Sending Money to Family Overseas - Not Transfers Services

xdivino on 30/10/2022 - 20:51
Last edited 30/10/2022 - 21:39

I'm looking for a way to help some family back home (Europe/Germany/Italy).
As I travel back and forward it's been ok to take money to and from etc, but will be unable to travel for a while with work commits.
I'm looking for a way to deposit AUD in to an account whilst in Australia.
But have the ability to access it overseas and withdraw without crazy AU Bank fee's. or transfer if it's easier to a Euro account in EUR currency.

any tips or ideas?

—
EDIT: I may not have explained as well as intended.

I earn AUD and paid to a AU bank salary etc.
I want to be able to send money or transfer to an account that I can more easily transfer ie. convert AUD to EUR and then send EUR to family.
Currently transfer via wise to a German bank account but has fee's etc. but once in that account I can transfer on to family..
trying to get more simple with it so I can send money quicker and more easily without having to maintain a fee-based euro account.

EDIT2 : I dont follow the wise/revolut setup but trying to learn this as was suggested.will try and look in to this setup

Financial

Comments

  • 7ekn00 on 30/10/2022 - 20:57
    +5

    The usual, Wise ;)

    https://wise.com/au/

  • Hybroid on 30/10/2022 - 20:58
    +3

    https://wise.com is the best option. Can deposit direct into their bank accounts.

  • Bayleaf on 30/10/2022 - 21:00
    +3

    Have you considered Wise? (Formerly TransferWise)

    Edit: 2 users beat me to this >.<

  • xdivino on 30/10/2022 - 21:13

    Have used Wise and it's good for the transfer setup..

    i'm not across their "account" feature tho, is that going to let me put AUD on it and then transfer it out to ATM/account in say Germany.

    i.e - working AU, paid in to AU account (CBA), then able to send or provide card to family overseas and they can instantly withdraw there?

    Sorry if not clear.. just trying to shorten the wait element of transfer etc.

    Also, I have Bank account in Germany, but has fee's to keep that open etc. would prefer a way to have no fee or ability to send euro to another account.

    • parisian on 30/10/2022 - 21:30
      +1

      open an N26 account at your family's address?
      Completely free.

      • xdivino on 30/10/2022 - 21:34

        Thanks just saw this and will look in to it.

        I think i may need to re-word my original post and explain better how/what i'm trying to do.

  • cashless on 30/10/2022 - 22:46
    +1

    Wise all the way. That’s what it’s set up for

  • askbargain on 30/10/2022 - 22:56
    +1

    Wise/revolut are already so cheap. What more do you want?

    Google rate 1000 aud = 643.58 eur
    Wise 640.14
    Revolut 642.50 outside weekend + 0.3% fee for standard plan

  • andrek on 31/10/2022 - 06:32
    +2

    Get an ING account, post or bring the card to your family. Once they have it they'll be able to use it to pay for things and withdraw the cash from ATM. All you have to do is to transfer money into that ING account.

    The only downside is if the card needs to be replaced (stolen, exposed, expired) - you have to do all that again and it takes time.

    • samyall on 31/10/2022 - 08:09

      This is a really good idea.

      There might be issues with fraud detection though. You have to tell ING when you are overseas and there might be a limit. It was fine for me for 6 months in the US, but it might require some maintenance to keep it working over years.

      • andrek on 03/11/2022 - 06:27

        So far (knocking on wood) fraud protection didn't block it for me. I've been using this method to "send" money to parents back in Ukraine every month for something like five years.

    • lgacb08 on 31/10/2022 - 20:44

      There's a new bunch of digital banks that offer very aggressive pricing strategies so your options might not just limit to Wise or Revolut, Up for example has no foreign transaction fee and give you digital card for any phone that's Google Pay or Apple Pay compatible so that can be a very easy option. The only issue is ATM withdrawal overseas and the fee charged by the ATM operator, a lot of ATMs here can accept contactless withdrawal but not sure about this in Europe.

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