How to Transfer Money To & From Australia

How to Transfer Money To & From Australia

Let’s cover everything you need to know so transferring money isn’t a hassle.How to Transfer Money To & From Australia Transferring money overseas is something every Aussie abroad will have to do at some stage.  If you stare blankly at the currency exchange board, don’t know what buy or sell means and not sure if you’re getting ripped off but just want to know the easiest and cheapest way to transfer money then this article is for you.

Ozzies Abroad looks at how to transfer money to and from Australia.

Just Know This!

You want low exchange rate, low fee’s and convenience.

Buy: If you’re an Expat and you saved some money and you want to send it to Australia. Then you need to Buy Aussie dollars.

Sell: If you are traveling around and run out of beer money and you need to send money from Australia. Then you need to sell Aussie dollars.

Bank Transfers: They are convenient but you will feel totally ripped off by their fee’s and exchange rate. It will hurt. Also, the money can take over a week to arrive.

Shop Front Exchange

Good for small amounts but it will hurt if you do bigger amounts. Especially at the airport, do not exchange at the airport unless you really have to. International Transfers are okay for smaller amounts up to $2000 but can take a week like the banks.

Emergencies: If you have literally run out of money and you need a beer right now than money transfers such as Moneygram and Western Union may be your only choice.

Pros

  • Cash is King, you can pick up transfer in cash from anywhere. They have locations literally everywhere. Great for emergency. Good if you don’t have a bank account.

Cons

  • You will feel ripped off because fees are high and only send to someone you trust. Moneygram is usually less expensive than Western Union. Not good for large amounts.

How to Transfer Money To & From Australia

Transfer Companies

They exist because they offer substantially better exchange rates and lower fees. They also offer convenience after you go through signing up process.

Pros

  • You will save a lot of money especially on larger amounts or frequent transfers. They have flat fee’s and transparent. Transfer companies don’t sting you with hidden fees’s that banks are famous for.
  • Money arrives in 3 days and they have option of express transfer for money the next day. Transactions can be performed online.
  • They are secure and regulated by same authorities that regulate banks.
  • You can choose to wait before exchange and hang out for better rate. In other words you have control over when transaction is processed. Banks will do it whenever they want.

Cons

  • Signing up and verification process can take a bit of time but it’s worth it, so get it done.

Our Recommendations

Smaller amounts and speed we recommend Transfer Go

For amounts over 5000 GBP, $7000 AUD or $5000 USD we recommend CurrencyTransfer.com. They will help you compare the best exchange rates available in the marketplace, while offering a tailored concierge experience for every transfer need. They deal in any currency and transfer anywhere worldwide. Their rates change daily due to currency fluctuations.

So start saving some money and send it back to Australia. We do hope this article has helped you. If you have any questions or would just like to get vocal than do it in the comments section below.

See Ya!

Have you ever wondered who the people are pictured on Australian banknotes?

 

 

 

 

 

 

 

Please follow and like us:

4 Replies to “How to Transfer Money To & From Australia”

  1. Staring blankly at the currency exchange board and not fully understanding the messages being displayed in front of me, rightly describes me.

    I have been there. i have never been confident enough to do any Forex exchanges through Bank transfers.You have explained in a very clear way what it means to buy and sell.

    Maybe, you can throw some light if Western Union is part of the Transfer Companies?

    1. Hi Zegu, It really can be confusing exchanging money but it’s not a good idea to send money through a bank because you will be ripped off.

      Western Union are good for small amounts needed quickly, so emergencies would be the only time because they are really expensive too. Moneygram is a bit cheaper but they have less branches worldwide.

      Currency Transfer is the best because they source best deal for you. The savings can be huge especially with big amounts.

      Thanks for your comment and hope this helps.

  2. Hey Dave, thanks for your advice regarding transferring money in & out of the Aussie currency, I’ve picked up plenty of tips here, thanks.

    I currently get paid by USD cheque, from the largest retailer in America, posted to my UK address. Unfortunately laws will not allow bank transfers out of America therefore a USD cheque is the only way.

    Transferring a USD cheque into my GBP account takes about 6 weeks meanwhile the bank costs are outrageous.

    My bank advised me to open a USD account with them. A simplified and inexpensive process after which I can occasionally transfer the dollars into pounds at a time that suits me, so they say.

    Unfortunately I have found the bank is charging ridiculous rates to deposit USD cheques into a USD account plus I will be subject to further cross currency charges at a later date. It’s like a dual tax to which I can’t seem to find a way around.

    Have you any ideas regarding the most reasonable service of transferring a USD cheque into GBP?
    Thanks for your time,
    Simon.

    1. Hi Simon, It sounds like you do transfers often so the most important thing is to get best exchange rate. The guys at Currencytransfer.com (link above) can source best deal for you in the marketplace each and every time you transfer. The banks are a blatant rip off. Thanks for your comment. 

Leave a Reply

Your email address will not be published. Required fields are marked *