- Posted by Paul on January 8, 2015 in Global Money Transfer
When you’re looking for the best money transfer rates online, there are a few big factors you should be looking at before deciding which company suits you best. Transfer rates can vary widely between different providers and as such, it is important to compare rates to make sure that you are getting the best possible deal. Rates vary from day to day, so it is a very good idea to do this immediately before any international transfer.
Where Are You Sending To?
In this article we’ve looked at four major destinations for international money transfers and we’re using the AUD as a base currency. We’re going to use the current money transfer rates from Western Union, Moneygram and OrbitRemit to give you an indication of just how much exchange rates can vary from company to company, country to country and from day to day. Note that the rates outlined in this article are indicative – the rates were current at the time of writing, however they change regularly and should not be considered current right now. You can use our calculator on the right hand side of the page to assess the daily remittance rates offered.
Money Transfer Rates to India
Money Transfer Rates to the Philippines
Money Transfer Rates to Bangladesh
Money Transfers to the UK
How to Compare Money Exchange Rates
When you’re looking at transfer rates it’s important to look at the total cost of the transaction and not the just the exchange rate. As you can see from the above examples, depending on the market, the fees charged by different operators can vary widely. This is because each different overseas transfer company has differing arrangements in place on the ground in each receiving market. So it’s important that you do a broad comparison of multiple service providers each and every time you conduct a money remittance to a new market.
1. Using a search engine, check out which companies offer money transfer services to your chosen destination.
2. Go to the website of each provider and use their calculator to see exactly what a transfer is going to cost you (you can find ours in the top right hand corner of the page).
3. Compare the total cost of the transfer with the total amount received at the destination and work out which one is the best value for your money transfer.
Each provider has their merits and it’s important that you compare them. It’s important to look at the frequency that you’re going to be sending fund, as an ongoing relationship with one provider can be beneficial. OrbitRemit offers every 10th transfer at no cost as a reward for customer loyalty.
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