If you need to send money overseas, you may be surprised to find how many fees you may encounter. In addition, you also need to consider exchange rates when sending your money. It isn’t as easy as you may think and is likely more expensive than you may have planned for. However, there are a few ways to save money when transferring money overseas and we will show you how!
Send More Money
The more money you spend, the more you are going to save. Most companies will give you a better currency conversion rate when you send a larger amount of money. If your transaction is big enough, you may even get transfer fees waived completely. Think about how much money you need to send and also consider if you need to send more money in the near future. If you do, then consider making one large transaction rather than several smaller ones. This will definitely save you money when sending money overseas!
Compare Different Banks
When you start thinking of sending money overseas, you may automatically think to use your local bank to make the transaction. Different banks may charge higher fees to send money and charge the receiver on the other end too. Compare different banks that specialize in overseas transactions and currency exchange. They will have much more competitive rates and fees while still getting your money abroad safely.
Wait for the Rate
If you are not in a rush to send your money overseas, take your time and watch the exchange rates. Keep your eye on the CBA exchange rates which will give you a reliable and accurate view of what the current rates are. When the rates look good, jump on the chance to exchange your currency and send your money abroad. Waiting for a good time to send your money can save you a lot!
Shop Around
There are a lot of places where you can send money overseas. Take your time and look into each company that you are considering using. Each one will have different rates, fees and offers that you can take advantage of to save you money. Do your research before you send your money and you will likely find the company that works best for your needs.
Small Amounts
If you are sending smaller amounts of money overseas, you may want to consider transferring the money online using a free service like Paypal or apps that you can download and link to your bank account. Many online money exchange companies will have no fees for amounts sent under $500. They also often will let you send money instantly, getting cash from your bank to one abroad without you ever needing to leave the house! You will need to set up an account with the company first and the person receiving the money will need to as well. You will also both need bank accounts that you can link in order to receive the money.
Sending money abroad does not need to be expensive or complicated. Check the CBA exchange rates, research foreign currency exchange companies and save money by sending more! Sending money has just gotten easier!
