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