Australia is one of the largest senders of remittance in the world. According to the World Bank, Australia remitted US$ 16.8 Billion in the year 2017. The top three countries that receive the highest remittances from Australia are China ($2.92 billion), India ($1.94 Billion), and Vietnam ($1.18 billion). Closely followed by the United Kingdom, Philippines, Lebanon, Italy, Germany, France, and Sri Lanka among others. The recipients in the developing economies are comprised of millions of families, which are being supported by their friends and relatives who have migrated and settled in Australia. With transactions that span the globe, funds are remitted for a range of personal and business reasons, including sending regular financial support to the families in home countries by the migrant workers, sending funds for emergencies, sending money to travelers, and to children studying overseas. According to the Australian Bureau Statistics, there is over 7 million immigrant population in Australia.
Australia took a global leadership position by creating the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006, administered by the Australian Transaction Reports and Analysis Centre (AUSTRAC) to ensure consumer safety and reduction of perceived risks associated with the remittance sector. AUSTRAC has put in place several rules and obligations such as reports on International Funds Transfer Instructions (IFTIs), Suspicious Matter Reports (SMRs), Threshold Transaction Reports (TTRs), and complying with Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations, including maintaining an AML/CTF Program.
Australian Competition and Consumer Commission (ACCC), Australia’s competition regulator and national consumer law body is currently investigating a report submitted as part of an ongoing inquiry into competition in the Australian financial system which, found that consumers were struggling to compare fees for foreign transactions. At CompareRemit, we list all the top remittance service providers side-by-side to make comparison easy and straightforward for our users. CompareRemit is a brand that is trusted globally, and as we continue to protect your money and guard your security, we are committed to bringing you the best deals available in the market.
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 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
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