Sending money abroad doesn’t have to be complicated or expensive.
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In an increasingly globalized world, it is easier than ever to forget that international borders exist.
Workforce is often spread across multiple countries with minimal impact on productivity. Expats living abroad can still participate in group chats. Those who travel for business can see the faces of their family during a video call.
It’s not just about communication: we shop across borders and attend conferences abroad without leaving our homes.
So it makes sense that being able to send money abroad is also easy.
Unfortunately, this has not always been the case. But we’re here to guide you to make it as easy and stress-free as possible.
Here are 4 things you should look at to make sure you’re ready to transfer money overseas:
1. Choose a reliable supplier
Sending money abroad can make people nervous, so it’s important to choose a brand you can trust. It doesn’t have to be a bank, but many people find a bank (especially an international bank) to be the most reliable.
For example, a bank like HSBC has a global presence. With branches around the world, HSBC has made it easy to send money overseas.
The bank offers secure global transfers, with its main corridors including AUD to GBP, HKD, NZD and USD. Understanding the importance of a reliable exchange abroad, HSBC updates its exchange rate every 20 seconds, so you know exactly what you’re going to get.
With competitive exchange rates, you only have to pay an $8 fee if you transfer currency online, regardless of the amount you send. Boasting an extensive branch network across Australia, you can also visit a branch and arrange to send money overseas for a $20 fee.
2. Check any fees
There are usually two different ways you are charged to transfer money overseas: direct fees or increased exchange rates. You may also find that there are sending bank charges and receiving bank charges.
These are usually unmissable, so it’s a matter of finding the one that works best for you with the amount you’re sending. For example, if you are sending a larger amount of money, it may be worth choosing a provider that uses a better exchange rate but with fees.
If you are using a paid service, you also need to consider how many other transactions you may need to perform. If you know you often send money abroad, you can save on fees by consolidating transactions into one payment.
3. Prepare the right information
One of the first things you need to do is figure out which institutions you are transferring to and from. For example, if you are transferring from one bank account to another bank account.
Alternatively, you can pay from a bank account to a foreign debtor.
Whatever the reason for your transfer, you should ensure you have the correct information before arranging the transfer. Usually it’s not as simple as having the BSB and account number that Australian banks use as account information varies from country to country. Instead, you may need to obtain a SWIFT code from the institution you’re sending the money to.
Make sure you have all the correct recipient information before you begin. Also, make sure your provider not only offers flexible options, but does so at no additional cost or delay.
4. Keep an eye on the exchange rate
An exchange rate is the value of one currency against another. The money you send abroad will be converted using the exchange rate.
Rates can go up or down depending on various economic factors, which means that one day you might get more money for your conversion than the next.
While it’s good to watch the exchange rate, you can never really be sure if the exchange rate will improve or not – especially if you don’t have time to wait, which often is. the case when you send money abroad.
However, if you know you’ll be sending money in the future, it’s a good idea to keep an eye on exchange rates so you have a general idea of where they should be. Then, when sending money, be sure to compare exchange rates between transfer services to get the best value for your money that day.
Keep in mind that some money transfer providers will charge higher exchange rates instead of fees. So if you find a good exchange rate, be sure to check other fees you might incur.
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