Send Money Overseas

Our “Learn More” series provides businesses with an introduction in subjects of foreign exchange and international payments.

Advantages Of Sending Money Overseas

• ✔Send money internationally directly from a bank account or credit card, using a PC.

• ✔Send money overseas to emerging markets with ease.

• ✔Money transferred via Direct Entry or the Reserve Bank of Australia’s (RBA’s) real-time gross settlement (RTGS) system can arrive in the same day.

• ✔FX can be handled by the card or service provider – no need for multiple currency accounts, or pre-funding money transfers in minor currencies.

• ✔Sending money to some foreign countries, such as India, can be done via online money transfer directly to the recipient’s bank account if the currency is in AUD.

• ✔Online money transfer services can be integrated with invoicing and accounting software, reducing the need for manual reconciliation and streamlining cash flow management.

"It has never been so easy to make international money transfers. The days of having to send paper cheques, which took ages to reach their destination and then had to be processed by local banks, are gone.” ¹

Sending Money Online Benefit Businesses That:

• ✔Sell goods and services through online marketplaces or directly to customers in foreign countries, and want to accept payment in multiple currencies.

• ✔Have – or want to develop - supply chains covering several countries or continents.

• ✔Need to send money to subsidiaries and partners, or remit profits back to parent companies located in foreign countries.

• ✔Have employees and contractors in multiple countries linked by the Internet and telephone.

• ✔Use migrant workers, who want to send money overseas to their families and friends.

• ✔Need to handle cash flow in multiple currencies efficiently and cost-effectively.

“Notably, for most businesses, the largest operating expense is that of their human capital, in the form of their payroll expense.” ²

Points To Consider

• ✔Sending money online to foreign countries can still take several days, depending on settlement method and if a number of correspondent banks are involved.

• ✔Money transfer providers have to comply with know-your-customer and anti-money laundering regulations. The checks required can slow down money transfers. Central bank RTGS systems such as the RBA’s may incorporate streamlined processes that speed things up.

“SWIFT’s member banks will need to ensure not only that their software is secure, but their employees and partners are trustworthy. For in the end, systems are only as secure as the people who use them.” ³