Money Transfer Info Library
Welcome to the Info Library! If you want more detailed information about the products and services listed on Currency Exchange Australia, you can find FAQs and background basics right here.
MONEY TRANSFER BROKERS
What is a Money Transfer Broker?
Money transfer brokers offer foreign exchange services just like regular currency brokers, but are ideal for when you need to make smaller transfers of less than around $1,000. For instance, you might want to send money to a family member or friend in another country.
Like foreign exchange brokers, they offer a fast and low-cost alternative to a traditional bank for sending and receiving money around the world.
What are the Transfer Methods?
The firms listed on Currency Exchange Australia offer various modern transfer methods, including the most common ones – online and telephone.
Have a look at what methods they offer when you're in the comparison area of this site – do they suit your needs and also those of your recipient? There are still money transfer services that offer the traditional branch service, though these are less popular nowadays.
How Much does it Cost?
Money transfer services are either free to use, or there is a flat fee for transfers under a set amount (usually this flat fee will be up to about $10 for transfers below $1,000 though the levels vary so always check in advance).
The exchange rates that you are offered will be much better than the ones you would see on the high street or at a traditional bank. It is always wise to compare fees, but also the latest exchange rates because that way you get the overall picture of how much it will cost you to send money.
What are the Transfer Speeds?
Before you send money overseas, it is a good idea to check the transfer speed in advance. This helps you to ensure that the money will reach its destination on time. Most money transfer services offer transfer speeds that range from instant to within 5 work days.
What Countries Can I Send Money to?
Nowadays, most money transfer services will serve the majority of global currencies. They will usually list these out on their websites, or tell you over the phone. If you want to send money to a less usual currency/location, then ask a money transfer firm if they can deal with this – in many cases they can, even if this is not listed on their website.