No, you should not send money through your bank. Compared to OFX, 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. Customers will also be charged a ‘convenient tax’ – which is the cost of sending money internationally easily. The rates offered by banks for foreign currency are closer to the exchange rates listed by the RBA than the rate on Google.
Unfortunately, there is no best day to buy foreign currencies. Movement in foreign exchange rates depends on the global demand and supply of goods and services, as well as political and economic factors. So if you’re planning to send money to Fiji, now is the best time!
In most cases, it is cheaper to buy your foreign currency at home in Australia before you head overseas. Additionally, you could get better rates if you send money to Fiji online.
Sending money to Fiji online is generally more cost-effective. Money changers with a retail store have to pay for rent, staff, and insurance, with you covering the cost of these additional third-party charges. Online money transfer providers don’t have these large costs, making it easier to provide better exchange rates and lower fees when you send money. Some stores may also have limited currency availability.
According to OFX, Spot rates are the current exchange rates at which specific currencies can be bought or sold on currency exchange markets. Spot rates fluctuate by the second. It’s also known as the ‘interbank’, ‘wholesale’, ‘mid-market’ or ‘live’ rate. It’s also the rate that S Money offers for foreign currency in Australia.
If you’re looking to send money to Fiji or make any international transfers, OFX is your simplest, most convenient choice. To begin, you’ll need to create a free account with OFX, or log in if you already have one. Once logged in, you can request a live quote for your transfer, which shows exactly how much your recipient will receive after fees and currency conversion. Once you have all the necessary banking information for your recipient, enter your payment details and specify the amount you wish to send. OFX will automatically calculate the converted amount in Fijian Dollars, factoring in […]
