Sending money abroad is usually pretty complicated: you have to find a suitable payment method that is not too expensive, has a transparent fee structure, and supports the country you want to send your funds to. When you want to transfer your money to Australia, there are numerous available options, but how do you know which of them is the best? In this article, we’re going to recommend you several favorable options and tell you about their pros and cons.
Payment systems are probably the most obvious choice when you need to send money abroad. They can help send any currency in digital form quickly and safely. There are several types of such systems out there. Some of them have their own wallets that allow you to store your money conveniently, but it is also a way to save on fees: when you make transactions between various wallets within the same platform, you usually don’t have to pay any additional fees.
However, there are also payment systems without built-in wallets, and they serve as intermediaries for transactions. Such platforms have slightly higher fees, but you can always link them to your email or a phone number to avoid disclosing information about your card. Finally, there are major platforms like PayPal or Visa that offer many additional features and are accepted all across the world. These are usually the best option when you want to send money to Australia easily.
Banks and neobanks
Another very popular method of making payments is using banks as intermediaries. While banks often have many partners and allow you to transfer money easily across different countries, they are usually more diligent when it comes to transaction limits and ID checks. Moreover, they still use a third-party payment system to process your transfers, so their overall fees tend to be slightly higher. All in all, it’s a nice method, but you should pay close attention to fees and conditions.
P2P crypto payments
Cryptocurrencies have already become a major option for international payments, and P2P platforms allow you to send money easily without paying for conversion. Moreover, these platforms use tokens with stable prices called stablecoins to ensure that your money won’t lose its value due to volatility on the market. However, these platforms are not very well-regulated, so choose only the most reputable ones like Huobi or Binance.