What’s in this Money Transfer to Australia guide?
We save you time and money when transferring money to Australia by comparing providers to help you get the Best Service, Rates and Fees.
What’s in this Money Transfer to Australia guide?
We make it easy to save money by making these fees and exchange rates easier to see and compare the best providers for sending money to Australia.
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Sending money to Australia can be an expensive business, more so if you aren’t even aware of all the hidden fees. Money transfer companies and banks profit by charging you fees and a normally hidden margin on the exchange rate.
Using your Bank to make international wire transfer to Australian dollars can be very expensive – often 5% to 10% worse than using a foreign exchange specialist to send to an Australian bank account or pay an invoice in AUD.
When choosing a provider to send money to Australia finding the best currency rate is generally everyone’s number one factor. Other important criteria to also consider are transfer speed, delivery options (bank transfer or cash pickup), customer servce, mobile apps and extra fees.
You can read more about Currency Transfer and Travel Tips for Australia in our Australia FX guide.
The Australian dollar has been exhibiting a turnaround as of late November, with its value climbing towards US66¢ amid market speculation. According to FX analysts, this upward movement is driven by expectations that U.S. interest rates may have peaked, while, on the other hand, the Reserve Bank of Australia is anticipated to continue its monetary policy tightening. The market view suggests that forthcoming rate hikes at the next two RBA meetings could further bolster the AUD. Additionally, Australia's significant role as a commodity exporter means that shifts in commodity prices, trade dynamics, and political situations remain crucial factors influencing the AUD's trajectory. Notably, any uptick in construction and demand for Australia's leading export, iron ore, particularly from China, signals a positive outlook for the currency. Factor in the AUD's status as a bellwether for global risk appetite, the currency often reflects traders' confidence in global economic growth prospects, making it sensitive to broader market sentiment.
On the US side, despite the resilience of the US dollar sustained by a strong economy and high Treasury yields, economists expect that the currency's strength will potentially wane into 2024. This anticipated reversal is linked to the culmination of the Federal Reserve's interest rate hiking cycle. The dollar has indeed been formidable against other major currencies, supported in part by risk aversion due to concerns over global growth, including the economic situation in China. However, Forex strategists in a Reuters poll project a modest weakening in the dollar next year as the Federal Reserve inches closer to its first interest rate cut. Analyzing recent price data, the AUD to USD at 0.6612 represents a 2.8% appreciation above the three-month average of 0.6434. This movement has occurred within a relatively stable 5.4% range of 0.6302 to 0.6645, pointing towards an environment where despite the AUD's recent gains, the currency pairing has avoided extreme volatility.
AUD/USD forecasts AUD/USD rates
The following table looks at the performance of the AUD exchange rate against other currencies over time periods from the previous 2 days back to the last 5 years.