When you are thinking about sending money abroad, an international money transfer provider is a great option. They can help you with the whole process, provide useful online tools and most importantly bank-beating exchange rates and low or zero fees.
| Foreign Transfer Providers Ratings & Reviews | Receive EUR(€) | Exchange Rate | Fee AUD | Total Cost | Transfer Services | Transfer Speed | Deal Links |
|---|---|---|---|---|---|---|---|
   TorFX provide no fee transfers with good exchange rates and excellent customer service. More info▾ | 6,169 EUR Best Overall | 0.6169 | 0 | 1.52% | Bank Transfers - Online & Phone | 1-2 days | |
 OFX exchange rates are highly competitive for global money transfers, great customer service. ^Zero transfer fees for BestExchangeRates customers. More info▾ | 6,175 EUR 6 EUR | 0.6175 | 0^ | 1.42% | Bank Transfers - Online & Phone, Foreign Currency Accounts | 1-2 days | |
Banks - Average Rate         Average rate from selected banks. Click icons for each bank's costs. More info▾ | 5,971 EUR 198 EUR | 0.5983 | 15 | 4.67% | Online, Branch, Bank Transfers | 2-3 days |
This is a chart showing the change in the AUD-EUR mid-market exchange rate over the last week. The Total Cost of each foreign transfer in the above table is calculated as the sum of all fees and the exchange rate margin, which is the difference between the provider's exchange rate and the mid-market AUD-EUR exchange rate.
Whenever you are interested in an exchange rate you are actually interested in two currencies due to the fact that the value of a currency must always be quoted in comparison to a second currency.
So it follows that if you are determining the best time to transact, in this case the AUD vs EUR, you should pay attention to both Australian Dollar and Euro news and forecasts.
Following a flash crash in early January, which saw the Australian dollar briefly trade at a 10-year low of $0.674, the Aussie recovered to $0.73, but then, as it had done before the flash crash, it commenced with a slow and steady decline, and it was back at $0.705 in mid-March and was predicted to fall further.
In February, HSBC predicted a year-end AUD/USD rate of $0.66. In March, Westpac and JP Morgan were slightly more upbeat and argued for $0.68.
Fuelling lower exchange rate forecasts is the Australian economic story, for which major themes include a housing market slump, Chinese growth and the US-China trade spat. The RBA slashed growth forecasts in February and markets are now pricing in 1-2 interest rate cuts this year.
Another Aussie exchange rate worth mentioning is AUD/GBP, which sank in mid-March to its lowest level in nearly 3 years, at just £0.53. The Australian dollar has been unable to compete with the pound of late, since the latter benefits every time the British government fails to make a decision on how to deliver Brexit (every time Brexit appears less likely or to be delayed).
Between November and February, the euro was remarkably stable relative to the US dollar, against which it traded for the most part between $1.125 and $1.155. In the days leading up to this report, in March, the euro broke downwards to a 21-month low of $1.118.
Further to Brexit uncertainty, euro weakness followed March’s meeting of the ECB, at which the central bank said it will not raise interest rates until 2020 at the earliest as part of an effort to lift the eurozone economy out of this “period of continued weakness.”
ING analysts wrote in March that they expect the low-yielding euro to continue to depreciate against the dollar over the coming months. Danske Bank predicted a euro dip towards $1.1 before a rally over 3-6 months back into a $1.12-1.16 range.
