WorldRemit reveal what Aussies value most when sending money overseas
Whether you’re sending money to loved ones or are keeping your business running, every Aussie will have a different reason to send money overseas.
But according to new research by IMT provider, WorldRemit, Aussie customers valued the same three factors the most when transferring money overseas - speed (80%), safety (69%) and price (53%).
“The research shows that speed is the number one priority by far for people sending money overseas. In an increasingly digital world, people have come to expect immediacy in their financial transactions - and rightfully so,” said WorldRemit’s Managing Director APAC, Michael Liu.
When breaking the data down by gender, women were revealed to be more likely to have safety and convenience as one of their top three factors, while men were more likely than women to have price in their top three.
Price was also valued higher among younger customers aged between 19 and 30 (57%), compared to those aged 51 and over (45%).
And as it turns out, the younger generation aren’t too fussed with convenience, with only 37% of those aged 19-30 including it as a top-three factor.
“When it comes to age, younger users are the most likely to sacrifice convenience in order to save on costs. Price is considerably more likely to be a top-three factor for 19-30 year olds compared to any other age group,” says Liu.
Surprisingly, safety was less of a priority for customers over 51, while 41-50 year olds were more likely than any other age group to consider reliability as a top three factor.
However, if you’re not a newbie to the world of sending money overseas, one thing you might already know is that you’ll have your choice between the big banks and IMT specialists.
And since we’re all about saving Aussies time and money, we thought it might be worth having a quick rundown on three common mistakes Aussies can make when transferring money overseas.
- Mistake #1: Not comparing your options - While it’s so much easier to go with your bank to send money overseas, it might not always be the cheapest way to do it. Generally, big banks don’t always offer the most competitive exchange rates, so you might have to fork out a little more to send your cash away. That’s why it’s so important to shop around and compare exchange rates to make sure you’ll be getting the most bang for your buck.
- Mistake #2: Not bundling transfers - If you’re planning to make multiple transfers to the same country, you might be better off bundling them altogether. Making separate transfers could incur a fee for each transfer. While some providers don’t charge fees at all, others can charge up to $30 per transfer.
- Mistake #3: Forgetting to check limits - No matter how big or small of a transfer you plan to make, every provider will have a transfer limit. Depending on the provider, minimum limits can start from $50 - $250. Another thing to keep in mind is that if you are planning to transfer cash through your bank, it could impact your daily withdrawal limit.
Ready to start comparing your transfer options? Then head over to our IMT comparison tool.