Banks routinely rank as the most expensive way to transfer money between countries.
In addition to charging high fees, banks regularly add hidden mark-ups to your international payments. They do this by charging an exchange rate that is considerably worse than the mid-market rate, which is the price you see when you search on Google or look up a currency pair in the newspaper. These exchange rate mark-ups are rarely advertised, so customers often don't realise they are being charged.
Banks claim the difference between the mid-market exchange rate and the rate they pass on to you as commission - depriving you of a hefty amount of your hard-earned money. They are known to add in margins of up to 5.0% on the exchange rate for overseas transfers. For larger amounts, that can really add up!!
How to save money when transferring between countries
The good news is, today's consumers don't have to rely on their bank for international money transfers. Thanks to advances in technology, there are now a broad range of cheaper options available.
You can transfer money between countries for less by using a service that charges lower fees and is transparent about the exchange rate it offers. Companies that are upfront about the exchange rate generally aren't hiding any additional costs.
While many services advertise a currency conversion calculator on their website, make sure to go with a company that honours the rate you see on their homepage. The service should show you an overall figure you will receive in your destination currency, inclusive of all fees and charges.
FlashFX is an Australian international money transfer company that is helping to make it more affordable to send money between countries. With a flat 1.5% exchange rate margin and zero transfer fees (that's right - ZERO!), we beat the banks on cost - every time. Plus, we offer speedier transfer times and superior customer service.
The smarter way to transfer money between countries
Don't use your bank.
Create a free online account at FlashFX.
Once you've transferred us your funds, use our currency calculator to get a quote based on the live exchange rate.
Enter the recipient's banking details, including account number, name and relevant banking codes.
Confirm all details, including conversion rate. That's it!
You can save money on transfer fees and exchange rate margins when you use FlashFX to send money overseas