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Need to send money from Australia to Europe? If you don’t know what you’re doing, poor exchange rates and high fees can make sending an international money transfer an expensive exercise. But if you compare your options and shop around for an affordable transfer provider, you’ll find the best value for money when transferring funds to Europe.
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There are a few options to consider when you want to send Euros overseas:
While exchange rates and transfer fees vary according to a wide range of factors, as a general rule if you’re looking for the cheapest way to send money to Europe, specialist online transfer companies will usually come out on top.
While the exact process for sending an online transfer varies depending on the provider you choose, you'll generally need to follow a few simple steps:
How much money could you save if you use an online transfer company instead of a bank to send money to Europe? Let's look at an example.
Let’s assume you want to send AUD$2,000 to your aunt in France. You could send the funds with your regular “Big Four” bank, but you decide to shop around and see if a couple of online transfer companies can offer a better deal.
As you can see in the table below, you could send an extra 71.20 EUR simply by using an online transfer company instead of a bank. You could also save AUD$18 in transfer fees, making the specialist transfer company a much more cost-effective option than your bank.
| Bank | Online transfer company | |
|---|---|---|
| Exchange rate | 1 AUD = €0.6000 EUR | 1 AUD = €0.6371 |
| Transfer fee | $22 | $4 |
| Transfer time | 2 to 4 business days | 1 to 4 business days |
| Amount sent (in AUD) | $2,000 | $2,000 |
| Amount received (in EUR) | €1,200 | €1,271.20 |
| Difference in amount received (in EUR) | €71.20 |
*The rates and figures quoted in this example were correct as of 8 December 2022. Always request a quote from a provider to receive up-to-date exchange rates and fees.
Today's exchange rate AUD to EUR
Okay, so you’ve decided to find an online transfer company to help you send money to Europe, but how can you choose a provider from the several available? Make sure to weigh up the pros and cons of each company and consider the following factors:
Need to send an emergency cash transfer to Europe? For example, maybe your teenage son or daughter is travelling across the continent and has run out of money?
When you need to get money overseas quickly, consider using a company like Western Union or MoneyGram to send an instant cash transfer. These providers have hundreds of thousands of agent locations around the world where your recipient can pick up the cash you send within minutes of you sending the transfer.
However, there are also a couple of other options for Aussies overseas who need access to emergency cash:
If you’re picking up a cash transfer from an agent location anywhere in Europe, make sure to remember a few simple safety tips:
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