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Sending money home

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Sending money home

My daughter would like to send money home from Australia once she starts getting paid, on an ad hoc basis, what would be the cheapest way for her to do this. I understand via the bank this can be an expensive option

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Cornwall, United...
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11. Re: Sending money home

We have used Transferwise successfully twice now. As sydneynick described, it's precisely how it works and definitely gives the best transfer and exchange rates. As my children live in Australia I sometimes send them money but also have sent our holiday cash to one of their bank accounts and then they have given it to us.

Brilliant, thoroughly recommend.

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12. Re: Sending money home

Another vote for Transferwise here.

It's much cheaper than banks, and quicker as well. I recently transferred about AUD 2700 from the UK. You get the mid market exchange rate, It cost about £6-7 and the transfer completed the following day.

They (and some others I think) do multi currency account based around the same idea. you can basically move money between your different currencies, then transfer it out in the relevant country when necessary. That might be worth looking into as well..

Sydney, Australia
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13. Re: Sending money home

I have used Transferwise four times now. Each time it has gone as planned, though a rather big transfer was queried closely, as it should be to avoid money laundering. On $200 aud to Usd recently I got the interbank rate and their fee was $2. On larger amounts the fee % drops quite a bit. They are super responsive to anxious emails and phone calls too.

I might add that the bank NAB, was unable to tell me how much a transfer would cost as it would go through an intermediate bank which takes a cut, the receiving bank also for taking a deposit from outside the US and the rate is the bank's rate, not the interbank rate. Transferwise give you an estimate of what you save. On my big one it was positively scary.

Edited: 19 February 2018, 15:51
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14. Re: Sending money home

Yes, good point.

The normal bank charge heee in the UK for an international transfer seems to be about £20, but as you say there are unknown other potential charges.

As it happens, I have access to a bank account without charges, but even then TW is still cheaper because of the better exchange rate, ignoring other charges.

Cornwall, United...
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15. Re: Sending money home

Lloyds is only £9.50 now but it used to be £25, I think Barclays is similar.

Sydney, Australia
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16. Re: Sending money home

It is just really important to check what exchange rate will be used for the transfer. That alone can account for 2-3% being carved off, maybe even more.

In the past I have given one of my children a fee free debit card to be used overseas and that is probably the cheapest way, though the bank would not like it. I just make sure there are funds in the account and they can draw it out as cash overseas at the interbank rate. Maybe you can set up something like that. Citibank would be the way to go.

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17. Re: Sending money home

Check with Global Transfer by Citibank. All you need is to open the accounts at Citi UK and Citibank Australia.

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