Sold your overseas property? Here’s the best way to transfer the money back to Australia

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

Try to avoid this at any cost, unless you have a local bank account in the same country of the property. If you bring a bank cheque in a foreign currency back to Australia and convert it, it can be a nightmare. Banks and only a handful of financial institutions will even provide the service of converting it back to Australian dollars. Those that do offer the service, often take weeks to convert it, will charge you a host of fees and usually provide an uncompetitive exchange rate because you are tied in with them.

 

2. Send the money back to your Australian dollar bank account

Try to avoid this at any cost, unless you have a local bank account in the same country of the property. If you bring a bank cheque in a foreign currency back to Australia and convert it, it can be a nightmare. Banks and only a handfull of financial institutions will even provide the service of converting it back to Australian dollars. Those that do offer the service, take weeks to convert it, will charge you a host of fees and usually provide an uncompetitive exchange rate because you are tied in with them.

 

3. Use a money transfer company

When you don’t have time to shop around for the best way to transfer you money back to your home country, using a money transfer company you trust to be reliable and affordable is a smart way to deal with international money transfers. Our currency conversion specialists at The Currency Shop have lots of information about the best way to deal with your international money transfers.

 

 

More information

What You Need to Know When Transferring $100,000 Overseas

 


Exchange Rate Comparison Tool

 
 

 

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