How to Save on Transferring Money Overseas

Transferring money overseas? Every cent matters (haha)! 🌍 Whether you're an international student, a digital nomad, or a frequent traveler – like me, this guide is here to help you explore ways to save on international money transfers. Embrace the adventure of managing your finances wisely. 🌟

Bank vs. Non-Bank Providers

Use For Online and Mobile Money Transfer: NON-BANK ☑️

Banks can be pricey with their exchange rate markups for international transfers. Instead, check out platforms like Wise, OFX, and Remitly for lower fees (0.5% to 2%) and better rates. Digital transfers with MoneyGram or Western Union often save you more cash.

Transfer Larger Amounts Less Frequently: BANK ☑️

Planning your transfers can help cut down on fees. Sending larger amounts less frequently can save on those pesky fixed costs.

Consider monthly instead of weekly transfers for long-term savings. This way, you pay the fixed fee only once, rather than multiple times. Over time, these savings can add up.

Use Multi-Currency Accounts: NON-BANK ☑️

Multi-currency accounts, like the ones from Wise, let you hold and manage money in different currencies. This way, you can skip unnecessary currency conversions and save on fees when sending money abroad.

With a multi-currency account, you can receive money in one currency and keep it until you're ready to convert it. This flexibility helps you take advantage of better exchange rates and avoid expensive conversions.

Promotions and Discounts: NON-BANK ☑️

Watch out for promotions or discounts from services like Wise—they can help you save on fees. Signing up for newsletters or following them on social media might score you some sweet deals, especially for bigger transfers.

Avoid BANK Credit Cards: NON-BANK ☑️

Using credit cards for transfers can rack up high fees. Stick with bank transfers or debit cards instead. Avoiding extra charges from credit cards keeps more money in your pocket.

Credit card companies tend to slap on extra charges for foreign transactions, which can pile up fast. These fees are generally higher than what you'd pay with bank transfers or debit cards..

Transfer Speed: NON-BANK ☑️

If you're doing a regular transfer, it usually takes less than 24 hours, and at most 2 working days, for us to convert your money. If there are any delays, we’ll let you know. Converting money between balances in your Wise account? That’s instant.

International Money Transfers (IMT) with Commbank: It usually takes 3 business days to process an IMT, but may take longer depending on the recipient's country and bank. Transfers made on a weekend, a public/bank holiday or after the currency cut-off time will be processed the following business day.

Exchange Rates: NON-BANK ☑️

Regularly monitor the fees and exchange rates of different providers. Rates and fees can change frequently, so staying informed can help you make better decisions and save money on future transfers.

Comparison of Exchange Rate Calculation

Bigger Savings: NON-BANK IS A WINNER ☑️

Assuming a transfer of $1,000 from Australia:

Conclusion

Sending money internationally doesn't have to be expensive. By comparing providers, using online platforms, checking exchange rates, and considering multi-currency accounts, you can significantly reduce costs. Plan your transfers carefully and stay informed to get the best value for your money.

Ready to save even more on your international transfers? Sign up for our non-bank transfer account today and join a community of savvy savers who make the most of every dollar. Happy transferring!