Is Westpac the Cheapest Option for Money Transfers?

You can definitely use Westpac totransfer money overseas, directly from your account.

It's fast, it's convenient and it keeps your money safe.

But it's not the cheapest way to do it.

The truth is there are ways you can keep your money safe and save a little on the way.

When it comes to making yourinternational transfer, keep four factors in mind.

You want to consider the security of your money, the rate you're receiving, the fees you'll be charged and the speed at which your money will be transferred.

Let's look at the total costof transferring $10,000 to the United States and compare Westpac against three other options.

The money transfer specialists we'll compare areTransferwise, OFX and World First.

In terms of security all of these companies are excellent.

They are all licensed with an Australian Financial Services licenseand are regulated by the Australian Securities and Investment Commission,just like your bank.

So that's a thumbs-up all round.

Westpac can be faster than the other providers but it does cost a lot more.

In this example all providers are more than $700 cheaper than using Westpac that is a huge difference.

Westpac is by far the most expensive inthis example but we have looked at sending a substantial amount of moneyoverseas.

Would it be different if we were sending a smaller amount? Seeing as setting up an account with one of these money transfer specialists take alittle bit more work, sometimes it's not worth it.

If you're transferring lessthan $1,000 just once from your Westpac account, we're not denying that it'sconvenient.

But if you're making large transfers or regular payments overseasthe costs can really add up.

And that's where having an account with a moneytransfer specialist is really beneficial.

Your situation is unique so you shouldmake the decision on who you use based on the currency, how much you aretransferring, how often you're doing it, and how quickly you need the money sent.

If this was helpful please like this video and subscribe to our Channel and we'd love to hear from you if you have any questions about making internationalmoney transfers exchanging currency or anything.

Just leave them in the comments below.

Source: Youtube

Is Westpac the Cheapest Option for Money Transfers?

Cheaper Alternatives to Westpac for Money Transfers // http://bit.ly/2Hz6FMK

It is convenient to send money overseas with Westpac if you already have an account with them. We're going to discuss come cheaper alternatives for you that can help you save money by getting a better exchange rate. We compare World First, OFX and TransferWise.

2 Minute Read - Browse our guides for making international money transfers and sending money overseas. To read, click here: http://bit.ly/2BebZ7T

Disclaimer: The interbank rate at the time this was made on November 27th, 2017 was 0.7623. These exchange rates and fees were correct at the time of production and are not necessarily indicative of the rate you would receive when transferring money overseas. It is important to research, compare and be aware of the interbank rate at the time you make a transfer.
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