Today we are talking about one of my most popular topics and breaking down Currencyfair Vs 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.
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.
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*
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.