International money transfers from Australia growing in value, figures suggest

The Australian dollar has continued to grow in value on the global currency markets, spelling good news for British expats making international money transfers from cities such as Melbourne or Sydney.

According to the latest figures, the dollar has now climbed to a 26-month-high of 97.05 US cents as the domestic economy continues to power its way out of the recent downturn.

Professional working in Australia and opting to send cash home through international money transfers are likely to be benefitting, even if visitors to the country are finding it more expensive than they may like.

Speaking to the Associated Press, Robert Rennie, chief currency strategist at the Australian bank Westpac, suggested that this trend is likely to carry on for the foreseeable future.

"If the Australian dollar is able to navigate October without a serious correction, I think the risks of us hitting parity [with the US dollar] by the end of this year will rise significantly," he said.

This comes as the country's economy has been given a further boost as the Reserve Bank of Australia has reported that its domestic commercial banks are now profitable and bad debt charges have peaked.

Click here to make an International Money transfer to Australia

Posted by Thomas Smith