Do you regularly send money overseas, either to relatives or as part of a business? Then you're keenly aware of international transfer fees. This is something that can really add up over time, so why not keep that money in your back pocket by joining a bank with lower fees? Here's what 15 popular Aussie banks and financial institutions currently charge.
If you're new to international money transfers, you might not realise that most banks charge customers a sending fee and a receiving fee in addition to a margin and mark-up on the exchange rate. It therefore pays to shop around and get the best deal possible. The infographic below was put together by TransferWise based on publicly available information from each Aussie bank.
TransferWise also provided the following tips to help Australians when making an international money transfer:
- Make sure you get the real exchange rate: check with your bank (or other provider) what exchange rate they’re planning to offer you. And be prepared to shop around if what you’re offered is too far away from the real mid-market rate.
- Use a currency converter: go to an online currency converter like Google or XE to find out what your money’s really worth in a foreign currency. Keep this figure in your mind - too far away from it, and you’re losing out.
- Compare prices: get as detailed an estimate as you can from your bank, and from any other services you might want to use. Compare these estimates to what you’ve found from your currency converter.
- Open a foreign currency account: if you often find yourself making or receiving foreign payments, it’s well worth taking a look at TransferWise’s borderless multi-currency account. Free to set up, and with no monthly fee, a borderless account lets you keep money in over 40 currencies, and give you international bank details in Australian and US dollars, euros and pounds sterling - so you can send and receive money like a local in any of those 4 currencies.
Check out the full infographic below (open in a new tab to enlarge.) As you can see, fees range from complimentary all the way up to $15.