Transferring Money Back to Australia from Overseas


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.


Girl with glasses sending Money Back to Australia

What's in this guide




The Cheapest Way to Send Money Back to Australia Based on Your Amount

The amount of money you are sending back to Australia is one of the most important factors when working out the most cost-effective way method of transfer. 

To show you how the cheapest way will change depending on the amount, we've put together a table based of a transfer of 1000 US dollars


Total Received from 1000 US dollars Transferred Back from Australia

Transfer Method US dollar Amount Exchange Rate Fee Total Received
World First 1000 0.7792 - $1,283.37
HiFX 1000 0.7823 - $1,278.28
OFX 1000 0.7849 - $1,274.05
Paypal 1000 0.7985 $0.30 $1,252.05
ANZ 1000 0.8000 $15.00 $1,235.00
NAB 1000 0.8005 $15.00 $1,234.22
Commonwealth Bank 1000 0.8048 $11.00 $1,231.54
Westpac 1000 0.8049 $12.00 $1,230.39

Exchange Rate and Fee Comparison Tool



The Best Way to Transfer Funds Based on Your Situation 

In different situations, it pays to use some banks, providers or payment methods over others. Here is a list of the most common situations:


Expat Sending Money Back to Australia

Larger Amounts

If you are transferring more than $100,000 it is critical that you track down the best exchange rate from a company you know is safe and secure. TorFX is one of the largest foreign exchange companies in the world and importantly, they consistently have excellent exchange rates, particularly for large amounts.

Related Link: Click here to go to TorFX site


Receiving Money as a Business

BREAKING NEWS: TransferWise release Borderless Account in Australia.

The account is designed mainly for small businesses, sole traders, entrepreneurs, and freelancers who want to take receive money and make payments in multiple currencies around the world.

What makes it different to every other type of foreign currency bank account, is the ability to open up a local bank account in USD, GBP, EUR or AUD. This unique feature makes it incredibly easy to receive money from customers and suppliers overseas.

If you are a business in Australia that receives money in foreign currency - this is worth a look.

Related: REVIEW: Borderless Account


Related: Foreign Currency Accounts: Explained and Compared


Moved to Australia or Coming Back From Overseas?

Living and working overseas can be a great experience. Unfortunately, moving the money back to Australia often isn't. Loaded exchange rates and fees can reduce the amount you receive into your bank account in Australia. With the right information at your fingertips and a professional currency conversion expert at your disposal, you can boost the potential benefits and minimise your risks.

With the right foreign exchange specialist like Transferwise, it is possible to achieve the 'real exchange rate' that you see on Google or

Related Link: Click here to go to Transferwise site

Related: How Expats Can Transfer Money Overseas


Sending back money from an inheritance  

Repatriating funds from overseas after the passing from overseas can be a stressful process. In this situation, consider using OFX. They have a large global network of banking relationships. They also have a dedicated customer service team that have experience dealing with these type of transfers.

Related: Inheriting assets from overseas - what you need to know about international money transfers

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Safety and Security Information: 

Choosing a safe and secure way to transfer your money is critical. Before you send your money overseas, make sure your bank or money transfer service has the following:

  1. An Australian Financial Services Licence (AFSL)
  2. Is registered with Austrac
  3. Member of the Financial Ombudsman Service (FOS)

All the companies mentioned above except Western Union meet all three criteria.


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More from The Currency Shop



Links to Exchange Rate, Fees and Table Notes

Exchange Rates




National Australia Bank





National Australia Bank

Notes about the tables:

  1. The exchange rates quoted are indicative and were taken from publicly available websites. See Free resources to help you learn more about sending money overseas for all the links

  2. The exchange rates and fees for Transferwise and CurrencyFair are not included. This is because the exchange rate depends on if they can find a match for your transaction. 

  3. Outside of the exchange rate and fees, each method has it's own pros and cons. Make sure you find out more before deciding if it is right for you

  4. TorFX, OFX and World First have minimum transaction requirements which is why they do not appear on the first table

  5. Exchange rate margins and fees are different for other currencies and are subject to change. 

  6. We have compared the most common methods of payment however we have not compared absolutely every method, company and bank in Australia. The list is too long.

  7. The Currency Shop has commercial partnerships with some, but not all of the banks and companies listed on the table. For more information, see our list of partners here

  8. Credit card charges do vary. We used the typical charges and exchange rates from a Comm bank Mastercard

  9. Western Union fees and exchange rates vary. They change depending on if it is a bank transfer or pick-up, whether you pay via bank transfer or using a credit card, and finally whether you transact online or in-person. In this example, we used the rates and fees for a cash pick-up, paying by card.