A multicultural country like Australia has many residents with links to family and friends overseas. New research has now revealed the extent of money sent overseas out of Australia, including the most popular destinations.
Commonwealth Bank has revealed that 2.4 million Australians transfer an average of $1,300 overseas each year. One-in-five reportedly send more than $2,000.
“Most of these international money transfers are for personal purposes, with 10 times more people opting to process their transfer via NetBank and the CommBank app each month, rather than visit a branch,” said CommBank digital executive general manager Pete Steel.
The United Kingdom was the most popular destination for overseas transfers, with more than half-a-million Australians sending to the country. The USA, New Zealand and China were the next most popular destinations.
Although more people send money to the United Kingdom, the amount going to the United States was almost double, with $683 million shipped out to America. Similarly, New Zealand had more people sending to it but China received more funds.
The numbers were announced in conjunction with the launch of CommBank’s pay-to-mobile technology for overseas transfers. The new functionality — which is claimed as a first among the Big Four banks — means customers only need to know the overseas recipient’s mobile telephone number. No bank account, SWIFT code or address details are required.
Steel said that CommBank each month receives “thousands” of cancellation requests for overseas transfers from people worried that they’ve entered the incorrect information. The pay-to-mobile solution is expected to reduce this error rate.
Broken down by state, Western Australia had the highest proportion of customers (33%) sending money to the UK, while Victoria/Tasmania combined (12%) was the area with the highest Chinese overseas transfers. Sends to Philippines was the best represented in Queensland, with 11% of those surveyed sending money to the country.