CurrencyFair recently featured in the Sydney Morning Herald Money section, where the issue of transferring money overseas from Australia was up for discussion.
According to the World Bank, Australians transferred over $17 billion abroad in 2012 – so there’s clearly a huge amount of money being absorbed in hidden margins, poor exchange rates and fees.
Thankfully, with the help of Finder.com.au, SMH Money spotted CurrencyFair’s unbeatable rates, highlighting just how much you can save compared to using your bank or broker.
On the day Money checked the quotes on finder.com.au, the cheapest transfer provider was CurrencyFair. It had the best exchange rate and a low fee of $4. Sending $5000 to the United States would have finished up as $US3882. That was $US80 better than the worst quote, which was from a commission-free broker. The result from a bank would have been even worse. The recipient would have been lucky to get $US3700.