Q: I attempted to use XXXX Money Transfer to send money to you, but they require the destination currency to differ from the source currency, so they won’t process a USD-to-USD transfer. / I found a low-cost online transfer service, but my attempt to transfer €2,800 to your EUR account was rejected. They explained their policy: I’m not allowed to transfer euros to your EUR account and can only send euros to your AUD account. This seems odd. Could you provide your AUD account details and let me know how much AUD I should send to equate to €2,800?
A: Many “low-cost” transfer services generate profit through unfavorable currency exchange rates, which often results in higher costs than traditional bank fees. In fact, bank transfers are typically the most cost-effective option for international remittances.
We can provide our Australian dollar (AUD) account details. We will calculate the equivalent of €2,800 in AUD using the Australian bank’s exchange rate, plus a 5% processing fee. Thank you for your cooperation.
