If you have ever used your bank to send money overseas for your business, the chances are that the transfer was extremely costly and tedious – absurd exchange rates, hidden fees & slow payments. Have you been missing out on saving thousands of dollars with the costs for international money transfers being an unknown amongst Australian businesses.
WorldFirst has shifted since late 2019 to be more transparent through fixed margins based of annual transfer volumes in alignment with ACCC transparent pricing of foreign currency conversion services released in December 2019. As stated in the summary report, “The ACCC found it can be challenging for consumers to make informed decisions about FX services due to the following reasons:
- prices are complex
- prices are presented in different ways
- prices lack transparency
ACCC considers improving price transparency will support price competition by making it easier for consumers to seek out the cheapest suppliers.”
Understanding the cost of an international money transfer
Banks often promote the set fee incurred on a money transfer, but the hidden cost is realised through the poor exchange rate offered. Banks will buy the currency at a particular exchange rate and then take a percentage of profit from that purchase price. This is called a margin.
So, the true cost of an international money transfer is the fee charged and the margin taken by the provider.
The best way to send money overseas
A currency specialist will perform better in both components of a money transfer and provide far better service.
WorldFirst provide better exchange rates and charge no fees meaning our transfers are up to seven times cheaper than the big 4 banks. Customers also receive a dedicated currency specialist and can make transfers online 24/7.
Our currency converter will allow you know exactly the cost of international money transfers with WorldFirst and give you the knowledge what the difference between the big 4 banks would be quoting you for your next international money transfer.
Knowing the costs the banks are charging
Hear from our clients
Start saving on international money transfers today
Instantly compare exchange rates online now to see how much you could save for your business. All clients also enjoy award winning local service, no fees and have the ability to make transfers online 24/7 or over the phone.
All pricing comparison data obtained and prepared by WorldFirst through online research and reflects daily rates as at the last update marked by time/date stamp.
Big 4 exchange rates have been obtained from FXC Intel at time stamped on page. Rates in comparison obtained on Dec 17, 2020 at 1:35pm.
Whilst every effort is made to ensure the information is accurate, you should confirm the latest exchange rates with WorldFirst prior to making a decision.
The information published is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you.
Full disclaimer available online