Transferwise: send money overseas

One of the most discussed topic is “how can you send the money from Italy to Australia?” and vice versa. A common international bank transfer can be really expensive due to the international transfer tax in Italy and in Australia and the exchange rate.

Transferwise: a cheaper and more convenient way

Currently, a cheaper option is Transferwise because allows you to realize an international transfer without charging and earn every time that one of your friend sign up. It is another application that belongs to the big family of the sharing economy as Uber and Airbnb. How does it work?

First step is sign up on the website: It is important to enroll thanks to an invitation of a friend (or Just Australia) so in this way the first payment with credit card or bank deposit is free. It is necessary to put the payee details and realize the transfer to the Italian transferwise account (if you are in Italy) or Australian (if you are in Australia). For us it works like a normal national transfer, then Transferwise will take care about transfer the money and realize the exchange rate depending on the day. The money will be in the bank account in one week.

Withdrawal: cheap way

One of the most convenient option is the withdrawal to an ATM once you get in Australia and make sure that your card works in overseas. There is a maximum limit withdrawal that usually is 50 Euro per day. On this type of withdrawal you can pay a commission fee of 2.50 Euro depending on the bank.

Western Union: a quicker way

It is an emergency solution because is pretty expensive (up to 10% of commissions and exchange rate) but is really quicker and the Italian credit card needs just few minutes to receive the money in Australia.

It can be used in two ways: a relative send the money for you from Italy, so the money is available when the transfer has been effectuated; or you can do it straight away from your credit card, but in this case the amount is less. The money is immediately available thanks to a code released by the person sending the amount. You need to go to a Western Union shop and take the money with the code and an ID.