Mozo’s Experts Choice Awards reveal best international money transfer options
In an increasingly global society, Aussies are sending money overseas for many different reasons and searching for cost-effective ways to do it. But finding a budget friendly international money transfer option is not always easy - luckily, Mozo has today revealed the winners of our Expert Choice IMT Awards.
The awards recognised banks or specialist IMT providers that offer Aussies the best value when transferring money overseas, and were based on quotes for converting Aussie dollars to the most commonly transferred currencies according to a number of providers - US dollars, British pounds and Euros.
To be eligible for an award, providers needed to show their exchange rates on their own website or on Mozo’s international money transfer hub, without requiring potential customers to sign up or log in to see them.
“The awards are all about finding and recognising the best value options for people who need to send money overseas, whether it’s because they’re relocating, sending funds to family or friends living abroad, or buying and selling for their business,” said Mozo Data Manager Peter Marshall.
International Money Transfer winners
Although this category of the awards was open to all providers, specialist IMT providers came out on top.
“These specialist services won because they offer great exchange rates and lower conversion fees than other options,” Marshall said. The options our Experts tipped as the best were:
- TorFX - Established in the UK over ten years ago, TorFX is open to business and personal transfers. Here in Australia it has over 100,000 customers worldwide and handles over £3b annually.
- WorldFirst - Started in the UK in 2004, WorldFirst transfers money for 111,000 individual and business customers all around the world. It’s also a community minded organisation and donates £1,000 per staff member to a charity of their choice each year.
- CurrencyFair - Based in Ireland and first established in 2009, CurrencyFair is a peer to peer marketplace where customers trade currencies with other users in Australia, Ireland and the UK, allowing them to bypass interbank fees and save money.
Citibank also took out the award for best IMT bank, and ANZ was the best value option out of the big four banks.
“For customers doing a one off transfer, or who prefer to handle their overseas money transfers with an institution they already have a savings account, home loan and credit card with, a bank may be a good option,” explained Marshall.
So no matter why you need to transfer money overseas or how you prefer to do it, there’s a great value option out there for all Aussies. You can read more about our Experts Choice Award Winners, or head over to our travel money section to compare other international money transfer options.