A Guide to SendMoneyAsia
What is SendMoneyAsia?
SendMoneyAsia is a free, Australian government (DFAT Australian Aid Programme) initiated website you can use to quickly compare the fees charged by different money transfer operators and how long it takes to transfer money from Australia to China, India, Indonesia, Philippines or Vietnam. It also shows how much money is received at the other end in local currency.
SendMoneyAsia is not a money transfer service.
Sending Money Overseas – How does it work?
These days it is easy to send money back to our families in China, India, Indonesia, Philippines or Vietnam. We just take our money in to a money transfer operator or a bank and it is their job to ensure that the money arrives with the receiver. However, not all of our money makes it home. Money transfer operators and banks naturally charge fees to send money, but many people don’t know how these fees work, which means your family may not be receiving as much money as they could.
Where does your money go?
Money transfer operators and banks charge a transfer fee – this is usually advertised upfront. But they usually also take a currency conversion fee which is harder to compare with other money transfer providers.
These fees add up and over time your family has missesd out on a large amount of money. The way these fees work are different from company to company. With so many options it can be confusing.
This is where SendMoneyAsia comes in...
SendMoneyAsia provides you with a clear, simple list of money transfer operators and banks, giving you information on:
- Fees charged
- Total cost including any fees and foreign exchange currency conversion costs
- Amount received in the local or pay out currencies
- Speed of transfer (how long it takes before the money arrives with the receiver)
- Network coverage (where money can be collected)
It’s easy to see the price difference between providers. Often the savings can be large and the money you save can go into the hands of your loved ones at home. Imagine what they could do with that extra money.
How to use SendMoneyAsia
This information is just three clicks away!
1. Select the country you are sending from
2. Select the amount to send – choose from either $200 or $500
3. Select your receiving country – the country you are sending money to
You will then be able to see the latest fees, the total amount that it will cost you, including the foreign exchange costs, and the amount that the person receiving the money will actually receive.
So before you send money to China, India, Indonesia, Philippines or Vietnam, make SendMoneyAsia your first stop. You can choose the best deal and have a better idea about what your friends or family will receive.
Visit www.sendmoneyasia.org before transferring money from Australia to China, India, Indonesia, Philippines or Vietnam.