Sending money later in the year? Here’s how forward contracts work
If you send money overseas by using an international money transfer (IMT) provider, chances are you’ve seen the term ‘forward contract’ before.
If you send money overseas by using an international money transfer (IMT) provider, chances are you’ve seen the term ‘forward contract’ before.
In 2021, Australians have lost more than $130 million in scams. According to the Australian Competition and Consumer Commission (ACCC), most people lose money through investment and money transfers scams.
From balmy beaches to scrumptious cuisine, many Aussies dream of retiring overseas. But moving halfway across the world is no easy job, and requires a lot of financial planning, especially if you’re looking to be free of money worries by the time you jet off to your retiree’s paradise. Often, you’ll be dealing with big sums of cash, whether that’s your pension, super or life savings.
Whether you need to send money to family living outside Australia, pay business suppliers or buy an overseas investment property, you might be wondering just how to transfer money overseas.The good news is, the process can be pretty simple as long as you start out on the right foot - the tricky part is finding the cheapest way to send money overseas, so you get more bang for your buck. But that’s where we come in.We’ve broken the process of transferring money internationally down into a few easy steps, to help you. In a nutshell, what you’ll need to do is:
With just over 140,000 Sri Lankan-born residents in Australia and even more with family and friends in Sri Lanka, it’s no surprise that many Australians are looking for ways to send money there for a variety of reasons - from purchasing presents for family, to buying property.
Sending money overseas can be daunting enough, without having to decipher all the mumbo jumbo foreign exchange providers throw at you.
Are you unsure whether to use an online forex specialist or PayPal to make your next international money transfer?
Looking for an easy and reliable way to set up a regular international transfer for your overseas business transactions? Well, whether it’s for making recurring payments for goods you’re importing or freelancers you’ve employed, you need to have an efficient foreign exchange account in place that doesn’t affect your company’s profits.
You’ve been living overseas and the time has come for you to move back to Australia. The flight is booked, the movers organised, and now it’s time to figure out the best way to bring your money back to Oz. Regardless of whether you’ll need to transfer $1000 or $100,000, this guide will outline how to get your money repatriated in the safest and most cost effective way possible.
Whether you just bought property in Bali or invested in a business in Shanghai, if you’re looking to transfer a large sum of money overseas, we’ve got some great tips here to help you get the most bang for your buck.
Perhaps you’re starting a new online business, or expanding your current company’s eCommerce operations abroad. For the first time, you may need to make regular business to business (B2B) international payments to a supplier, contractor or possibly even staff in an overseas office. Whenever you are exchanging one currency to another you will want to limit your exchange rate risk and keep bank fees and charges to a minimum. After all, every extra cent you pay in fees or foreign exchange (FX) margins, means less profit for your business.But finding the cheapest deal for your business money transfer isn’t always simple. Because exchange rates are always fluctuating, what’s considered ‘cheap’ can also vary from month to month. In 2020, for instance, there’s been a lot of volatility, with the Australian (AUD) dollar plummeting to 55 US cents back in March before hitting highs of 74 US cents in early December. For a business, a ‘good’ exchange rate would look very different during those two time periods. With that in mind, let’s take a look at some of your options for making international payments as a business. The option you choose will largely depend on how frequent and how large your transactions are.
Looking to escape Australia’s sweltering summer by heading overseas to a more bearable climate? Realistically you know you can’t afford the hefty prices of a hotel for a couple of months so why not look into renting a house or apartment, it could be a much more viable alternative. There are plenty of advantages to renting a property overseas whether you choose to a Tuscan villa, a property on the Mexican Pacific coast or a unit in the hub of Dublin. Read on to learn all you need to know about renting a property overseas, you’ll be pleased to discover it’s a relatively stress free process.
If you’re looking to transfer money overseas, whether it's to family, friends or into a bank account for your own extended stay, then the first thing you look at is probably the exchange rate.
There was a time when paying an overseas bill required a lot of paperwork, paying exorbitant bank and foreign exchange fees and lots of your time. These days needing to make an international payment can be as simple as logging onto your smart phone and in a few clicks you’ve transferred money across the globe.
An IMT is a great way to ship funds overseas, but it isn’t the best solution in every situation, as we all have different travel money needs. So in this guide we’ve run through everything from how international money transfers work to some of the main alternatives to help you decide which will work best for you.
When it comes to sending money across the globe, you’ll generally have two main options - to make the transfer with the familiar face of a bank or hop online and use an international money transfer specialist.
Whether you have just landed a job transfer, are off on a backpacking gap year adventure, packing up to study abroad or decided to emigrate to the far corners of the world, one thing you’ll want to do right is move your money across borders in the most cost effective way possible.
You might think that international money transfers are mainly handled by the person sending the money, but whether you’re an Aussie expat living abroad, a visitor calling Australia home for a while or a business owner receiving international payments, there are a few things you should keep in mind before collecting funds transferred from overseas.
For many people, needing to send money overseas isn’t an everyday or even an every year kind of thing, so when you are in the situation when you do need to send money to someone or a business overseas in a one off situation, transferring money across borders can seem kind of daunting.
So you need to send a small amount of money overseas - say $200 for a birthday present, or $300 for your backpacking son’s final flight. It shouldn’t be a big deal to send a small amount, right? And it certainly shouldn’t cost you an arm and a leg in fees.
As an expat you’re bound to have to send money internationally at some point in time. It may be a one off or it may be on a regular basis. Here are some potential situations for sending money home or transferring funds from back home:
Whether your grand backpacking travel plans involve a visit to every continent on earth in a six month period or you’re planning on a single destination for your gap year adventure, one thing you’ll definitely need to do is transfer money into another currency from the country that’s on your passport.
Anyone looking to transfer money overseas knows the importance of securing a competitive exchange rate. But what if you could get your hands on the ‘real’ exchange rate, or close to it, that generally only applies to banks and FX providers, otherwise known as the mid-market rate? Well, now you can, thanks to an innovative new concept dubbed peer to peer transfers.
You’ve found your dream car but unfortunately you can’t purchase it on Aussie shores or perhaps your next set of wheels may be cheaper to buy abroad. Regardless of your reason for buying a car overseas there’s a lot you need to consider before making the purchase. The last thing you want, is to lose half your savings to high rates and transfer fees! If you follow this guide, you’ll learn what to look out for when making an international money transfer to buy a car overseas…and if you take on board our hot tips, it will be a smooth, safe and secure ride!
Need to make a payment overseas? Maybe your daughter’s gap year has turned out to be more expensive than she bargained for, or you’re buying a nice little beach-front bungalow in Mexico?
If you’re new to international money transfers then you’re in the right place, this fast guide will run you through all the essential info you need to know and be aware of when transferring funds overseas from Australia.
As you let your fingers do the work, you discover your dream boat online at half the price that what it costs here in Australia. Only problem, it’s halfway around the world on the Mediterranean coast! This could be a challenge, not only shipping it to Australian shores but paying for it too. Whether you’re buying a fishing boat, yacht or large motor cruiser (all of which cost a substantial amount of money) from a remote location, the most cost efficient way of paying for it is by making an international money transfer through a foreign exchange provider. However, keep in mind, it costs around $40,000 to freight a yacht from Europe to Australia.
Thinking about buying a house in Norway, or transferring money to family or friends who live there? Or perhaps you’re a business owner who needs to make payments to overseas staff based in Norway. Whether it’s personal or corporate related, there are plenty of reasons why you may need to make an international money transfer (IMT). If this is your first time and you’re not familiar with what to do, then read on for a breakdown of the process and even a few tips.
Sending money to Sweden is simple and easy to do which is especially useful if you’ve got money matters to deal with in Sweden. Whether you’ve invested in a business or property in Sweden or have money to send to family or a friend, we can help you iron out a few of the creases. Just spend a moment familiarising yourself with certain terms and conditions that Mozo explains below before making an international money transfer.
Saudi Arabia is becoming an increasingly common destination to send money to, with the World Bank revealing that the number of personal remittances received by the country has grown from 93.9 million in 2005 to 334 million in 2019.
If you’re making a career move and migrating to the United Arab Emirates (UAE) for a while, buying property there could be on the cards. Alternatively if you’re doing business or have family and friends that live there, you may one day want to do an international money transfer.
If you’re wanting to send money to the Philippines from Australia, then you’ve come to the right place. Whether you’re moving money between businesses, buying a house, sending money to loved ones, or migrating to the Philippines, an international money transfer is what you need.
If you're buying property in Denmark, doing business over there, or have family and friends who live in the capital of Copenhagen, chances are there’ll come a time when you need to send money overseas. Whether it's a one-off transaction or a regular transfer, we’ll guide you with quick how-to tips to get you on your way. Take a moment to read about how an international money transfer to Denmark would work.
Do you have a business in Vietnam or are planning on purchasing property there? Are you considering transferring money from your account to a relative or friend? Then it’s a good thing you’re here. You’re about to read a quick guide on everything you need to know when it comes to converting Aussie dollars to Vietnamese Dong.
The Indian community is one of the largest groups of permanent migrants in Australia, with more than 700,000 people making up Australia's population in 2020, according to the Australian Bureau of Statistics. With many Indian citizens moving to Australia, there are a range of personal reasons why people would need to send money overseas to India. These reasons would include:
Are you a business or property investor in Malaysia? Do you sometimes or regularly send money to family or friends? We know how important it is to save money where you can, so take a five minute break from your busy day to read how you can make an international money transfer from Australia to Malaysia work for you.
With Australia ranked one of the best countries in the world to live in, there’s little surprise more than 45,000 Thai people live here. The large number of Thai’s living here creates a high demand for sending money from Australia to Thailand. Reasons for making a money transfer to Thailand include; supporting elderly parents or grandparents, sending money as a gift to friends or relatives, purchasing goods and services for your business, paying wages to staff in Thailand. Whatever your purpose for sending funds to Thailand, make sure you shop around to find a decent exchange rate so you receive plenty of Thai Baht (THB) for your Australian dollars.
According to the World Bank, China is one of the top receiving countries for international money transfers, with Australia being a big contributor. The number of Australians investing in Chinese businesses and property is on the rise and there also continues to be a large influx of Chinese people migrating to Australia. In fact, the latest Australian Bureau of Statistics data shows Chinese migrants now make up the third largest group of overseas-born residents in Australia.
International Money Transfer (IMT) is a way of electronically transferring cash to a foreign country. You can use it to pay foreign contractors, to put money into your or someone else's foreign bank account or to fund an extended stay or permanent move abroad.
With over 980,000 English-born residents in Australia, it’s no surprise that there are many people looking to convert their Australian dollars to British pounds. According to the World Bank, the UK received about 2.4 billion pounds in personal international money transfers (IMT), with Australia being a big contributor.
There’s a huge community of expats living in Hong Kong, with around 100,000 Australians residing there. Australia’s business ties with Hong Kong are also profound, so there are plenty of reasons why we would need to make an international money transfer there. For instance, you may have to send money to Hong Kong in order to purchase goods and services for your business, or pay your overseas employees. Maybe you have relative living in Hong Kong and you want to send them a cash gift for their birthday.
In this day and age, sending money to Singapore is a relatively stress free exercise. With advances in technology, there are many easy and convenient ways to transfer money, be it to relatives living in Singapore or maybe you need to purchase goods and services for your business over there. Whatever your purpose for making an international money transfer to Singapore, make sure you take the time to compare and analyse exchange rates and fees before booking the deal. You want to ensure you receive as many Singapore dollars as possible for your Australian dollars.
Imagine being able to convert Australian dollars to Japanese yen, then transfer it to any bank account in Japan, any time of day or night? Well thanks to online international money transfer providers, you can do just that.
As one of our neighbouring countries, New Zealand shares close ties with Australia on the migration, trade and sporting front. Every year hundreds of thousands of Aussies and New Zealanders travel across the Tasman, whether for a holiday, business purposes or to visit family. The Department of Foreign Affairs estimates that about 670,000 or nearly 15% of New Zealand citizens live in Australia, while around 70,000 Australians reside in New Zealand. As such there are a whole range of reasons why you may need to make an international money transfer to New Zealand:
South Africa is a common destination for international money transfers. In fact, US$890 million in remittances was received by the country in 2019, according to the World Bank.
An international money transfer (IMT) takes place you transfer money from your domestic account to an account overseas. The best part about Mozo’s guide on transferring money to Switzerland is that it’s pretty straightforward.
Greece has slowly opened up its borders to fully vaccinated travellers from different parts of the world that can provide a negative COVID test. International money transfers have arguably become a more essential way than ever to support family and friends over there and for Aussies who are still struggling to get a flight home. The good news is, sending money to Greece can be done cheaply and conveniently with the right foreign exchange provider.
Whether you’re sending emergency funds to your relatives in Rome, investing in a property in Florence, or paying a business supplier in Naples, there are many reasons why you might need to send money to Italy.
Australia and Spain may be nearly 16,000 kms apart but the two countries enjoy a strong bilateral relationship. Pre-pandemic, Spain was a popular destination for Australians on work or holiday visas, while on the commercial front it was Australia’s 25th largest goods and services trading partner in 2019, according to the Department of Foreign Affairs.
Thanks to this modern world we live in, sending money to Germany is a relatively stress free and economical exercise. With advances in technology, there are many easy and convenient ways to transfer money and many purposes for sending funds to Germany such as:
If you've got friends or family who have packed up their lives to move to France for work or their studies, you may find yourself needing to transfer them money.
It has become increasingly common for Australians to send money overseas to Europe, whether for work or study. In fact, in 2019 alone, countries in the European Union received a combined total of $119 billion in remittances, according to the World Bank.
If you have a bank account in the USA or have friends or relatives that live there, you may find yourself needing to transfer money from time to time. And that’s ok! It’s always possible with the help of an international money transfer. If you’re new to this, you need to know that an IMT is from bank account to bank account, not via cheque, cash or travellers cheque to account - it doesn't work that way.
Regardless of the size of your business you may find yourself in a position where you need to make an international money transfer, be it a one-off occasion or on a regular basis. Reasons for making a business money transfer include; purchasing goods and services for your business overseas or paying royalties and wages.
Australia’s sky high house prices are forcing buyers to look overseas to purchase properties. Why not, when you can get more bang for your buck with a ski chalet in New Zealand or a holiday home on the Spanish coast! But before you jump the gun and purchase that dream overseas holiday home or investment property there is a lot you need to consider when it comes to transferring money abroad. The quickest, cheapest and most efficient method to send money overseas is through a foreign exchange specialist. So have a thorough read of this guide as it will provide you with all the ins and outs of international money transfers for purchasing homes abroad.
The Commonwealth Bank says it will save international money transfer (IMT) customers more money by absorbing fees charged by correspondent banks.Read More
If you’re someone who makes regular international payments for business reasons, you’ll know that fluctuating foreign exchange rates and money transfer fees are an unavoidable aspect of doing global banking.Read More
You may have even seen inflation making news headlines of late.Read More
The Australian dollar is expected to rebound to 75 US cents even though it’s gone through a steady decline these past few months.Read More