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There are lots of ways to transfer money to and from Australian dollars. Note regarding this table: If you exchange cash over the counter the fees are higher. If you transfer money to a less popular currency such as Thai Baht the fees are even higher still! There are two types of fees, the declared fee, and the hidden fee which is a margin that they put on the exchange rate.
There is the REAL exchange rate and there is the exchange rate that they give you. The difference is a hidden fee. So if you wire money using your bank, there are hidden fees that your bank will charge or the recipient will be charged. If you use Western Union, there are hidden fees. If you withdraw money at an ATM there are also hidden fees.
If you use a credit card or debit card you will also get ripped off with large hidden fees. If you transfer money at the airport you will get the largest hidden fees possible. If you use PayPal there are also large hidden fees. Everyone is talking about Bitcoin but unfortunately there are large exchange fees when trying to transfer from Australian dollars to Bitcoin or vice-versa using a Bitcoin exchange. So Bitcoin is also not a good option in Australia at least.
The lowest cost way is to send money using one of the money transfer services in the tables below in this article such as TransferWise. However this means that you need to have a bank account in the receiving country. If this is not possible then the second best way is usually to exchange cash in the other country not in Australia. You will get screwed if you use the banks to do this.
So the first step is to get a bank account in the receiving country. Then use one of the services mentioned in the article. We actually have an article specifically on sending money to the Philippines here.
We also have articles about transferring money to: We have a remote team with people in 19 different countries around the world. The two transfer methods we use the most are:.
The good news are that there are now some FinTech companies that are popping up as alternatives to the banks. They give you a much lower cost alternative for transferring money into Australia. The tables below give you a comparison of these cheaper options. The fees are going to be different for other countries, but this gives you a general indication of their level of fees:. If you traveling on a holiday then usually bringing cash will give you the best exchange rate, however you need to be careful where you exchange money the airport has very high hidden fees for example.
Whatever you do, avoid the banks! They have large hidden fees and the costs to exchange money are very high. Withdraw from an ATM in Australia using a debit card in another currency Use a credit card to pay for something in Australia Use a money transfer service such as Western Union Exchange cash at the airport Exchange cash at another money transfer agency Transfer money using a bank PayPal Bitcoin? How much do banks charge when transferring money?
This is for transfers between US and Aussie dollars. Sending to or receiving from the US. Which transfer methods are ripping you off with large hidden fees? What if I sold my house in Australia and then I want to transfer the money to another country to buy a house in another country or vice versa? What if I want to pay a worker in another country such as the Philippines?
The two transfer methods we use the most are: TransferWise — is a new kind of financial company that you can use to transfer money internationally at a very low cost. Their system is based on local bank account transfers, which makes transfers abroad cheaper than what banks or other providers charge.
They charge a small upfront fee between 0. Payoneer — very convenient for sending and receiving. They are also one of the few methods that works to receive money in almost every country and the receiver can get their money on a debit card and withdraw from an ATM.
Tables comparing money transfer services including the cost of hidden fees The good news are that there are now some FinTech companies that are popping up as alternatives to the banks.
Five free transfers with CurrencyFair Table 3: Five free transfers with CurrencyFair Table 4: Five free transfers with CurrencyFair Table 5: Five free transfers with CurrencyFair Table 6: Various options for sending money from Australia to other countries: The fees are going to be different for other countries, but this gives you a general indication of their level of fees: Options for Sending Money from Australia to other countries Transfer option Where can you transfer to?
If you traveling on a holiday then usually bringing cash will give you the best exchange rate, however you need to be careful where you exchange money the airport has very high hidden fees for example Whatever you do, avoid the banks!
Leave a reply Cancel reply. Equivalent of a AUD60 fee! Any thoughts would be much appreciated. UpVote Reply 4 Upvotes. The question I'm asking is that they will be transferring my funds straight to my bank in Australia as I only live here, but the amount is Could you please let me no how much will I be receiving in my account once it's converted into AUS dollars and what will the banks take as soon as it hits my account?
I am a African. I am form Liberia, Liberia is a country in west Africa. Can you send money from Solomon island to Liberia?
UpVote Reply 3 Upvotes. Sad that your article uses links to www. Otherwise , a very interesting article. We have used XE. UpVote Reply 2 Upvotes. I currently use https: Thanks again for the informative comparisons.
UpVote Reply 0 Upvotes. If you want to check out the rest of the post, here are the links: UpVote Reply 1 Upvotes. If you want to check out the other posts, here are the links: I am using Transferwise to send money from US. I have successfully completed many transfers, And had no any problem so far.
They also give fee free transfers. Also, transfers take few days of processing, generally 2 to 3 days overall. This will be a feedback to this post. Ria Money Transfer slow. Ria Money Transfer fast.