Overseas money transfers

When transferring money overseas, it pays to avoid the banks.
 
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03.What we found: test run

Test scenario

money-transfer-map

Our test scenario involved an Australian living and working in the US and sending $US9000 from a US bank to Australia. This is how it panned out on the day we tested in early 2013 (see below), when the Aussie dollar was worth $US1.04. The non-bank conversions include transfer fees; the bank conversions include Australian bank receiving fees but not any sending or intermediary bank fees. We didn't include Western Union because it limits online transfers to a minimum of $2000.

exchange-9000

(** PayPal does not recommend its money transfer service for amounts over $200.)

Fees (below) for sending an international money transfer from Australia (excluding any charged by intermediary banks) may be waived or lowered if the Aussie non-bank transfer service or bank has existing arrangements with the receiving bank. 

ONLINE_Company-Exchange_Fees_NEW

 

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