The cheapest ways to send money abroad for Christmas

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For millions of Australians with family and friends abroad, COVID-19 travel restrictions have led to months of missed celebrations – weddings, birthdays and soon, Christmas reunions too.

But what’s the alternative when you can’t visit in person? Sending cash gifts via international money transfer is a popular way to celebrate with loved ones from afar.

It’s not only cheaper than posting physical giveaways, but also a lot faster, especially since COVID-19 is causing package delays around the world. Plus, if your loved ones are struggling to make ends meet right now, a cash donation could provide much-needed financial support.

“Almost a third of Australian residents were born overseas, so it’s no surprise that so many people regularly transfer money from Australia to their homes. However, if you stay true to your bank when transferring these funds, you risk losing out to bad exchange rates and high transfer fees, ”said Mozo director Kirsty Lamont.

The good news is that Australia is home to a number of specialist money transfer providers that offer far more competitive rates than banks, as well as toll-free transfers and fast online services. They are so affordable that if you send $ 5,000 from Australia, Mozo calculations at the time of writing show you could save AU $ 263 just by choosing the average IMT specialist rate rather than the average big four discount rate.

So say goodbye to high money transfer fees and hello to these top four specialist money transfer providers who can help you keep more money in your wallet this Christmas.

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