5/27/2023 0 Comments Bank currency compareIn Australia, there are different types of providers available for sending money overseas. But while there are many ways to transfer money overseas, being careful about what provider you transfer with could save you a pretty penny. With the wonders of modern technology, transferring money overseas has never been simpler. Your options when transferring money overseas: Paying overseas bills, such as mortgage repayments and tuition fees (if you’re an international or exchange student)įinancially preparing for retirement abroad. Transferring part of your income back home (if you’re an expat) Providing emergency funds to loved ones in need Gifting cash to family and friends abroad There's a whole range of reasons why you might consider an international money transfer, including: Top reasons why people send money internationally They can be one-off or done on a regular basis, depending on the purpose of your transfer. IMTs can consist of small or large amounts, ranging from a few hundred bucks to millions of dollars. Usually, those funds are deposited into a recipient’s or the sender’s own foreign bank account or can be retrieved at a bank branch or remittance centre overseas (this is known as a ‘cash pick-up’). Unlike a domestic money transfer that occurs locally, an IMT involves a sender moving funds across national borders to a destination of their choice - like from Australia to the US, for instance. Simply put, an international money transfer (IMT) is any transaction you make from one country to another. Head to to find out how you can get the best deal on an international money transfer. So, if you want to transfer money overseas an international money transfer could help you hit your target. Mozo compares deals from specialist providers as well as the major banks, with rates update hourly, supported by a load of information, guides and calculators. The exchange rate, where the provider margin can affect the rate you receive - an IMT specialist will generally have a lower margin - and the fees you pay if you submit the transfer over the phone, in person or online. The amount of foreign currency you wind up with can vary on a couple of factors. If you’re transferring large amounts, you could save serious money. ![]() Setting up an account with an international money transfer specialist can be a good choice, as their rates are generally better than the major banks. If you want to be sure as much of your money makes it where you want it to go - Ow! - an international money transfer can be perfect for you. Sending money as a gift, or to help out loved ones overseas is a great thing to do, but it can be trickier than you think. Getting the best deal on your international money transfer
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