Top destinations for overseas money transfers revealed

Approximately 2.4 million Australians send money overseas each year, according to research from the Commonwealth Bank.

The survey also suggested that one-fifth of this number will send more than $2000 per year, with the most common destinations being the UK, US, China and New Zealand.

It would seem that the majority of these transfers are for personal purposes, while most of them are also carried out online.

As a consequence, the Commonwealth Bank has developed pay-to-mobile technology that allows for overseas transfers to take place with an international mobile number. This simplifies the current process, which requires information such as the recipient’s name, home address, bank account number and the SWIFT BIC code of their bank.

“Each month, we receive thousands of requests to ‘amend or cancel a payment’ from customers worried they’ve entered the wrong information, preventing money from reaching the intended family member or friend overseas,” Commonwealth Bank Executive General Manager, Digital Pete Steel said.

“By applying pay-to-mobile technology to international money transfers, we expect payment errors to significantly reduce, giving customers peace of mind.”

The bank’s research also reveals that money is typically sent to a range of close family members, with parents the number one recipients, followed by siblings, then friends.

“In December alone, we are likely to process a higher volume of overseas transfers, which will become much easier for customers in the countdown to Christmas with the introduction of pay-to-mobile technology,” Steel said.

Residents of Western Australia are most likely to send money to family and friends in the UK, while those based in either Victoria or Tasmania are more likely to send money to China.

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