Transfer Money Overseas

There are three main ways to send money transfers to someone in another country:

1. Cash Transfers - Western Union & MoneyGram
2. Money Orders - Postal Service & Banks
3. Bank Transfers - Checks, Bankers Drafts & Wire Transfers

Cash Transfers
Western Union & MoneyGram are established leaders in money transfer. Through them you can send money worldwide either online or by telephone.

Both have an online money transfer website with useful features that calculates the cost of sending money to the country of your choice. If you transfer money online or by phone, you pay using a credit card or debit card

If you do not transfer money online or by phone, you will need to locate both a sending money transfer agent and a receiving transfer money agent. If using a sending money transfer agent, you must pay for the international money transfer in cash

Fees, procedures, and the locations of money transfer agents are available on their websites

Each money transfer transaction has a unique money transfer reference number. This will be required by the recipient to allow them to collect the funds

The recipient should be able to pick up the funds within an hour (subject to the hours of operation at the receiving agent location). Proper identification is required.

Money Orders: Postal Service & Banks

Your Postal Service will issue international money orders:

There may be a maximum amount allowed per money order. However, you may be able to purchase multiple money orders per day, up to a maximum amount
A processing fee applies per money order
Money Orders can be cashed in banks or post offices in most countries around the world
Most post offices provide this service
You must fill out the recipient's name on the money order before mailing to the recipient
Keep a receipt of your transaction for your records
The money order can be traced by its reference number

Bank Transfers

There are several ways to transfer money overseas through the banking system. Not all banks operate in the same way so check with your local bank for details.

Sending a Check Abroad
- Check clearing can take from 4 - 6 weeks
- Before issuing a check ensure that the recipient is able to cash the check
- The recipient may be charged a fee for check processing
Foreign Drafts
- This can take from a few days to a week for the bank to prepare the draft
- You post the draft to the recipient
- The money comes out of your account when the draft is prepared, not when the recipient receives it
- There is usually a fee for this service
- Since the draft is drawn on your bank to another bank, the recipient must have access to the receiving bank
Wire Transfers
- You don't have to be a customer of the bank to wire funds, but you have to pay cash
- This is quicker than a Foreign Draft since it is done almost immediately
- The fee is for non-customers may be higher than for the bank's customers
- The recipient must have access to the receiving bank

Foreign Exchange Companies

With specialist foreign exchange assistance you can often reduce the cost of buying your new overseas property. By showing you ways of turning exchange rate movements to your advantage, they'll show you how to maximise your purchasing power when buying foreign currency and how to minimise the currency risks when buying a home abroad.