Hey All,
Think this may have been discussed before, though I can't seem to find the thread…..
Who do you guys use to send money overseas? I know there's Paypal and American Express Foreign Exchange, though who has the best rate and fees?
Sending money overseas
corrad on 06/11/2012 - 11:07
Comments
Indeed it has been discussed before. This is what I found (a 2yo thread):
http://www.ozbargain.com.au/node/29610
I've used PennyTransfer before to send money to a friend in Malaysia a while ago (when it was $8 transaction fee) and it was alright. Now it's "free" but I guess they'll make a bit of profit from exchange rate.
I just signed up for an account, but for some reason when I am under the payment details of send money, it keeps on telling me that "Unable to add request. [9101]PennyTransfer service is only available for Australian customers. For non-Australian customers, we will let you know as soon as we are able to provide international services." It doesn't matter if I select country of residence as Australia or United States.
did you have similar issue before?
Sorry it has been over a year since I last used. No problem what so ever and they even had someone calling up to confirm all the details. Not sure about it now though.
If its a regular thing and they are trusted, get a 28 degrees card to them and they can take the money on the Mastercard international rate with no fees from an ATM. Just make sure you top up the account as you go
Hi all,
Sorry to hijack this thread, but I have a similar question around forex, but in a different direction. I have a small amount of regular income in New Zealand, and would like to transfer it from time to time. I also frequently take my annual holidays in Malaysia(Thanks, AirAsia, now Scoot!)
I have a Citibank account in Australia and is considering opening one in Malaysia just to save a few bucks from forex fees while I am on holiday in Malaysia.
Unfortunately, Citibank does not have a retail presence in New Zealand. Anyone has any ideas how to get money out of New Zealand on the cheap?
I have a HSBC account here in Oz, and one in overseas. There is this "linked" account that I can send money very quickly to the overseas account, and from there transfer to whomever I like. From memory the charge is like $8 about a year ago, might have increased now. The benefit is that it is super fast.
Which country are you sending to? and will it be delivered in person, pickup or deposit to bank?
One method I used for bank transfer was Moneybookers (now Skrill) www.moneybookers.com
How I remembered using it, opened an account with them, no charge to eft to it from my bank account. Free to transfer funds to another Skrill account and they charge about A$2.21 to withdraw funds from the Moneybooker account to an overseas bank account. So basically, receiver pays. You can check their exchange rate beforehand btw. It takes the normal bank processing time, usually 2-3 days so I use this if it's not urgent.
I sometimes use Western Union if I have to send urgently, receiver can pick up within minutes once i send them the code, set rate (mine was $14), but atm they're offering no fee when sending to bank account. Their exchange rate is most likely a bit lower tho.
If it's to be delivered in person, you might be able to find someone in the migrant community that has a (legit) money remittance biz to that country. For a set fee (depending on the location/distance) they deliver and do bank deposits and usually their exchange is on par with the forex rate for the day. My mum's an agent for one, their fee is $8-15
I will be depositing into a bank account in the US.
Though it looks like Skrill doesn't allow transfer into US?
Have you looked into www.ozforex.com.au I have used them many times and they are very reliable and quick..i think they had some offers for the new customers like first 2 transactions were fees free..just have a look and see it if suits your requirement..
I've used PennyTransfer many times to transfer money overseas. No fees and their exchange rate is very competitive. I think the back end is managed by Commonwealth Bank or Westpac so its relatively safe.
I hated sending money overseas…. I hate paying to use my own money… As i do small amounts regularly I needed to find a better and cheaper way…
So I opened an online account with an access card that would work overseas at an ATM. I then posted this card to relative (Courier); Now just transfer money into this account, and they remove it overseas.
Fees charged in Australia for transfer = None.
Fees charged in Australia for withdrawal overseas = minor exchange rate fee.This has saved me heaps… used to transfer from "Which bank" to overseas account
Fee charged in Aus for transfer = $20.00
Fee charged by overseas bank to accept transfer = 10% of total (Zambian bank)This is a <Profanity> brilliant idea!
I send money overseas via CommBank (International Money Transfer) recently. I ask my brother overseas to open a CommBank account in his country. The account must have dual currency. I send the money to this account in AUD$ and my brother converts the money to local currency with very good local rate.