Katrina Parrington

Mortgage & Finance Broker, Elders Home Loans – Northern Territory – P. 8932 8900

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  • Elders Home Loans

  • Katrina Parrington

    I am a long term Centralian resident with more than 18 years experience in the financial services industry. Initially, in Real Estate in Adelaide before pursuing a career with Elders Insurance Alice Springs and lending roles with major banking institutions where I gained extensive experience in Home Loans and Commercial Lending here in the Alice and in Darwin.

    I have a unique set of skills that ensures I understand your lending needs and can provide you with professional advice and personal service.

    Tel: 08 8953 8800
    email: katrina.parrington@eldershomeloans.com.au

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How to send money overseas

Posted by Katrina Parrington on July 1, 2013

Have you ever sent money overseas? Millions of Australians do so every year, and
with a quarter of us born outside Australia [1] the demand for international
money transfers is only going to increase. However, irrespective of the amount
being sent – from small gifts to substantial funds – you’ll want to make sure
your money arrives at its destination without any unnecessary
complications.

To help make the process as smooth as possible, we’ve put
together this three-step checklist for sending money overseas.

1.
Use a reputable provider

Safety and security is of paramount
importance when transferring money: you need to know it’s in safe hands.
CommBank is one of the largest providers of Foreign Exchange and International
Payments to Australians. Because we send and receive millions of payments
internationally every year, within a network of the world’s best banks, you can
be certain that your money is in safe hands. If you have any queries about the
status of a payment, we are able to act quickly and get a rapid response from
our carefully selected network of local dealers.

CommBank is part of
SWIFT: a secure network of international banks. Choosing a provider connected to
SWIFT ensures your transfer will be quick, smooth and secure. Choosing to send
funds through a financial institution not in the SWIFT network means you run the
risk of cross-border transactional fraud.

2. Keep up to date with
your rates

It pays to be aware of how exchange rates are set and
subsequently promoted in the media. Because they are volatile, keeping up to
date with changes helps you to gauge the optimal time for your transfer (the
CommBank Foreign Exchange app may help you do this). Secondly, find out what the
transfer fee will be: both these amounts may vary from one financial institution
to another.

It’s worth noting that although being aware of these costs
gives some indication of the final amount to be received by the beneficiary,
this figure is subject to fluctuation: it all depends on charges levied by the
recipient’s financial institution.

3. Send in local
currency

Sending in the overseas local currency means you have more
control over the transfer because fewer banks are involved. This is because
processing fees are often deducted from your payment by every bank in the chain.
You will also have more control over when the money will arrive as payments will
be processed faster.

Overseas banks will often receive Aussie Dollars and
change them into local currency at their own conversion rates therefore, sending
in local currency gives you a much more accurate idea of what your beneficiary
will receive.

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