With the Australian dollar climbing over the $US76 cent mark, it seems all the Reserve Bank has done to bring it down has been to no avail.
“It’s well known, the strong Aussie dollar has been the bane of Glenn Stevens last year as RBA Governor and as he steps down this month it continues to sit higher than he’d like,” says Mozo Director Kirsty Lamont.
“While the Reserve Bank board might not be happy about a rising Aussie dollar, for people looking to send money overseas, a strengthening currency potentially means hundreds extra from their transfer.”
If we compare the Aussie dollar now with what it was this time last year, when it was trading at $69US cents, that’s a difference of around $700 in the receiving bank on a $10,000 transfer to America.
“When you consider that exchange rate fluctuations can add or cut hundreds from what you’ll get in an overseas currency, it just goes to show how important keeping an eye on the foreign exchange market is.”
For those planning to send money abroad in the near future, Lamont recommends comparing your options now. “Even if you’re not transferring for a few weeks or months, there’s always the option of locking in a competitive rate and making the exchange later with a forward contract,” adds Lamont.
Want to see the top exchange rates currently for your overseas transfer? Visit Mozo’s international money transfer comparison table, which compares over 20 different currencies from 14 providers.International money transfer tips