Almost 30 percent (29.1) of Australian residents are born overseas - that’s about 8 million people who have family or friend ties abroad. This means, they’re likely to be sending gifts overseas this festive season — but at what cost?
Wise, the global technology company building the best way to move and manage money around the world, has been helping Aussies move money across borders for over 11 years, and save cash in the process. Wise Australia’s country manager, Tristan Dakin has some tips for Aussies when it comes to shopping for loved ones who are living abroad this festive season.
- Shop online at a local store, in the local currency: It’s much cheaper to shop on a local website, using a local shipping company and the recipient’s local currency to pay for the gift. For example, this embroidered kimono from fashion giant Zara, is costing Aussies $319, but if they wanted to send it to a loved one in London, they could shop on the Zara UK website and purchase the same item for £149 GBP which equates to $265.93 AUD using Wise. Even once you add the shipping, it’s still cheaper than $319 AUD.
- Use the Wise card to shop: Wise offers a mid-market rate (the one you see on Google) and a low upfront fee, saving shoppers from hidden fees and the marked up exchange rates they’d face when using their bank card or credit card. The multiple Canstar award winning Wise debit card allows Aussies to shop in over 40 currencies; making shopping for gifts easy, no matter where your loved one lives.
- Look out for transparency around the fees you’re being charged: Some banks will charge a currency conversion fee, and a marked up exchange rate - meaning you’re paying two types of fees without realising it. Be mindful of this, and steer clear of terms like ‘fee free’.
About Wise
Wise is a global technology company, building the best way to move and manage the world's money. With Wise Account and Wise Business, people and businesses can hold 40 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new network for the world's money.
One of the world’s fastest growing, profitable tech companies, Wise launched in 2011 and is listed on the London Stock Exchange under the ticker, WISE.
In fiscal year 2024, Wise supported around 12.8 million people and businesses, processing approximately £118.5 billion in cross-border transactions, and saving customers over £1.8 billion.