Bank Alternatives

Some banks charge fees of up to 4% to transfer funds from one bank account to another.Therefore, whichever company you choose to use to transfer funds, you should first find out how much it will cost.

Non bank currency traders have emerged as key competitors to the banks over the last 10 years or so.Many of these companies charge around 0.5% for transfers, which can be a lot lower than the banks.

If you are only moving small amounts of money, you might not save much by using an FX broker.However, if you are transferring more than AUD 10,000, you should obtain a quote from at least two brokers to ensure you are getting the best deal.