Whether you are a student spending a semester in Australia or just taking a gap year, you’ll probably need your parents to send money to you to be able to pay for your day-to-day expenses. It might seems easy to send money to Australia, ask them to log on their online banking and make a wire on your australian account. Hum, if you really think so take 3 minutes to read this following article.
How to send money to Australia?
So here is why asking your parents to use their bank to send money to Australia is a bad idea, probably the worst you’ve ever had. Banks make you pay outrageous fees: variable, fixed and hidden ones! (hidden because they’re hard to find: they apply a lower exchange rate than the real one, taking a mark-up). The transfer is likely to take a long time, between 5 to 7 days.
You might be wondering what are your options then. There are actually plenty of them! Let me just warn you about money transfer operators such as Western Union and Moneygram. Long story short, they are as bad as banks, even if they are extremely famous. I always remember an ad Western Union made for Christmas saying that sending $50 would “only” cost $5. 10% fees? And it is supposed to be a Christmas offer? I still cannot believe how people decently go for it!
Use online operators to send money to Australia
It is, currently, the cheapest option you could go for. They generally apply between 3 to 4 percent fees on the amount you’re sending. The only issue with this solutions is that there are many of them and the cheapest one is not always the same. IT means that there is an increasing need to compare them, to make sure once make the best choice when send money to Australia.