Whether it’s for a family member’s birthday or a top-up for the next semester, more and more Aussies are sending cash overseas. But while the task sounds simple enough, how do you know you’re getting great value from a provider?
We’re glad you asked, as Mozo has today announced the winners of our 2018 Experts Choice International Money Transfer Awards.
To determine the winners, our Expert Choice judges sifted through 28 money transfer providers, requesting exchange rates quotes on three days: Friday 16th, Monday 19th and Wednesday 21st March 2018.
And to keep things fair, the transfer requests for $5,000 AUD and $60,000 AUD that were submitted were then converted into USD, GBP and EUR - the three most common currencies transferred by Mozo users.
These results were then normalised, weighted and aggregated to ensure that all currencies and scenarios were equally represented.
But to even be eligible for an award, providers were required to display current exchange rates on their site without a user needing to sign up or log in.
“Many Aussies might find IMT hard to understand if they haven't used these services before, so these awards are designed to point Aussies in the right direction when it comes to sending money overseas,” said Mozo Product Data Manager, Peter Marshall.
So without further adieu, here are the 2018 Mozo Experts Choice Award winners:
International Money Transfer
CurrencyFair - This peer-to-peer marketplace was started in Ireland in 2009, allowing users in Ireland, the UK and Australia to trade currencies with each other and avoid interbank fees.
InstaReM - Need to send cash overseas fast? InstaReM may be your answer as it’s one of the few providers in the Mozo database that allows users to transfer funds into an international bank account within one business day.
WorldFirst - Kickstarting in the UK in 2004, WorldFirst has now expanded to Hong Kong, Singapore, Australia and the US, helping business and regular users move their money around the world.
“The specialist providers received an award not only for having a excellent exchange rates, but their minimal fees were also a plus,” says Marshall.
International Money Transfer - Bank
Citi - Taking home an IMT Experts Choice Award for the third year in a row is Citi, a global powerhouse with over 40,000 branches in 12 countries.
International Money Transfer 'Big 4' Bank
ANZ - Winning for the second year in a row in the ‘Big 4’ category is ANZ, providing transfer services to over 60 currencies, along with offering real-time exchange rates and rate lock options.
“But like many Aussies, if they’ve already got a home loan or a credit card with a big bank, then sticking with a bank for this type of service might be more appealing.”