Question 1

Is this the rate I'll get when I send money?

Accepted Answer

No. This shows the mid-market rate — the rate banks use between themselves. When you actually send money, banks and transfer services add a margin, often 1-5%, on top of any flat fee. That margin is usually the biggest part of the cost, and it's why two providers can both advertise 'no fees' yet give your recipient very different amounts. Always compare the final amount received, not the advertised fee.

Question 2

How current are these rates?

Accepted Answer

Rates update once a day from a European Central Bank-style feed and are indicative only. They're fine for estimating roughly how much you'll send or receive, but the live rate at the moment you transfer will differ. For a guaranteed amount, check the quote your provider locks in.

Question 3

Does Australia limit how much I can transfer?

Accepted Answer

Australia places no cap on how much you can send or receive. Cash of AUD 10,000 or more crossing the border must be declared, and providers report larger electronic transfers to AUSTRAC, but there's no limit on the amount itself. The sending country may have its own controls.

Australian dollar currency converter

Related Migratio resources