Australia stands as one of the world's leading senders of remittances, having contributed a significant amount of US$ 16.8 billion in 2017, according to the World Bank. The primary recipients of these remittances from Australia include China ($2.92 billion), India ($1.94 billion), and Vietnam ($1.18 billion), closely followed by countries such as the United Kingdom, Philippines, Lebanon, Italy, Germany, France, and Sri Lanka. These funds serve as crucial support for millions of families in developing economies, provided by friends and relatives who have migrated and settled in Australia. The money transfers from Australia span the globe and serve various purposes, including regular financial assistance to families, emergency funds, support for travelers, and financing the education of overseas students. With over 7 million immigrants in Australia, the country offers ample opportunities for individuals to send money globally.
Australia has positioned itself as a global leader in financial security by enacting the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006, overseen by the Australian Transaction Reports and Analysis Centre (AUSTRAC), to enhance consumer safety and mitigate risks associated with remittance services. AUSTRAC has implemented various regulations, including the reporting of International Funds Transfer Instructions (IFTIs), submission of Suspicious Matter Reports (SMRs), filing of Threshold Transaction Reports (TTRs), and adherence to Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations, which include maintaining an AML/CTF Program, ensuring compliance when sending money from Australia and facilitating secure fund transfers.
The Australian Competition and Consumer Commission (ACCC), the country's competition regulator and consumer law authority, is currently investigating a report as part of an ongoing inquiry into competition in the Australian financial system. The report highlighted the difficulties consumers face when comparing fees for foreign transactions. At CompareRemit, we address this issue by providing a comprehensive list of the top remittance service providers in Australia, allowing users to easily compare and choose the best option. As a globally trusted brand, CompareRemit is dedicated to protecting your money and ensuring your security, while continuously striving to bring you the best available deals in the market for sending money from Australia. .
Helps remittance users to find the best way to send money abroad to their loved ones, friends and family
Makes it easier & more profitable for businesses to make international payments & global transfer
Creates a marketplace for money transfer providers to reach out to a highly valuable remittance audience
CompareRemit is changing the way that people all across the world send money online. We partner with trusted remittance companies to allow you to compare your options every time you send money internationally. Factors are always changing when it comes to international money transfers, especially exchange rates. We provide you with real-time exchange rates from the top remittance providers in the industry so you can compare and choose the best current exchange rate offering for your desired transfer destination.
CompareRemit also enables you to compare transaction fees, transfer speed, and special offers so that you can make the best decision when choosing a provider to transfer money abroad to your friends and family. We proudly support providers offering online money transfers to India, Sri Lanka, Pakistan, Bangladesh, Nepal, Philippines and Mexico. Send money overseas using CompareRemit today!
CompareRemit is a really nice app and website, where I am able to compare all the remittance rates with all the competitors. CompareRemit highlights the highest-rate provider on the top of the page which easily helps me decide which one to choose to transfer money for my needs in a short time. I would love to continue using CompareRemit as a steady reference for my money transfer.
CompareRemit service is very essential for anyone who is out of their home country for work., because they all need to send their hardly earned money to their country. For that, there many vendors are available in market but their prices are keep on changing. The best way to know which vendor is offering a good transfer rate and all of their pros and cons, is CompareRemit. A great deal of time and research is involved in the remittance process, but CompareRemit will provide all the necessary services for you.
Naresh Babu Selvarajulu