Whether you have sold an investment house in the USA or a unit you bought while working in the UK, the whole process can be riddled with hidden costs. Once the property has settled and you need to get the foreign currency back to Australia, you have a few choices of how to do it.
Transferring money after a property sale is a big deal. Because of the size of your transfer, the small difference in exchange rate when you send the money can work out to be a huge difference in overall cost.
This guide will take you through the most common methods of getting the money back into Australia. It details the pros, costs, benefits and costs of each approach.
The 3 Most Common Ways of Transferring the Proceeds of Your Property Sale Back to Australia
1. Get a Cheque
2. Local help
3. Use a money transfer company
How to Get Good Exchange Rates When Selling A Property Overseas
When transferring money between countries, you could end up losing thousands of dollars through a bank. It’s crucial to avoid poor exchange rates, high fees and commission charges. Here are the best ways to getting the best exchange rates.
1. Research the live exchange rates.
Find out the wholesale exchange rate , it will give you a benchmark to compare the exchange rates between money transfer companies and banks.
2. Compare exchange rates online.
The tool below helps you compare exchange rates between banks and money transfer specialists. Save time and do it all under a minute.
3. Be informed of cheaper alternatives.
A trusted company like OFX provides a cheaper option to transfer money overseas.
How to Find the Cheapest Way to Transfer Money Overseas
Compare The Total Cost
The total cost of the transfer comes down to 2 things:
1. Transfer Fees
Every Australian bank and money transfer company will charge you a different fee to send money overseas. Usually it’s between $10 and $32.
2. Exchange Rate Margin
There is no “standard” exchange rate. Each bank will offer you a different exchange rate based on the currency you want to send overseas and the amount you need to send.
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This calculator helps you compare exchange rates and fees of banks and money transfer specialists.
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Transferring money back to Australia isn’t easy. It can also be really expensive depending on what exchange rate you get. This articles compares the best ways of moving money back to Australia.