Yes, you can send money overseas through your bank, but this is not advisable as local banks typically have more expensive rates and transfer fees. This is because they have a physical storefront and staff, and they add these costs to their money transfer rates.
In comparison, online money transfer like OFX will give you better rates and charge less to send cash. They are also highly convenient, as you can do it in the comfort of your own home.
Like all reputable money exchanges, we are registered with AUSTRAC and regulated by the Australian Securities and Investment Commission (ASIC).
S Money complies with the relevant laws pertaining to privacy, anti-money laundering and counter-terrorism finance. This means you are required to provide I.D. when you place an order. It also means the order must be paid for by the same person ordering the currency and you must show your identification again when receiving your order.
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