Do you want to send from Australia to loved ones or business partners? If YES, here are 5 cost effective ways to transfer money from Australia to UK, USA, India.
If you are the type of fellow that wonders at anything, then you might also have wondered how money gets transferred from one far end of the world like Australia to other countries. As long as there are expatriates working in different countries of the world, the need to transfer money from one country of abode to home countries would continue to be a necessity.
People who migrate from one country to another do that basically in search of the proverbial greener pasture and in most cases they tend to be the bread winners of their families back home. The truth is that sending money back home would always be a top priority and there is the need to ensure that all the available means of transferring money is explored.
One other reason why people transfer money from Australia to places like the UK, USA and India is for the purpose of commerce and other business transactions. The advent of online shops make it easier for people in Australia to buy stuffs from the UK, USA, and India and then transfer the money just from the comfort of their homes.
There are various options of transferring money from Australia to the UK, USA and India. Truth is that each option has its own transaction fee, terms and condition. You could do some transaction online and with some there is the need to visit their office / bank.
It is important to note that there are laws governing international money transfer and the government of each country is expected to be strict with such law. This was put in place to check money laundry and illegal money transfer to terrorist, criminals and drug dealers. The following options of money transfer might be helpful;
5 Cost Effective Ways to Transfer Money from Australia to UK, USA and India in 2020
1. Western Union Money Transfer
It is good to point out that transferring money through Western Union Money means is always the number one choice not just for people who live in Australia, but also for people who live in other parts of the world. This is so because Western Union has been in the business of money transfer for over 140 years and they have their outlets in over 200 countries of the world.
Sending money through western union is convenient for both the sender and the receiver and you don’t have to put up with any hidden fees once you have paid the required transfer fee upfront.
Another thing worthy of note point is that with western union money transfer, neither the receiver nor the payer needs a bank account because all transactions can be done in the office of a local Western Union Agent. However, be sure you go through their terms and conditions and provide the answer to the security check / questions to the recipient to avoid administrative delays.
2. Money Gram Money Transfer
MoneyGram is another popular means of sending money from Australia to overseas. Transferring money via MoneyGram is similar to that of Western Union. Before you are able to transfer Money via Money Gram, you would be required to produce a valid international recognized ID when you go to any of their agent. Using MoneyGram is safer and faster and over the years a lot of people are keyed into it.
3. Wire Transfer
With wire transfer, you are able to send money from your bank in Australia to the bank account of your recipient in any country and the process is simple. All you need to do is to request for the following information from the recipient; full name, street address, bank account number, the SWIFT code or BIC of bank and either the Sort Codes or Routing Codes.
You can do the transfer yourself from your internet device or you might order your bank to help you wire the money. You have the choice to choose the currency you want the recipient to be paid in. It is important to note that if you want the money to be paid in US Dollars, then the recipients account must be a domiciliary account. If it is a normal account, then the recipient might get the money converted and paid in their local currency.
4. International Money Transfer Services from PayPal (Card Transfer)
If you live in Australia and you have any need to transfer money to your family members or business partners in the United States, United Kingdom or India then choosing PayPal international money transfer might just be your best bet. When you use PayPal to send money to your family members and friends abroad, you can be rest assured that you would be charged lower fees and the transactions is fast and secure.
As a matter of fact, with PayPal money transfer, the recipient of the money gets it within few minutes of the transfer. All that the recipient needs to do is to check his or her email, because an email notification would be sent if the transfer is successful.
The good thing about PayPal is that you could sign up for an account for free and then you would be issued a Master Card that you can use with any ATM that accepts Master Card around you to make your withdrawal. You can choose the currency you want the recipient to be paid.
5. International Money Order (IMO)
Sending money via International Money order is the least used option for money transfer because it is slower than the other options mentioned. If you intend transferring a huge amount of money to your family and friends, then you might want to rely on this means of money transfer rather than sending cheque.
All you need to do is to buy an international money order and post it to the recipient. All that the recipient needs to do is to lodge the money order in his or her bank account or cash from the counter from his or her local bank.
These are the most preferred means of transferring money from Australia to the United States, United Kingdom and India. The bottom line is to know all the fees associated with whatever means you choose to transfer your money and you can be sure of a smooth and easy deal.