $10-$12 per transaction. || If you transfer over a certain amount, the provider may waive the transfer fee altogether. |
| Transfer options || Most banks allow you to transfer money in a branch, online, via an app or over the phone. || You can transfer your money online or over the phone, and some providers have an app you can use. |
What to consider when comparing IMT providers
- Exchange rate: This is one of the most important aspects to consider as the current exchange rate will determine how many Euros you’ll receive for your Australian dollars. The higher the exchange rate, the more money the recipient will pocket. Don’t go with the first provider you come across and take the time to compare exchange rates, as a cent or two cents' difference could make a huge impact on your final amount.
- Fees: As you would have learnt above, fees and charges can vary quite significantly between banks and money transfer specialists. General IMT fees to be wary of include: a transfer fee, a sending and receiving fee, a cancellation fee and an amending fee.
- Transfer limits: Some international money transfer providers have a maximum and minimum amount you can transfer at a time, whether that's a daily limit or a monthly cap.
- Turnaround time: This is the time it takes from the moment you book the transfer to the second it hits the recipient’s account. Sending money can take between 1 and 5 business days, depending on the provider, while some FX specialists like TransferWise are even offering near instant transfers to certain countries now.
- Transfer methods: With the advancement of technology there’s no shortage of efficient and convenient ways to send money to Greece. These include: online, on the phone, in person at a branch, and some providers even have an app you can use.
Checklist when setting up a money transfer to Greece
To save yourself time, here’s a list of the information you’ll need to send money to Greece.
- Personal details: name, address, date of birth, country of birth, phone number
- Sender’s account details: bank details of the account where the transfer will come from
- Recipient’s personal details: Name, address and bank account number
- Recipient’s bank details: Full name and address of bank as well their SWIFT/BIC code (unique identification code)
Q1. What’s the best option for making a small one off money transfer to Greece?
PayPal is a safe, trusted and affordable method for sending small one off transfers. The transfer is can be done electronically and should only takes a couple of minutes but both you and the recipient will need a PayPal account. For convenience, you can also use your local bank but the exchange rate will be pretty poor and as we mentioned above their fees and charges are pretty hefty.
Q2. I need to send money to Greece on a regular basis what type of provider should I choose?
To save yourself time and more importantly money, a foreign exchange specialist such as OFX, WorldFirst and TorFX could be your best option. Thanks to better exchange rates and lower transfer fees, you'll likely save thousands of dollars over the years with a foreign exchange provider than if you make those regular transfers with a bank.
Q3. What is a SWIFT or BIC code?
The Society for Worldwide Interbank Financial Telecommunications (SWIFT) or a Bank Identifier Code (BIC) is an 8 or 11 digit code that identifies banks around the world. This code is used to transfer money between banks via international wire transfers.
Q4. What is a spot deal?
This refers to an arrangement with a provider where you lock in the current exchange rate immediately with a legal binding of converting one currency for the other within 24 hours of booking the deal. This is as opposed to a forward contract, where you secure the current rate for a future transfer, sometimes up to two years in advance.
Q5. Can I track my international money transfer to Greece?
Yes, you can check the status of your money transfer by checking in with your provider online or by phoning them. Some providers even let you track your transfer in real-time via their app, so you can have peace of mind around the clock.
Q6. What happens if I need to cancel my transfer?
As long as the recipient has not yet received the funds, you should be able to cancel the transfer, but it may come as a cancellation charge. It's best to double check the specifics with your provider.
Ready to start sending money to Greece? Use our tool below to compare today's exchange rates for converting Aussie dollars into Euros, or jump on over to our international money transfers hub to weigh up even more options.
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