How to save money when making transfers to Australia?
The coronavirus pandemic has become a challenge for many, especially in another country. At Educonnecting we want to tell you how your family or friends can save money by making transfers to Australia, so they can support you financially while the situation improves.
To make cross-border transfers at the lowest cost, keep in mind:
Don’t transfer money using a traditional bank:
When you make a transfer from one bank to another, the amount of money you receive is not the same and this is due to intermediary banks, 'bridge' banks used to send money when the banks don’t have branches in the destination country.
When transferring money to another country through a bank, there are some fees and commissions you may not know about and that make you lose money, such as:
- International Transfer Commission when sending money.
- Fixed fees charged by each of the intermediary banks involved.
- Overpricing at the applied exchange rate.
- Commission for delivery of the international transfer to the beneficiary.
The best option to transfer money to Australia:
Besides, you will know what fees and exchange rates are applied. From the moment you send the money until it arrives, you receive all the status information of the transfer you made via email.
When doing this through Transferwise, you should do the following:
Step 1. Go to this link:https://transferwise.com/register#/ and register for free using your email and password.
Step 2. Enter the quantity to be sent and the currency (EUROS, Pesos...).
Also, specify the currency in which you want the money to be received (AUD). Within this process the commission is always included so you don't have to worry about it.
Step 3. Fill in your data and verify that your information is correct.
Step 4. Enter the recipient Australian bank account details: You have two options, You can add the recipient's bank details yourself or select the option in which the recipient receives an email from Transferwise so that they will enter their details at the time the transfer is made.
Step 5.Confirm your identity: This is a secure system, so it will ask you for an option to verify that it really is you.
Step 6. Select how you want to pay or where you want to transfer money from.
Step 7. Follow the instructions and enter your bank details so that Transferwise can handle the transfer.
- With debit card: It is the simplest method, just enter the details of your debit card and make the payment to Transferwise as if you were making an online purchase.
- Via bank transfer: You have to make a transfer from your bank to the Transferwise account by putting the code provided to you in the “reference” or “concept” of the transfer. Once you have made the transfer from your bank account, click “I have already sent the money to Transferwise.”
Finally, you will receive an email indicating when the final transfer will take place.
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