Getting You the Best Currency Exchange Rates!
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To help you find not only the best exchange rates, but also the Currency Exchange company best suited to you, we have partnered with the top money transfer companies on offer to help you send your money to Australia at ‘better than bank’ prices.
Your first step is to use our currency converter. Follow the guide below;
* Simply complete the ‘Where You’re Sending Money from?’ and ‘Sending money to?’ questions.
* Enter the amount you’re wanting to send.
* You will automatically receive a list of indicative rates from our partners to use as a guide.
* Select ‘Review Company’ to see further information on the services the broker offers.
* Select ‘Visit Site’ to add your details and start securely sending your money.
Fees & charges:
As a positive result of the competitive nature of the FX industry, a high percentage of Currency Exchange Brokers won’t charge their customers a transfer fee when sending money overseas. However, although you’re not charged from your sending broker, it is highly likely your Australian bank may charge you a receiving fee (approx. $15-25AUD) for your Australian dollars. Simply clarify this with your chosen bank before sending your funds through.
How do currency exchange brokers make money?
Like every business, an Exchange company offering their services for ‘free’ still needs to make a profit. To understand this, you will need to know more about the ‘Market Rate’.
The Market Rate (Interbank Rate) is what banks and any large corporations trade with when sending very large sums of money. This rate is not available to the general consumer, but is used as a market guide for Currency Exchange Brokers to use.
Take the below as an example. Let’s say the Market Rate is 1.9 for transferring money into Australian Dollars. You contact your chosen Currency Exchange Broker and organise a transfer of £1000GBP, and at a rate of 1.9 your funds convert to $1900AUD. The Broker would be sending this at Market Rate, therefore making £0 Profit. So, to fulfil their requirements, they will offer you a rate below the Market Rate.
Market Rate – 1.9
Customer Sending – £1000GBP
Customer Rate – 1.8
Funds received = $1800AUD
This effectively gives the sending Currency Exchange Company a profit of $100, allowing them to function as a business and continue to service their customers.
What to Look for When Choosing the Right FX Broker with us
People use Currency Brokers because they offer more competitive exchange rates than the banks. We have seen a difference of up to 5% in some cases, which may not sound like a lot, but it actually has a huge impact on the amount of Australian Dollars you receive.
Choose a Currency Exchange provider that is industry regulated, this will give you peace of mind in the knowledge that you’re dealing with a reputable company.
Each Currency Exchange Broker that migrationcompared.com has partnered with states their licensing details, including which country they are regulated in, and by which body. We want to ensure you get the best possible rates, service and security when entrusting your funds to your Currency Exchange Broker.
Click on a company logo below to jump straight to their review page.