Transferring Money Back to Australia from Overseas
The Best Way to Safely 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
Exchange Rate Comparison Tool
The Best Way to Transfer Funds Based on Your Situation
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.
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.
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
Select a provider 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.
If you are a business in Australia that receives money in foreign currency - the TransferWise Borderless Account is worth a look.
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.
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.
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.
For large payments like tuition, make sure you hunt down the best exchange rate.
Taking a part time course? 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.
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.
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
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.
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.
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.
Ready to go?
Get your first two transfers to Australia with OFX for free
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.
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.
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.
Set up rate alert
Let us do the hard work for you. Simply let us know which currency you want to buy and what rate you are after. We'll contact you as soon as we find a currency partner that can sell it at your nominated rate. If you have a large amount, call us on 1800 004 930
Request a call
A local consultant will call you back within one business day to help you out. Alternatively, you can call us directly on 1800 004 930.
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