Cheaper Ways to Transfer Money to Australia
Sending money to Australia can be full of hidden fees and costs. It can also be pretty confusing if you've never completed an international money transfer or you want to try a different option. In this guide, we will show you how to transfer money to Australia, including:
How to transfer money to Australia
While each bank and money transfer service is different, you will always need to follow these steps to transfer your money safely and quickly:
- Set up an account usually takes 5-10 minutes and make sure you have I.D.
- Enter bank account details of the person or company you're sending the money to
- Pay for your transfer using a card or bank transfer
Now that you know how to transfer money to Australia you can compare your options. We understand this isn't easy. Every bank and money transfer company offer different exchange rates and transfer fees.
That's why using our table compares the total cost of the transfer, based on the amount of your transfer.
How to find the cheapest way to transfer money to Australia
Banks and money transfer services will offer different foreign exchange rates and transfer fees depending on your amount. To find the cheapest option, you really need to compare the total cost of the transfer based on your amount.
Fastest way to send money to Australia
Sometimes, you just need it done, now! The problem is, it's hard to work out the quickest way to send money to Australia. When you need to urgently send money overseas, we know which service you should use.
This company is great if you want a fast, hassle-free and low cost way to send money overseas. They even have a transfer calculator to give you a rough idea of how long your money transfer will take.
TransferWise offer a quick, easy to use online service and mobile app, ideal for sorting out your international money transfers right now.
- It’s very fast and easy to create an account.
- They offer the best exchange rates available.
- You can pay via bank transfer, credit or debit card.
- There’s no minimum transfer size.
- Can't pay for your transfer via cash or cheque.
- There’s limited customer support, you can’t call them so need to interact via email or through their website.
- They don’t support all global currencies.
How much will it cost to make my international money transfer?
There are 3 fees you'll usually be charged to send money back to Australia:
- Exchange rates - The better the exchange rate, the more Australian dollar (AUD) you get in your Australian bank account. Money transfer services that offer competitive exchange rates will usually charge you a separate transfer fee.
- Transfer fees - These can range anywhere between $0 to $5. Some online transfer companies offer fee-free transfers for sending large amounts of money. These companies usually charge a slightly worse margin on their exchange rate, but are still better than bank fees.
- Hidden fees - You or the person you're sending money too will often get charged an Australian bank receiving fee (also known as an "intermediary fee") anywhere between $10 and $25 for each receiving transfer.
What information do you need to transfer money to Australia?
- Transfer Amount
- Currency - select AUD
- Reason for transfer
- Your full name
- Your personal bank account number
- Personal address
- Phone number
Australian Bank Account details
- Bank's name
- Branch address
- BSB number and Swift code or BIC code
- Australian bank account name
- Australian bank account number
Your bank or money transfer company may request more information about your international money transfer to meet anti-laundering regulations or internal security policies.
Here is a summary of details required for Australia's major banks:
|Bank Name||SWIFT / BIC Code||Branch Address Locator|
|Commonwealth Bank of Australia||CTBAAU2S||CBA Branch|
|Westpac Bank||WPACAU2S||Westpac Branch|
|ANZ Bank New Zealand Limited||ANZBNZ22||ANZ Branch|
|National Australia Bank||NATAAU3303M||NAB Branch|
How long does it take to transfer money to Australia?
Money Transfer Services can take 0 - 3 business days
When using a money transfer service, they tend to quote transfer time in hours not days. Unlike banks, they keep you updated on the movement of your funds.
Remittance Companies can take 0 - 5 business days
An instant transfer is available with remittance companies if you pay a higher transfer fee and the person can organise a cash pick-up. You can send money using a bank transfer and it can take up to 5 business days.
Bank to Bank Transfer can take 2 - 5 business days
Also known as a 'wire' or 'telegraphic transfer'. These transfers are slow, because the money may go through a network of correspondent banks before landing into their local bank account.
Keeping your money safe
One of the main questions people ask us is “will my money be safe online?" The answer is yes.
We've made sure that all the money transfer services and banks you compare are safe. Each company is :
- Is regulated in Australia - by AUSTRAC
- Holds an appropriate Australian Financial Services License (AFS) - with ASIC in Australia
- Have strict privacy and verification policies - this is to ensure they fully identify all of their customers.
- They invest in identity protection, fraud prevention and encryption to create a secure connection with your internet browser when you register and login into their online services.
How can I transfer money back to Australia with the Big 4 banks?
While we have covered the benefits of using an online money transfer company, many people have bank accounts with NAB, CBA, Westpac and ANZ.
These banks have a variety of ways for you to receive money, including a mixture of payment systems and receiving fees. That's why we've put together these detailed step-by-step guides on how to receive money in Australia:
How much money can I bring to Australia?
Surprisingly, you can bring an unlimited amount of money with you to Australia. However, you must declare your Australian dollars or foreign currency cash if you're carrying over A$10,000.
You won’t be charged any fees for carrying or declaring physical currency. The Australian Transaction Reports and Analysis Centre (AUSTRAC) only collects the data to help prevent money laundering or terrorism. Here are some important details:
- If you're receiving over AUD $10,000, it's mandatory for you to fill in a declaration form for AUSTRAC
- If you're receiving money through a bank or money transfer company you don't have to declare it to AUSTRAC
Similarly, there is no limit on how much foreign currency you can transfer to Australia. However, some online international money transfer services have minimum or maximum transfer limits.
For example, XE and TransferWise have no minimum transfer limits and have maximum limits depending on where you're sending money from. Meanwhile, OFX and XE have no maximum transfer amounts.
How do I pay for my money transfer to Australia?
Depending on your provider, there are several different ways to pay. Many providers accept:
- direct bank transfers (also known as a telegraphic transfer, wire transfer or a SWIFT transfer)
- debit card payments
- credit card payments
Money transfer services may charge a small additional fee, depending on how you decide to pay (usually for debit or credit card payments).
Keep in mind that choosing the best way to send money to Australia will largely depend on your payment method.
Do I have to pay tax on my money transfer?
These four factors will help you decide whether you will need to pay tax or not:
- Source of your funds (inheritance, gift, proceeds from the sales of a home)
- Tax laws of the country you're sending money from and Australia to avoid double taxation
- Amount of money you transfer to Australia
- Your residency status
According to the Australian Tax Office (ATO) if you're moving to Australia for the first time, any savings you transfer will not be taxed. Once you're an Australian resident, money you transfer back to Australia can be taxed.
Learn more about taxes you may pay when receiving money in Australia
Can I send cash to Australia?
Yes. If you want to send cash directly to a person or account, rather than pay money into their bank account or mobile phone, you have two options — Western Union or MoneyGram. Both are expensive, but on the plus-side, usually the cash is available instantly.
You can arrange someone to physically collect cash in Australia at a store, agent or third-party outlet. The person in Australia will need a payment reference number and personal identification like your birth certificate, driver's licence or passport.
In Australia, Western Union has the largest network for receiving cash via Australia Post. However, it is also expensive. MoneyGram is our least favourite. MoneyGram charge a variable transfer fee so your fee changes every time you send cash and is only available in 7-eleven stores.
What is a SWIFT code?
A SWIFT code is a series of 8 or 11 characters that identifies banks worldwide. The code is made up of letters and numbers as follows: 4 digits bank code; 2 digits country code; 2 digits location code. It's also known as a Bank Identifier Code (BIC). Major banks overseas usually require a SWIFT code to send money to Australia.
Other terms used by banks overseas include:
- IBAN (International Bank Account Number) - mainly European countries
- CHIPS UID (Clearing House Inter-Bank Payment System Universal IDentifier) – US and Canada only
- NCC (National Clearing Code)
- BSC (Bank Sort Code)
- IFSC (Indian Financial System Code)
Find out the code for your bank with a useful bank code finder.
How does The Currency Shop make money?
The Currency Shop does not charge you. Instead, we receive a referral fee from the banks and money transfer companies that we are partnered with. This does not affect the price you pay.
Is it safe to use The Currency Shop to compare?
Yes. The Currency Shop holds an Australian Financial Services Licence (ASIC) (462269) and is a member of the Financial Ombudsman Service. We closely vet our providers and only partner with the largest, safest and most trusted money transfer companies in the world. That just makes sense.
Your currency knowledge centre
5 Cheaper Ways to Transfer Money Overseas
Using a bank is one of the easiest ways of transferring money overseas, but can also be the most costly. There are alternatives that can make the whole process cheaper.
International Money Transfer Comparison and Reviews
Find the best international money transfer exchange rates to send money overseas from Australia. Compare the rates and fees from leading banks and money transfer services.
How to Transfer Money Overseas from your Australian Bank Account
Transferring money overseas from your Australian bank account is simple once you know how to do it, but you might be short on time to figure it out.