In 2021, the two-way merchandise trade between Canada and Australia remained stable at $4.5 billion. Bilateral services trade in 2021 was valued at about $2.1 billion. From there, it shows that the demand for transfer money from Canada to Australia is extremely high. So what is the cheapest way to transfer money from Canada to Australia? Follow the article below for more information.
The cheapest way to transfer money from Canada to Australia
CAD/AUD exchange rate trends
Like other currencies, the exchange rates of CAD (Canadian dollar) and AUD (Australian dollar) change over time due to changes in supply and demand.
This change will depend on the two economies of Canada and Australia. In addition, politics will also influence this ratio.
Right now 1 CAD = 1,1135.60 AUD (updated 11/9/2022)
Top 5 cheapest ways to transfer money from Canada to Australia
DNBC Financial Group is a financial institution operating in the international financial market, providing corporate and individual customers with an innovative digital banking system and convenient payment platform and transfer to receive money online easily worldwide.
200,000 CAD/day for personal account
500,000 CAD/day for corporate account
Transfer fees : Depends on the fees of the correspondent banks involved
01-02 business days
Competitive cost in the market
Offers both SWIFT and Non-SWIFT
Transfer and receive from 170 countries
Full online banking experience
Provide 24/7 service.
How to transfer money overseas with DNBC
Login at https://www.dnbcnet.com/
Select “Transfer to other bank via SWIFT” on “Remittance”.
Fill in transaction information:
- Beneficiary information
- SWIFT/BIC code
- Upload supporting documents
Check information and confirm fees
Send payment order
TorFX was founded in 2004, based in Australia, and is trusted by many expats. TorFX provides money transfer services in Australia. Unlike other services, TorFX requires money transmitters to have a TorFX account.
Transfer fees: usually charge a flat fee for small amounts
Exchange Rate: TorFX adds a margin to the exchange rate when you convert your Australian dollars.
Minimum amount to transfer: AUD$250
Competitive rates save up to 5% compared to the rate at the bank.
There is free and continuously updated information on the foreign exchange market.
Fixed-rate for money transfer
No other fees are incurred.
OFX is a global company incorporated in Australia and headquartered in Sydney.
OFX provides international money transfer and receipt services worldwide in over 195 countries and territories. OFX’s money transfer service is suitable for large enterprises and import-export businesses needing to transfer money abroad.
How to transfer money with OFX
The method of transferring money from Canada to Australia at QFX is straightforward. First, you need to create a free online account. Then log in to your account to receive a quote for your transfer. Next, you must fill in the recipient details, including bank account, financial institution number, account number, and branch transit number. Finally, you need to complete the transaction by bank payment or transfer.
Using a global bank:
CitiBank has the lowest transaction fees you can refer to if you want to transact via the bank. Moreover, daily sizable international bank account transactions will not charge a fee. Therefore, for global commerce, holding Citi accounts is free and fast.
HSBC Premier customers can make instant transfers across their accounts with no transfer fees. You can send up to $200,000 per day. HSBC also has an Everyday Global account and Foreign Currency Flexi Saver where you can hold up to 10 currencies in one account.
ANZ is an Australian multinational banking and financial services company with headquarters in Melbourne. NZ serves approximately six million customers at more than 570 branches in Australia. ANZ has quite competitive exchange rates compared to banks. This is one of the banks you can consider when you want to transfer money from Canada to Australia.
Transferring money from Canada to Australia, in particular, and international money transfer , in general, is no longer so difficult. The above article can provide you with some cheap money transfer methods that work for you.