Ways to send money overseas for Christmas that could help you save

With the holiday season on the horizon, many Australians are eagerly making plans to send money to their loved ones abroad for Christmas. However, the cost of international money transfers can quickly add up, eating into the intended gift budget. That's why finding the cheapest ways to send money overseas has become a top priority for many.

“Almost a third of Australian residents were born overseas, so it’s no surprise why so many people regularly move money from Australia back home. However if you’ve been sticking with your bank when transferring those funds, you could be losing out to poor exchange rates and high transfer fees,” Mozo’s spokesperson, Rachel Wastell said.

The good news is Australia is home to a number of specialist money transfer providers who offer far more competitive rates than the banks as well as fee-free transfers and speedy online services. They’re so affordable that if you’re sending US$5,000 from Australia, Mozo calculations at the time of writing show you could save AU$263 just by going with the average IMT specialist rate rather than the average big four bank rate.

Whether you're sending funds to family, friends, or business partners, join us in saying goodbye to being stung by hefty money transfer costs, and hello to these four top specialist money transfer providers who can help you keep more money in your wallet this Christmas.