This is good news if you’re working in the UK and have been looking to repatriate part or all of your wages back to Australia. Put simply, it means that you will get a lot more for your money when you exchange it. However, it doesn’t mean that the process of making international payments and transfers will be any easier.
Transferring funds internationally can be a financial minefield – especially if it’s something that you do fairly regularly. Uncompetitive exchange rates, commission and long waits all conspire to make international payments a much more expensive and frustrating exercise than they should be. To avoid this, it’s important to shop around, get a good idea of what’s available, and choose one that suits you.
When opting to make international currency transfers, many people look to their existing banking providers first. Though this can be convenient – it is by no means the cheapest option. High street banks tend not to offer the best exchange rates, and often charge extra for next or same day transfers.
A much better option is to look to online providers who specialise in this type of money transfer. Companies such as these can be great if you transfer money regularly. They often charge one-off membership fees rather than commission each time you make a payment.
These can be of special interest, too, as they tend to allow users to negotiate an exchange rate that they will honour for a period of six months or more. This means that each time you transfer, you can be sure that you’re getting the same good deal.
To capitalise on the strong AUD when making international payments, make sure you shop around and find the best possible deal.