If you are in Australia, there are multiple ways to send money abroad, including the United States. There are a lot of companies out there, but you need to keep several things in mind before you go ahead and send that money. Otherwise, you might wind up having the other person receive a lot less than you wanted.
Sending money abroad to and from Australia
Finding the Best Way To Send Money
You can use a variety of methods when it comes to sending money abroad. There are the more old-fashioned ways, like getting an international money order, which is a bit safer than writing a personal cheque, but can take a lot longer to do than some other offerings.
There is the option of making bank transfers via a money transfer, a telegraphic transfer (also called TT), and a wire or SWIFT transfer. You will have to spend more money using banks, though.
Checking For Fees when sending money abroad
There are some money transfer companies that look like they are providing great value to you, but then you find that they tack on a number of fees that drive up the price … and lower the amount of money that the person getting your money will receive. Do some research before you commit to any particular bank or transfer institution so that you can make sure that you are satisfied.
You may find that there are places that will waive fees if you are sending a certain amount of money. There are others that waive fees overall (though you might find that they have a low conversion rate, so your recipient will get less money overall). It’s important to do what is best for you overall.
Some places also have a minimum amount that you need to send before they make the transfer. It might be $100 or more. Be sure to check this beforehand to save yourself from having to add more money.
Checking Currency Exchange Rate
We touched on this above, but it’s important enough to go into more detail. There are certain things you need to look into – like how the Australian dollar matches up with the currency used in the country that you are sending it to. It also depends on what rate the place you are sending the money uses.
Correcting Mistakes
Like many other things in life, there are going to be mistakes that happen and they are out of your control. But you need to be proactive when one occurs. That way, you give yourself the best chance of fixing it before you lose even more money. Make sure that you have everything that you need, including a confirmation number, so that the company doing the transfer will be sure to track down what happened and work to rectify the problem. There is usually a set amount of time for you to be able to challenge these things, so act quickly.
Avoiding Scams
While the Internet and other technology have made it easy to keep in touch with each other and to send money with the click of a button, it can make it a very ripe ground for scammers. Too many times, people send their hard-earned money to people pretending to be either a reputable institution or a family member/friend.
It can seem like there are an overwhelming number of options for sending money abroad. Hopefully, this will have helped make a lot more sense, so that you will be able to feel more comfortable when it comes to picking the right one for you. Then you won’t be stressed when it comes to actually making the transfer and getting the greatest value out of it.
Further reading: Single parent travel and holiday tips.
