Whether you’re paying business expenses, handling a mortgage on an overseas investment property or sending money to family overseas, setting up regular International Money Transfers could be a great way to make your life just a little bit easier. Here are three steps to follow when you set up your payment, to make sure you’re getting it right:
First things first, work out if regular overseas money transfers fit your needs. You might choose to set up regular payments if:
Another option might be to combine your regular payments into one lump-sum. Some providers will waive fees on transfers over a certain amount, so if it’s an option for you to combine regular scheduled payments into one it could save you some money.
Once you’ve settled on setting up regular payments, it’s time to sort out how they’re going to happen. Two options you might come across are opening an account with an IMT specialist and making an international bank transfer. There are pros and cons to both of these common international money transfer options, so we’ve broken them down to help you decide which is right for you.
Independent from the banks, IMT specialists like XE, World First and OFX solely focus on the service of sending money abroad. Here are some pros and cons of using one of these IMT specialists for your regular overseas transfers:
International bank transfer
An option that many travellers feel comfortable with is making regular transfers through their Australian bank account, such as CommBank, ANZ, NAB or Westpac. It’s worth weighing up the pros and cons of this route, because convenience isn’t always the most money-savvy option.
Once you’ve weighed up the pros and cons and decided whether an IMT specialist or a bank is best for you, it’s time to compare providers and find a competitive deal. We’ve made it easy for you with our handy IMT comparison tool, where you’ll find a breakdown of rates and fees from major FX providers to the big four banks.
To find out exactly what you’ll get for your buck, pop your transfer amount into our IMT exchange rate calculators and compare how much you could get from a range of providers.International money transfer tips