Big banks = high cost international money transfers

Australia ranks among the most expensive G20 countries to send money from. This is largely due to the fees banks charge for international money transfers.

Big banks = high cost international money transfers

Do you need to transfer money abroad? Well, you should probably give the traditional Australian banks a miss.

Comparing their offerings reveals that the ‘Big Four’ banks charge far heftier international money transfer fees than online providers – and could cost you as much as $500 more on a $10,000 transfer into Euros or Canadian Dollars or Pounds.

Frustratingly, Australia ranks among the most expensive G20 countries to send money from, with only Japan, South Africa charging more, according to data from the World Bank.

While online transactions can be cost more effective than visiting a branch, don't be deceived. On closer inspection, you will find that while your bank will enable you to make international payments on their shiny mobile app, the technology, practices and costs behind the scenes have not changed.

The bank's international transfer will still be slow, opaque and expensive.

If you really want to save money and time, look at Flash Payments, a company focussed on making foreign exchange easy, fast and affordable.

We do things differently. We put a great user experience at the centre of the Flash Payments approach. You won't find any opaque, siloed and inefficient banking practices here.

Based in Sydney Australia, we have engineered Flash Payments from the ground up to deliver intelligent foreign exchange transfer payments without hidden fees.

Using truly innovative technology (not just a shiny app), we provide extraordinary transparency, speed and transactional control to users, setting a new level of service standard with a faster service and affordable prices.

At Flash Payments we enable users to select the transfer date; pick the rate; send funds like an email; track transfers like a package; all without any surprise charges. There are none.

This is in stark contrast to the banks, where global payments cost more, take more time, and the routeing is opaque.

So, whether you are a business or an individual, you can now skip the banks and take control of your foreign exchange transfers.

We're transparent. We're deception-free. And we don't charge any hidden fees.

Learn more about Flash Payments and sign-up to benefit from their cutting-edge technology, great rates, transparency and control.