When transferring money overseas (International Money Transfers) there really are only two options… use a bank or use an international money transfer service (non-bank).
The big four banks’ rates and margins are subject to “change without notice”, so the final exchange rate at which your money is transferred may vary a little (or a lot depending on economic announcements which can sometimes have significant impact on exchange rates, such as RBA interest rate announcements) from what you expected.
However, non-bank money transfer services can offer a greater level of transparency that is lacking in the traditional banking sector. You will always know the exact exchange rate before finalising, eliminating the possibility of “nasty surprises” when finalising your transaction.
It really does pay to do your research when looking to transfer money overseas!
If you are looking for our online trading brokers comparison and reviews, instead of international money transfers, please view here instead.
