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Currencyfair Vs Australian Banks – Sending $15k From Australia

Currencyfair Vs Australian Banks – Sending $15k From Australia

I moved to Australia in 2013 and created this blog to help Irish people living in Australia. 10 million visitors later it now has evolved into a job board, flight company and offers support with many services Irish people need when they move to Australia. Pop over to my resources page(irisharoundoz.com/resources) to find every service and product I recommend. Thanks for stopping by and hope to see you here again.

A comparision between Currencyfair and the Australian banks

Today we are talking about one of my most popular topics and breaking down Currencyfair Vs Australian banks!

A comparision between Currencyfair and the Australian banks

If you have yet to register with Currencyfair sign up here and get your first five transfers for free.

I have no doubt you will after you see how much your bank is charging you.

My previous comparison of Currencyfair Vs Transferwise was a great hit and many people didn’t realise just how much extra they were paying with Transferwise.

But really when you break it down the difference between the two is marginal at best when you compare it to the big money saving banks!

They just came out with a fantastic comparison for converting AU$15000 to Euro’s.

Now if you are scratching your head and saying wait banks are not giving me the best rate? Don’t worry.

I was in the same position when I first moved to Australia in 2013. I had no idea just how much money I was losing by sending money from my Irish account to Australia. 

So to break it down in simplest terms:

  • Banks take an extra 4% – 6% on the exchange rate.
  • They also charge hefty transfer fees just for sending the money – also known as “sending fees”
  • Depending on where you are sending it you might even have to pay “receiving fees” just to receive the money.

Now if you are saying “ah sure that is only like $20 or something who cares”

You would be very wrong.

Currencyfair collected the following stats during Australian business hours and by manually contacting each bank to get the most accurate rate.

The rate was they were given was the same rate displayed on the banks websites.

Curious about the figures?

Take a look *gasps*

Currencyfair vs Australian banks. A comparison between the main Australian banks when exchanging money.

Just shy of €500 difference with Westpac!

They are working on a comparison for Irish banks as well so that will be very interesting to see.

The good news is if you register an account here you will get your first five transfers for free and get an awesome exchange rate.

Plus you will not have any sending or receiving fees as Currencyfair uses local banks.

You can learn more about exactly how Currencyfair works here. 

Thanks for reading this comparison of Currencyfair vs Australian banks and please share with someone who is still using banks!

If you are returning to Ireland soon you can read my guide to moving back to Ireland here.

Stephen Palmer

P.s check out the new job board for Irish people in Austrlaia 

I moved to Australia in 2013 and created this blog to help Irish people living in Australia. 10 million visitors later it now has evolved into a job board, flight company and offers support with many services Irish people need when they move to Australia. Pop over to my resources page(irisharoundoz.com/resources) to find every service and product I recommend. Thanks for stopping by and hope to see you here again.