Send money to Greece
The economic situation in Greece is pretty grim to say the least; most recently it made headlines all around the world when the country admitted it was in a severe debt crisis. The situation was so serious that many international money transfer providers and banks suspended transfers to Greece. Now it’s back to ‘business as normal’ for most foreign exchange providers, so you can resume sending money to Greece cheaply and conveniently. Here’s a list of personal and business reasons for making an international money transfer 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
- Emergency transfer of funds to a relative for medical reasons
- 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 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 OzForex, World First or CurrencyFair.
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 name and bank details.
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 are - OFX, WorldFirst and TorFX. So 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. You want as many Euros for your Australian dollars don’t you?!
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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.
Banks usually charge around $20 per transfer.
If you transfer over a certain amount, the provider usually won’t charge a transfer fee.
Most banks allow you to transfer money in a branch, online, by an app or over the phone.
You can transfer your money online, over the phone and some providers have an app you can use.
Click the link to read about more options of sending money overseas.
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, take the time to compare exchange rates, a cent or two 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 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 or even a month.
- 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 days, depending on the provider.
- 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 an international money transfer
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 including the SWIFT/BIC 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, 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, World First and CurrencyFair is definitely your best option. Your recipient will receive thousands more in Euros over the years with a foreign exchange provider than if you make the 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.
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.
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 charge. Check with your provider.