Here's how to find the best way to transfer money back to Australia

1. Compare your local banks and money transfer services

2. Set-up an account with the bank or service you’ve chosen. Most of the time it can be done online but you will need to have some I.D. available

3. Transfer the money by confirming the exchange rate and fees. You’ll need the bank details of the person you want to pay in Australia. You also may need to pay for the transfer before the money is sent abroad

Transferring Money Back to Australia

 


 

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:

Money transfer fees

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.

Exchange rate margin fees

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.


Money Transfer Comparison Tool


 

Guide to Transferring Money to Australia

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Transfering a Large Amount of Money

If you are transferring more than $10,000 it is critical that you track down the best exchange rate from a company you know is safe and secure. With larger amounts, it’s also really important to avoid percentage based fees as they can really add up.

Our Verdict: TorFX is one of the largest foreign exchange companies in the world and importantly, they consistently have excellent exchange rates, particularly for large amounts. They don’t charge a transfer fee either.

Winner: TorFX
Read more about TorFX

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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.

Our Verdict: With the right foreign exchange specialist like Transferwise, it is possible to achieve the ‘real exchange rate’ that you see on Google or xe.com

Recommended For You: How Expats Can Transfer Money Overseas

Winner: Transferwise
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family

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.

Recommended for you: What you need to know about inheriting money from overseas
Winner: OFX
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Buying or Selling Property

Select a company with a strong presence in Australia. This will provide you with the support and flexibility you may require when purchasing a property.

Our Verdict: TorFX is an ideal choice for property settlement transfers. A local account manager will be appointed to guide you through each step. They are fully licensed in Australia and also offer a global support network.
Winner: TorFX
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Transferring currency for business

Business Currency Transfers

If you are a business in Australia that receives money in foreign currency – the TransferWise Borderless Account is worth a look.

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.

Our verdict: TransferWise. Their borderless account is the best product for transferring money back to Australia. It’s almost fee free and they have no exchange rate margin.

Winner: Transferwise
Read more about Transferwise

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Transferring large amounts of currency

Studying Overseas

Tuition fees have become steep and ever-increasing. As an international student, you would expect to pay between $15 000 to $50 000 annually, depending on your course. Bring in accommodation, bills and living expenses to the equation and you’ll be dreading the escalating numbers.

With smaller payments, look out for the transfer fee that is being charged.

Our Verdict: Worldfirst. This is perfect for students and their parents paying the bills to save on hefty transfer costs.

Winner: World first
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How much will it cost to transfer money to or from Australia?

Calculating the cost of your transfer can be tricky. Depending on how you send the money, the fees, charges and margins aren’t always obvious. Here are the most common charges to transfer money from one bank account to another

1. Standard Fees

These are the most common fee types.

Money transfer fees

Transfer Fees

Also known as a TT, Telegraphic Transfer, Wire or Remittance fee. This is the fee that banks and providers charge to transfer your money across to another country.

Exchange rate margin fees

Exchange Rate Margin

This is the difference between the wholesale exchange rate you can see on xe.com and the rate you receive.

2. Bank Surcharges

These are fees that your bank may or may not charge you for.

Money transfer bank fees

Corrospondent Bank Fees

This is a bank charge for transferring money to an international account. The fee is deducted from the amount that you transfer to your receipient. Note: This fee is not always charged by your bank.

Money transfer receiving bank fee

Recieving Bank Fee

If you are paying foreign currency into an account, the receiving bank will charge you for it. For instance, if you send Chinese Yuan to your Australian bank account, your Australian bank will charge you to convert it.


 


Choose the Best Way to Transfer Money Overseas

Compare Australian Banks and Money Transfer Specialists

Compare Now


 

How To Transfer Money Online


 

Frequently Asked Questions

Paypal and Western Union (cash pick-up) are the fastest options. The transfer can be done in minutes.
If you are sending the money to a bank account, it will take 1-2 days if you are using a bank.
Or 2-3 days if you are using a money transfer company.

Sending money using a money transfer company is similar to using a bank but there are some important differences. Here are the main steps to do it online:

Setting things up (only has to be done once)

  • Log on to their website and register your details. You’ll need to have some I.D handy
  • Once your account has been approved, you’ll get a login and password
  • Enter the banking details of where you are sending the money. They are usually called the “Beneficiary” or “Recipient”

Tranferring Money

  • Get a quote for the amount you want to send
  • Confirm the details including the rate and how much it is in Australian dollars
  • You’ll get a deal confirmation. Finally you’ll need to pay them the Australian dollars before the money is sent.

1. The Bank Overseas Sending the Money

Getting the bank overseas to convert the money before it is transferred to Australia is an easy option but you don’t always know what exchange rate they will use. In some cases, the overseas bank will give you a better exchange rate than a local bank. This is particularly true for transfers from Thailand, Malaysia and India.

2. Your Bank in Australia

This is by far the easiest option. Unfortunately, banks generally have higher fees and uncompetitive exchange rates. But this doesn’t mean you should never use a bank. For small amounts under 1000 dollars they are worth considering.

3. A Money Transfer Company

Money Transfer Companies like OFX and TransferWise are often the cheapest option when you are receiving between $1000 and $1,000,000 from overseas. This is because they offer better exchange rates and lower (and sometimes no) fees. The downside to using a transfer company outside of a bank is that you’ll have to set up an account with them first. Once you have registered your details, you’ll need to ask for their bank account details and transfer your foreign currency to their account before it’s converted and deposited in your local Australian dollar account

The banks and Paypal don’t have a minimum transfer amount but most money transfer companies do. If you are sending less than $500 to Australia and intend to use a money transfer company, make sure you check their minimum transfer amount.

 

Money Transfer Guides

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Currency Calculator: Australian Banks and Money Transfer Specialists

This calculator helps you compare exchange rates and fees of banks and money transfer specialists.


 

Cheaper ways to transfer money overseas

5 Cheaper Ways to Transfer Money Overseas

Using a bank is one of the easiest ways of sending money overseas but it is also the most costly. Here are 5 cheaper alternatives…


 

How to transfer money back to Australia

Will You Be Taxed on Money You Transfer to Australia?

Whether you need to pay tax on money you transfer to Australia depends on your residency status, the source of the money and the Australian Taxation Office rules.


 

 

Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

An easy way is to use a comparison table for either international money transfers or currency exchange. These tables list and compare the banks with other large foreign exchange companies.

We’ve also put together tons of helpful guides and reviews that will help you make the right decision. You can work out a cheaper way of converting currency while still keeping your money safe.