The cheapest way to transfer money from Canada to Australia

In 2021, the two-way merchandise trade between Canada and Australia remained
stable at $4.5 billion. Bilateral services trade in 2021 was valued at about
$2.1 billion. From there, it shows that the demand for
transfer money from Canada to Australia is extremely high. So
what is the cheapest way to transfer money from Canada to Australia? Follow
the article below for more information.

The cheapest way to transfer money from Canada to Australia

CAD/AUD exchange rate trends

Like other currencies, the
exchange rates
of CAD (Canadian dollar) and AUD (Australian dollar) change over time due to
changes in supply and demand.

This change will depend on the two economies of Canada and Australia. In
addition, politics will also influence this ratio.

Right now 1 CAD = 1,1135.60 AUD (updated 11/9/2022)

Top 5 cheapest ways to transfer money from Canada to Australia

DNBC

DNBC Financial Group is a financial institution operating in the international
financial market, providing corporate and individual customers with an
innovative digital banking system and convenient payment platform and transfer
to receive money online easily worldwide.

Transaction limit

200,000 CAD/day for personal account

500,000 CAD/day for corporate account

Transfer fees
: Depends on the fees of the correspondent banks involved

Transaction time

01-02 business days

Strength:

Competitive cost in the market

Offers both SWIFT and Non-SWIFT

Transfer and receive from 170 countries

Full online banking experience

Provide 24/7 service.

How to transfer money overseas with DNBC

Login at https://www.dnbcnet.com/

Select “Transfer to other bank via SWIFT” on “Remittance”.

Fill in transaction information:

• Beneficiary information
• SWIFT/BIC code
• Upload supporting documents

Check information and confirm fees

Send payment order

TorFX

TorFX was founded in 2004, based in Australia, and is trusted by many expats.
TorFX provides money transfer services in Australia. Unlike other services,
TorFX requires money transmitters to have a TorFX account.

Transfer fees: usually charge a flat fee for small amounts

Exchange Rate: TorFX adds a margin to the exchange rate when you convert your
Australian dollars.

Minimum amount to transfer: AUD$250

Strength:

Competitive rates save up to 5% compared to the rate at the bank.

There is free and continuously updated information on the foreign exchange
market.

Fixed-rate for money transfer

No other fees are incurred.

OFX

OFX is a global company incorporated in Australia and headquartered in Sydney.

OFX provides international money transfer and receipt services worldwide in
over 195 countries and territories. OFX’s money transfer service is suitable
for large enterprises and import-export businesses needing to transfer money
abroad.

How to transfer money with OFX

The method of transferring money from Canada to Australia at QFX is
straightforward. First, you need to create a free online account. Then log in
to your account to receive a quote for your transfer. Next, you must fill in
the recipient details, including bank account, financial institution number,
account number, and branch transit number. Finally, you need to complete the
transaction by bank payment or transfer.

Using a global bank:

CitiBank

CitiBank has the lowest transaction fees you can refer to if you want to
transact via the bank. Moreover, daily sizable international bank account
transactions will not charge a fee. Therefore, for global commerce, holding
Citi accounts is free and fast.

HSBC

HSBC Premier customers can make instant transfers across their accounts with
no transfer fees. You can send up to $200,000 per day. HSBC also has an
Everyday Global account and Foreign Currency Flexi Saver where you can hold up
to 10 currencies in one account.

ANZ

ANZ is an Australian multinational banking and financial services company with
headquarters in Melbourne. NZ serves approximately six million customers at
more than 570 branches in Australia. ANZ has quite competitive exchange rates
compared to banks. This is one of the banks you can consider when you want to
transfer money from Canada to Australia.

Conclusion

Transferring money from Canada to Australia, in particular, and

international money transfer
, in general, is no longer so difficult. The above article can provide you
with some cheap money transfer methods that work for you.