Managing your money can be hard.
One tricky aspect is how to safely and quickly move your money to or from Australia without getting hit by large bank fees and unfair exchange rates.
If you are currently trying to decide between the different banks and money transfer companies, you might feel a little overwhelmed by all the options. So, we thought we’d help you out with independent media reviews of CurrencyFair.
The following media articles feature independent information about the best way to send money overseas and about the various money transfer companies.
Money Transfer Companies Reviewed By Australian Media
Here are some media articles to help you choose a money transfer company.
Choice Magazine recommends CurrencyFair – Independent and transparent, CHOICE was founded in 1959 with one clear mission: to ensure the consumer voice is heard loudly and clearly. CHOICE empowers consumers to get the most out of all their purchasing decisions by providing a mix of advocacy and advice… “The biggest issues for Australians making overseas transfers are hidden fees, delays and getting double-charged by banks on both sides”… “The good news is that it’s easier to send money through a non-bank service than you may think.”
Sydney Morning Herald says to avoid expensive bank charges by using CurrencyFair: “Quite a few smaller hotels in Europe will insist on a deposit of funds in euros to a bank account before they accept a booking. While you can complete this transaction through your Australian bank, the bank will charge a hefty fee for the service, and there’s a good chance the bank at the other end will also shave off a receiving fee.”
The Brisbane Times: CurrencyFair is better than banks by a long shot – “On paper, it seems ridiculous. You send some money via electronic banking and the transaction apparently goes into limbo – overseas payments can be especially slow, reaching intended recipients after up to five business days, which can effectively mean a week. The lag prompts suspicion. Banks wilfully float your money at a slack pace, skimming interest and leaving you liable to overdraft fees, the theory goes, persuasive in its apparently streetwise logic. In fact, it seems, the system is suspect, only for less venal reasons.”
News Limited advises how to save money using CurrencyFair: “Most people believe they are being ripped off when they transfer money abroad, a survey shows. Some 88 per cent of respondents believe the flat fees charged by banks per transaction of $30 or more are too steep, the survey conducted by Galaxy Research found.”
Business First Magazine says to be clever by reducing your international money transfer costs – “In business there are few easy ways to make these savings happen. However, if you need to move money internationally, then ditching your bank in favour of a specialist money transfer company may be an excellent option.”
Techinsider says CurrencyFair is the answer – “If you look at the exchange rate on the website of CBA, Westpac, ANZ or NAB you’ll see it’s VERY different to the live ‘spot’ exchange rates. That’s because the banks have a ‘buy’ rate and a ‘sell’ rate. The reason for that is the banks take fees and commissions off the exchange rate when they convert currency. It happens when you buy and sell currencies from and to the bank. They call these ‘retail rates’. In reality it’s just the banks finding another way to take a chunk of your hard earned money.”
The Australian – CurrencyFair is a match-making service for foreign exchange where people are matched based on their currency needs.
Investor Daily – “CurrencyFair works by allowing individuals to “cut out the middle-man” in exchange to obtain the best possible rate for 17 currencies.”
TechWorld: CurrencyFair’s technology is undercutting expensive bank fees – “What started as a couple of friends trying to save money has turned into an online peer-to-peer platform undercutting bank fees on foreign currency exchange.”
Finder.com.au: Finally, a simple and cheap way to exchange currencies – “CurrencyFair is a peer-to-peer currency exchange service which offers a cheaper alternative to exchanging currencies at a bank or other similar service. CurrencyFair estimates that they can save consumers up to 90% on a currency exchange because of their unique peer-to-peer model, which sees your funds traded to other users without the high fees.”
Finder.com.au is an independent review site, their goal being “to make sure you find what you’re looking for, whether that’s saving money, getting more rewards or just learning something.”. They cover and review everything from internet TV to insurance and money transfers.
Sydney Morning Herald – Use CurrencyFair for faster, cheaper money transfers – “Banks would create much goodwill if they did raise their game, rather than blaming each other, which leaves customers doubly frustrated.”
Impressive reviews eh?
See how CurrencyFair compares to other money transfer companies