Uber Eats is a globally recognised name, making it an easy choice for many people, as a brand they can trust.
What could make delivering with Uber Eats a smart choice for you to earn some extra money:
It allows the flexibility to work around studies, family or other work or commitments
You can earn extra money in your spare time
You can decide when to work and how many hours you want to do on any given day
There’s no boss, no uniform and no interview
It is easy to sign up and get started
You can earn while getting out and about
You can explore new areas of your city
You keep 100% of your tips
More than just food delivery
Uber Eats has expanded its services to include grocery and alcohol delivery (in select markets). This allows more opportunities for deliveries throughout the day, rather than solely around peak meal periods”.
Start earning in your spare time.
Why not get started with Uber Eats?
This article is sponsored by Uber Eats and does not constitute professional or financial advice.You may wish to consider seeking independent advice if required. MoneyAustralia.net may receive a commission if you sign up using this affiliate link.
Of course, before you do this, you do need to know how much this job pays as well as all the other financial information that goes along with it.
So, on this note, here is a breakdown of how much Uber Eats drivers earn in Australia.
How Much Do Uber Eats Drivers Make in Australia?
According to multiple sources, an Uber Eats driver pay is up to $29.63 an hour. This is below the national average ($44.00 an hour) but above the minimum wage of $19.49 an hour.
You can decide for yourself if this is a good salary or not.
In Western Australia, drivers are able to earn up to $30 an hour.
Now, it should be noted that this number was tallied with the information presented by just 18 delivery partners. Due to this, it is difficult to know how accurate and widespread such earnings are.
The OSA, however, calculated that you could potentially make between $6 and $12 per delivery. The average delivery should take about 15 to 30 minutes to complete.
To get started with Uber Eats, you will need to download the app that is meant for drivers or riders. This can be done by heading to the Uber Eats website on your mobile device. You will then be provided with a download link.
Here are the steps you need to follow if you want to become an Uber Eats driver or rider:
First, you need to sign up with Uber Eats. For this you simply have to provide:
You will have to be at least 18 years old to be a delivery rider for Uber Eats.
Once this is done, you will have to decide whether you want to deliver via bicycle or motorized vehicle. The future process will depend on your mode of transportation. For bicycles, you will require the following:
Apply for a background check and right to work check
Complete the bicycle safety test. The exact will depend on the region you are in.
Complete your profile.
Complete food safety education modules.
For motorized vehicles, you will need to prove that you meet the minimum age requirements for a driver’s license for the region that you are in.
Uber Eats Driver Requirements
In addition to this, you will need to take the following steps:
Apply for a background check
Complete your profile
Check delivery basics
Complete food safety modules
It is important to understand that the actual steps and stages for becoming a delivery rider or driver can change on occasion. Due to this, you should always visit the Uber Eats website to find out what the current guidelines are.
How Does Uber Eats Earnings Work?
It is important to understand your earning potential with Uber Eats as well as how your fares are calculated. This gives you a better idea of how much you can earn overall.
First, there is the base fare. This is what you see when you are considering accepting a delivery. It will show you the delivery time, distance you need to cover, and if the trip has more than one pick up or drop off point.
Uber Eats will provide you with a trip supplement under certain circumstances. This includes for when there is more traffic than anticipated, when you have to wait at a pickup point for longer, as well as when they are fewer delivery riders or drivers available.
In addition to the base fare, Uber Eats also gives riders and drivers an opportunity to earn more money with promotions, including boost zones and surge rates. Boost zones are announced on the app, showing you areas where the trips have increased rates. This can be up to 2.5x your base fare.
Surge zones, on the other hand, are where there are is a higher demand for deliveries, but fewer riders or drivers available. As such, your fee is automatically increased. Not to mention, there is a greater chance of you actually getting a delivery.
If you have to legitimately pass a toll area on your delivery and there is no other option, then you will be reimbursed for this. However, these charges will only be reimbursed for motorised vehicles.
Last, but not least, there are the tips. With Uber Eats, you get to keep 100% of all tips that are provided to you.
How Can You Boost Your Earnings with Uber Eats?
As you can see from the earnings structure, there is a lot of potential to boost your earnings with Uber Eats. If this is something that you are interested in learning how to do, then consider the following guidelines:
The first thing that you need to do is to calculate whether you should be focusing on short distance deliveries or long distance ones. This decision depends entirely on where you are located.
Now, if you are in a more metropolitan setting, it will serve you well to focus on short distance deliveries. These cost less in terms of gas and take up less time. As such, you get to make more money during your shift.
However, if you do work in a more remote areas, then long distance deliveries may be more prosperous. For one thing, these may be the only kind of deliveries that are available. For another, longer deliveries net you more money per delivery.
Another thing to focus on are surge times. More often than not, lunch time and dinner time is when there is an increase in the number of orders. You may also find that people are more likely to order on some days of the weeks over others.
Once you have figured out what these days and times are, you should position yourself better. Look for clusters of popular restaurants and set yourself up close by. This way, you will have more delivery options to choose from.
Now, this may take a little bit of time and research on your part, but it will be certainly worth the results.
Another thing to pay attention to is the Boost announcements. The company will update you on the app or via email. If there are specific events, for instance, the company will pinpoint areas that are most likely going to require deliveries.
Make sure to stay on top of these announcements so that you can position yourself accordingly.
Since you get to keep all of your tips, it is important to make an extra effort whenever possible. The good news is that this is quite easy to do. It can be as simple as remembering the customer’s name and greeting them enthusiastically. Telling them to enjoy their day or meal can also go a long way.
While this tactic may not always pan out in terms of tips, you are sure to find an increase if you keep up the positive attitude.
What Can Impact Your Earnings?
There are several things that can impact your earnings.
This all begins with the kind of vehicle that you are using. In Australia, you can rely on a bicycle, scooter, or car to make your deliveries. While cars allow you to travel farther and faster, they also require more maintenance costs. This includes fuel, insurance, service, etc.
So, if you live in an area where you can make lots of short distance deliveries, a bicycle or scooter may be the more prudent option.
Speaking of which, the area or region that you are delivering can have a huge impact on your earnings. This is because the app tends to be more popular in some areas than others. Not to mention, some regions will order food to be delivered more than others.
As previously mentioned, the overall number of Uber Eats drivers or riders in the same area as you can have a significant effect on your earnings.
If you work in area with many other drivers, then the competition is high. Due to this, you aren’t going to get as many orders. In turn, you won’t be able to make as much money.
In regions where this isn’t such a popular concept, though, earning potential is higher. Not only do you have access to more orders, but there is a great chance of accepting surge rates.
Now, a lot of people use Uber Eats as a way to supplement their main income. If this is true for you as well, then you will only be able to order food for a specific number of hours each day.
If these hours don’t coincide with popular mealtimes or order times, then you will automatically make less than the maximum possible amount. On the other hand, if you can choose your own hours, then you will be able to make surge hour work in your favour.
The Impact of the Pandemic on Earnings
One of the reasons that you may be considering signing up with Uber Eats Australia is due to the increase in food deliveries across the country. This has naturally led to more openings for delivery riders or drivers.
Despite the rise in food deliveries, the pandemic has actually had a negative impact on earnings for drivers and riders. This is because there is now an increase in the number of delivery individuals, there isn’t enough work to go around.
Before the pandemic, an Uber Eats delivery rider could expect to earn $200 a day. During, however, this number has dropped to as little as $50. On some days, riders and drivers have spent entire shifts without earning any money at all.
One report mentions that the riders are making just $10 an hour, meaning that employees are making almost 50% less than the national average minimum average.
Frequently Asked Questions
Here are some of the more frequently asked questions about becoming an Uber Eats driver in Australia:
How Much Can Uber Eats Drivers Make?
It is estimated that the average rider or driver can make between $6 and $12 with every delivery. The actual rates, however, can depend on delivery time and distance, regular or surge rates, and other factors. Also, the actual rates can differ according to location and time of day.
Can You Make a $1000 a Week with Uber Eats?
Since there are so many factors to consider including how much time you can spend as an Uber Eats driver, it is difficult to know if every driver can make this amount. Not to mention, in the current situation, Uber Eats drivers are earning less than before. In some cases, though, it may be possible to earn up to $1000 a week.
Is It Worth It to Become an Uber Eats Driver?
It isn’t always financially viable to become an Uber Eats driver. However, if you live in an area where Uber Eats is relatively popular (for example Sydney and Melbourne) and where you can expect more deliveries, then it can be a good idea. This is also true if there are a limited number of delivery riders or drivers, allowing you to get more orders than before.
Here is all that you need to know about how much Uber Eats drivers earn in Australia. What do you think about the pay rate? Is it high enough?
As you can see, it is quite difficult to pinpoint an amount or even a range. This is because there are so many different factors to consider.
Under normal circumstances, though, becoming an Uber Eats driver or rider may be quite profitable. This is especially true for those who undertake this job to supplement their primary income. Here, you may be able to make a tidy profit, particularly when you make an appropriate plan to boost your potential fee.
Amazon is arguably the largest marketplace in the world. It’s especially great as they allow a range of products to be sold.
It’s not hard to register on them, and there are many Aussies selling on the Australian version of the platform part-time. We talked about everything you need to know about it, and how you can become a member too.
What Products Can You Sell on Amazon Australia?
Your products would have to fit into one of 14 categories. They are pretty broad. In time, the site may include more, letting more sellers in. The categories are:
Home and home improvement
Kitchen and dining
Movies and TV
Stationary and office products
Toys and games
Clothing and shoes
Computers and electronics
If you haven’t decided what you want to sell, pick a category from the above that is popular. You’d have a better time finding customers selling clothing and shoes than stationery and office products. Of course, there’s more to being successful than that. We discussed this in the latter part of our article.
There are some products they don’t let in. These are tobacco, ammunition, guns, illegal drugs, and any type of prescription medication.
What Do You Need to Sign Up?
Do you already have an Amazon account? If it’s a customer account, you don’t have to create a seller account. But doing so would let you include your business email. You’d need to send the platform your:
Chargeable credit card number
You may be wondering why you’d need to issue a credit card number. That’s because you have to pay to utilize their services. This is true for whichever country’s Amazon you use. Your bank account number lets them send your proceedings to you.
How Much Does it Cost to Sell on Amazon.com.au?
There are two main ways you’ll be charged. The first would be through a monthly subscription, while the other would be a commission fee.
The subscription amount would be fixed each month, regardless of how much you make. And the commission depends on the products you sell. It could be between 6-15%. If you’re selling higher-end items, you’d see the commission going towards the higher end of the spectrum.
In terms of how much the subscription costs, it would be $49.95. If you just started and your sales are not looking up, paying such a sum when you’re probably not making much puts you in a sticky situation.
If you’re planning on selling media, like books and TV shows, Amazon Australia charges another fee. It’s thankfully not much. It is just $1 per closing.
If you refund a customer, the site requires you to pay a sum. It’s also not much. It would be either 20% of the product’s referral fee (the commission) or $5.
The main Amazon website offers two subscription plans, unlike its Australian counterpart. You’ll be paying either $39.99 a month, or $0.99 per product sold. The latter is a good option if you’re just trying to test the waters out.
How Do You Sign Up?
Since you know everything that you need, let’s run through the process you’ll have to follow to register.
You’ll have to visit Amazon’s seller hub. Once there, you’ll see an option called “Start Selling’. Click on it to get to the portal.
If you have a customer account, you can sign into it. Otherwise, you’ll have to click the Create An Account option.
When you go to the page to create it, you would have to include all the information we mentioned. First, your business email and phone number. When you include your number, you’ll receive a text from Amazon. It would be to verify that the number is yours.
You’ll have to include a business name. You probably already have one in mind. However, it should be unique as the marketplace does not allow you to use one that has been taken. Take your time and think of a name as it would influence how well your business does.
An international credit card would have to be included on the next page. You can insert the numbers of Mastercard, Visa, and Amex cards.
The final bit to creating an account would be you telling Amazon about what you’re trying to sell. This would be done through a set of close-ended questions. Some of the questions include, “do you manufacture and brand the products you want to sell?”, “do you have Universal Product Codes for all of your products?”, and “how many products do you plan to list?”.
With the above done, your account would be created. The platform would review your application, and you would be called by one of their representatives. We recommend that you include two-factor authentications on your account, as this prevents anyone from ever breaking in.
How Do You Price Goods?
Pricing what you’re going to sell is an art. Even if you’re selling in a popular niche and have high-quality products, expensive prices would not let you be successful. Unfortunately, there’s no science to it. It’s all up to you, but you can consider a lot of things to get the fairest rates.
In terms of what you should consider, they are the following:
Taxes – The Australian government charges a Goods and Services Tax on everything you sell.
Demand– Amazon Australia is huge. But it’s nowhere near as massive as its American counterpart. It only brings in 14 million users a year, while its sibling boasts of over 2 billion. This influences how many sales you would make.
Shipping – You should probably join FBA – Fulfillment by Amazon. You’ll be saving a lot on the dispatching and storing of goods.
Costs – To sell the products, you’ll either have to buy or make them. This would cost money. You’ll also be spending for an account on the site. Don’t forget that you’ll be charged a commission per product sold, a closing sum if it’s any type of media, and another fee if you’re planning on giving a customer a refund.
Competition – Probably the best way to figure out how much your products should cost is by looking through competitors’ shops. Check out the most successful ones. They might be doing so well as customers are happy with their prices.
You can also look at guides online to find out more. Forums are available as well. You should think about visiting the latter as you’ll be able to speak to other sellers, getting their expert opinions.
We believe making use of Amazon’s sales margin tool would be helpful. You’ll include the cost of your goods, listing price, product category, and fulfillment method. You’d then get a good breakdown of your sales margin. This would let you know if your price is realistic or not.
When beginning as a seller, you should not have a store full of items. It’s recommended that you ease into it. This would help you nail your metrics and marketing. When you add more products, you’ll know exactly what to do. As a result, you won’t be losing cash, as you won’t be spending on new goods that no one purchases.
How Do You Ship Items?
You can either ship the items yourself or through Amazon’s fulfillment service. If you are doing it yourself, you need to find a dispatching service that is not too expensive. They each charge differently per kilogram.
Be sure to make note of your inventory. If you’re low on stocks, but you keep accepting orders, you’ll have to issue refunds. This not only would cost you extra, but you would leave customers with a negative experience. You should also regularly check orders so that you can have them shipped on time. Not doing this quickly enough would leave them angry.
We recommend you to use FBA. We touched on it a bit earlier. However, it lets you use Amazon’s warehouses. Your products would be stored and dispatched from them. What’s great about their fulfillment service is that you can charge free shipping. This would be enticing to customers. And you’ll be able to provide two-day delivery to Prime members. Thankfully, you won’t be spending a lot on the service as it’s pay-as-you-go. You’d have to pay for the storage you’re taking up and the orders the company has to do.
One of the perks of using it is that you can get products wrapped too. Along with free delivery, this is a little something customers would appreciate.
Can You Work with International Buyers?
Although the site mainly caters to Australian buyers, you can sell products to people across the globe. That being said, you’ll have to find a way to convert currencies in a way that you won’t be losing cash. There are two ways you can do this.
Have A Foreign Bank Account
This option is complex, unfortunately. You need to have accounts in the countries you’re willing to take buyers from. One of the reasons it’s so complex is because each country would have different regulations for foreign citizens trying to make accounts. You’ll also face heavy fees they’d cut for converting cash.
Money Transferring Services
This is probably the most common way you’ll be working with foreign buyers. You’ve probably used money transfer services before, they are applications like PayPal, Google Pay, and Venmo. They offer seller accounts. You can get one that’s capable of holding many currencies, and get superb exchange rates and you thankfully won’t face hefty conversion fees.
Be mindful of the transferring service you use, though. Although you might be a fan of Venmo, a lot of people don’t utilize its services. This is true for Google Pay too. You want to attract the most customers, so think about using something popular like PayPal.
How Do You Become Successful on Amazon?
To become the best seller, you need to have prices that are not too high. No one likes spending more than they should. Your products should also be enticing. You should invest in a copywriter who can write good product descriptions. If you’re not the best with words, there are writing services that you can utilize.
Social media would be helpful too. Your best bet would be Facebook and Instagram. You’d get detailed breakdowns of how much traffic your posts are getting. This would help you know how effective your marketing tactics are being. With a lot of people directed to your page, you can send them to your store.
Also, be as friendly as possible to customers. No one likes to spend more than they should, and they especially don’t like working with rude people. By being helpful and considerate, you’re increasing the chances of word of mouth spreading as well.
If you’re interested in joining Amazon Australia, you should think about taking the leap. The platform is one of the largest marketplaces in the world, and around 14 million people visit it in a year. That being said, its American counterpart towers over it, with over 2 billion visits a year.
The marketplace isn’t hard to join. You can sell a range of products on it too. There are restrictions in place, however, so if you’re planning on selling anything deemed illegal, you had best look elsewhere.
When using the service, you’ll have to pay. This would be your monthly subscription as well as a commission the company takes per unit sold. The latter depends on the type of product you’re offering. They also charge a $1 closing fee if it’s any sort of media.
With some good marketing, you can become very successful. There’s a formula to follow, which you can learn from looking up various guides online. You can also make use of their Fulfillment service. A lot of cash would be saved on the dispatching and storing of goods. You’d also pique customer’s interest as you’d provide 2-day delivery to Prime members, free shipping, and gift-wrapping. You can’t go wrong if you cover all these bases, and you’d become successful in no time.
If you have to send money to or from Australia, it’s natural that you’re wondering how long bank transfers take.
Sadly, they are known to take a while. We believe using a transferring service is better. We’ll tell you how long traditional transfers take, and whether you should use their alternatives or not.
How Many Days Do Bank Transfers Take?
If you’re sending money to another account in your bank, it would be processed and sent immediately. If it’s to another financial institution, the person you’re transferring to can expect it in their bank account in 1-3 business days.
When sending and receiving cash from abroad, the time taken depends on the currency used. But it would usually take around 3 business days to process. If you sent the cash during the weekend or on a holiday, it would most likely be processed the next business day. Although unfortunate, this is a standard procedure.
In terms of why a transferring service might be worth your while, they don’t charge hefty currency conversion fees, to begin with.
You might think that they’re not reliable, as they’re not banks. This is not true, they are authorized by regulatory bodies. However, as there are so many available, some are superior to others.
Australian Services That Offer Fast Bank Transfers
For an Aussie, we believe these three services offer the fastest bank wires:
To help you know if you should work with them or not, we reviewed their services. Read ahead.
The transferring service is very safe to use. They were authorized by the Electronic Money Institution. This means that they’re regulated by the Financial Conduct Authority (FCA) and Her Majesty’s Revenue and Customs (HMRC) in the UK.
As an Australian, you’ll love to know that TransferWise is regulated by Australian authorities as well. The Australian Securities and Investments Commission (ASIC) tends to it.
As they’re regulated by the FCA, your cash is ultra-safe. The governing body makes sure that your money is kept in bank accounts separate from the company. Why is this good? Because if they ever go bankrupt, your funds would not be affected.
They are so safe that some of the world’s largest companies have invested in them. They claim to have collected over USD 396 million in funds from names like PayPal, the Virgin Group and Sapphire, and Seedcamp.
When sending and receiving foreign currency, you’re probably wondering how much they would charge. You would pay a flat fee along with a percentage of the amount you’re sending. The percentage depends on the currency you’re working with. For example, sending GBP (British Pound) to EUR (Euro) would result in a 0.35% commission and AUD 1.44 fee. Meanwhile, sending in reverse would result in a 0.5% commission and a fee of AUD 3.60.
If you’re making the payment through a credit card, you would also be charged an additional sum. This is normal with money transferring services. It would be between 0.3-2% of how much you’re sending.
The company is fully transparent with the fees they cut. You can learn all about them on their site. At the end of the day, their rates are very competitive. You’ll be getting a better deal than with traditional bank transfers. This is especially true as they make use of the truest mid-market rates. The majority of its competitors make a mark-up from the cash that’s being sent.
What’s better is that they lock conversion rates for 24, 48, and 78 hours. This prevents your cash from being a victim of fluctuating currency rates.
They let people from all over the world use their services. You can send money from 43 different countries, and receive it from 71. They are so convenient to use that they even offer Apple Pay and Android Pay. Unfortunately, the two can’t be used for all currency options.
In terms of the currencies, you can send and receive money in, 57 of them are available. They can be transferred across 1000+ routes.
So, how fast does money get sent? When sending funds to someone, it will show up in their account on a working day. This is true regardless of where they live. At most, it might take 2. However, the latter is very unlikely. It could be due to security checks.
The company has been around since 2011, so they know what they’re doing. In 2016 alone, they saw a growth of 150%. They came into being to not only offer fast transfers but affordable ones. They have succeeded in this.
Revolut is a revolutionary service that gives banks a run for their money. The app works to replace banks, even issuing virtual and physical debit cards. They are secure. You’ll love that they’re regulated by the FCA. If you remember, this means that cash is kept in a separate account, not letting the company access it if they’re ever in need of money. They make use of accounts at Barclay’s and Lloyd’s.
They are especially private about user information. They use a thorough third-party means to ensure that your data is never leaked. Like TransferWise, you can place two-factor authentications on your account. This would result in no one being able to break in, as you’d have to verify every attempt.
We know that the FCA regulates them, so they’re secure. But how much security does the application itself boast? It is protected through a 2048-bit SSL encryption. They are notoriously difficult to crack.
Revolut acts as a digital banking alternative. You don’t have to issue paperwork to create an account. All you have to do is download their app. They say that you can open one within 60 seconds, and they’re not wrong. However, you’ll have to top-up money from an existing bank account to it. This is one of the security checks they do. The other is proof of ID, which would require a selfie to confirm that the picture in your passport/NIC is you.
There are multiple account types to choose from. There is a free account option. But there is also a premium one, which would be AUD 12.60 a month. There is a metal account option too. It would cost you AUD 23.41 every 30 days.
As mentioned, you can even receive an international debit card from them. It’s exactly like working with a real bank. That being said, you’ll find it easier to send and receive cash internationally.
To begin with, you probably won’t be charged fees for international transfers. It is free up until 9000 Australian Dollars. Once you transfer cash above that limit, 0.5% of the sum would be charged. There is an exception, though. Your cash would be sent through SWIFT if the account you’re sending to is not in the EU. This would result in a fee being charged, which is influenced by how big the sum is. However, not by Revolut. It would be by the bank.
Sending the cash would be simple. All it takes is the click of a button. In terms of how long transfers take, the answer isn’t fixed. Throughout the EU, it’s instant. Sending cash to and from Australia might take 2 business days. Unfortunately, some transfers can take around 5 business days if they think it was suspicious.
When sending across currencies, you won’t be getting the truest market-rate. Before you get disappointed, know that you’ll get something close to it.
One of the best things about them is that you can transfer fiat (cash) into cryptocurrency. The options they offer are popular ones, like Bitcoin, Ethereum, and Litecoin.
CurrencyFair is not like the rest. They make use of a peer-to-peer system. This means that you exchange currency rates with others on the application. As a result, you could get a better deal than working with a bank.
Like the other two, they are regulated. You are authorized by the Central Bank of Ireland. Just like with the FCA, this means that client money is kept in a separate bank account. If anything were to happen to the company, your sum would be safe. As they’re regulated by a major bank, they keep their systems and procedures at the highest standard.
Your account on the platform would be safe too. They let you place two-factor authentications, so no one would ever be able to break in.
Unlike Revolut, you will be charged fees for international transfers. For starters, a flat fee of AUD 5.41 per transfer. If your CurrencyFair account has multiple currencies, you can pick which one you want the $5.41 to be cut in. This would give you the best rate. Depending on the currency you’re transferring to, you may be charged a commission as well. This would be between 0.1-0.6% of the exchanged amount. Thankfully, neither of them is too steep.
There are no other fees unless you’re transferring a couple of specific currencies. These are the New Zealand Dollar (NZD), Canadian Dollar (CAD), United Arab Emirates Dirham (AED), United States Dollar (USD), South African Rand (ZAR), and the Israeli New Shekels (ILS). This is as the money would be sent through SWIFT, so the banks would cut a fee.
In terms of the currencies you can trade, you’re not met with as wide of a range as TransferWise. You can only make use of 20 different ones. You can send and receive cash from 150 countries, which is more than what Transferwise offers, though.
Due to the peer-to-peer system, you can choose your currency rate. This could lead to very competitive deals. However, they would only take place if another CurrencyFair user offers anything good. If you’re not careful, this is why you might be stuck paying more than a bank.
That being said, a lot of customers report that they’ve received rates as low as 0.35% below the mid-market-rate.
In terms of how much time international transfers would take, they are pretty speedy. You can expect them in your account within a business day. At most, it would take 2. Compared to the other two, it is the fastest option.
Unfortunately, you can’t send cash as fast on the weekend or during holidays. This is standard stuff, though.
When it comes to transferring money to-and-from Australia traditionally, it would take a while. This isn’t true just for the country, but anywhere in the world. This is due to the conversion of the cash, and banks taking their mark-up. If the sum is very big, it would also need to be verified. That’s why working with a transferring service may be the best choice. There are thankfully many of these that Australians can use, and we are fans of TransferWise, Revolut, and CurrencyFair.
TransferWise is the most regulated from the bunch. They are authorized by the FCA, ASIC, and the HMRC. Your money would be sent rather fast, and you can and receive 57 different currencies. The platform lets a wide range of users work with them, as they let you receive cash from 43 countries and send it from 71. The best thing about them is their mid-market rate. It’s probably the truest rate you could get – the transferring service is clear that they don’t want to make a mark-up from it.
Of course, they charge some fees. This depends on the currencies you’re working with, but it would be a small percentage of what’s being sent.
When it comes to Revolut, one of the perks of working with them is the card you can have. The cherry on top of is the fact that they don’t charge any conversion fees. If you are charged, that’s only because the bank you sent the cash to charged it.
Wouldn’t you agree that the services are a cheaper, faster option? Which of the three caught your attention the most?