How to send money to Australia using a money transfer service or foreign exchange broker to an Australian bank account.
Transferring Money to Australia
Table of Contents
When moving money to Australia either to relocate or acquire a property or commercial property, there are several ways to boost your chances of obtaining an ultra-competitive AUS dollar exchange rate, getting exceptional services as well as additionally guaranteeing you send out money to Australia securely.
Ways to Send Money to Australia
- Debit Card – when acquiring items on Australian web sites or utilising a web vendor, you could be supplied the ability to pay with a debit card. Web merchant’s sites are not likely to offer economical foreign exchange rates when sending out money to Australia or to purchase items on an international debit card. You are likely to be charged an admin cost from your financial institution to make the AUD settlement along with perhaps a charge from the seller’s bank. Those needing to move money to Australia to buy a home or pay a lawyer expense could be required to transfer money to Australia. Because of that, they will need to move AUS dollars using their banks or, ideally, a foreign exchange provider. Many FX brokers accept debit cards as a type of settlement, leaving you to pay with ease whilst avoiding fees, as well as obtaining a far better AUD currency exchange rate.
- Credit Card – Convenient when renting accommodation before arriving in Australia, bank credit cards supply simplicity and the possibility of financial recourse from your card firm if all isn’t as it appears. Nevertheless, please comprehend credit card use uncompetitive AUD currency exchange rates and charge fees. Sometimes uncompetitive AUD rates can be offset by air miles or bank card points.
- Bank Transfer – Many will elect to move money straight to Australia from their bank current or checking account. Generally, the foreign exchange rate to transfer money to Australia will certainly not be as affordable as the one the foreign exchange broker will offer. In addition to this, you will need to drop in and see your financial institution to move a considerable amount to Australia. When sending money to Australia via an international banking institution, you will be required to pay a transfer fee or charge equating to ₤ 10-30 or foreign money equivalent.
- Swift –Swift payments are used to move transfers outside of the EU SEPA system. Within the EU and consequently not applicable when sending cash to Australia is the SEPA settlements system. As a result of not using the quicker SEPA system, money transfers to Australia can take a couple of days longer than transfers within the EU.
Required Bank Details to Transfer Money
Identification – when you send money globally utilising a bank, you will almost certainly be asked to give 1-2 examples of a photo ID and be required to have your checking account charge card on your person. Transfers to Australia typically will have to be made in your neighbourhood bank branch. If you have the option to send out money to Australia using your online account, you will most likely need your debit card reader and have account documents to hand to access your online account.
When using a foreign exchange provider, your ID papers will all have been preserved when you opened the account. Your currency account supervisor will ask you some straightforward questions to validate the account over the phone. Their online trading systems resemble those of retail financial institutions with far better online AUS dollar currency exchange rates.
Swift Code – An Australian Swift code will start with a four-letter bank code, followed by a two-letter country code, after that a 2-letter area code, concluded by a 3-figure branch code. Australia doesn’t use the IBAN system.
Time taken to send money to Australia
- Typical time – For a foreign exchange broker to get your foreign money, convert to AUD, and send your money transfer to an Australian account or recipient, you need to allow between 2-4 working days. Normally the recipient’s financial institution may take a while to designate funds sent from abroad. If using a financial institution to send funds to Australia, you should be ready to allow 1-2 days additional as their handling is generally slower.
- Same-day transfer – If funds are located in your foreign exchange transfer account, you have a chance of moving your AUS dollars to Australia as well as clearing the next day, time delay permitting. A same-day transfer to Australia is incredibly unlikely when using the swift settlements system. It can take the recipient bank account 1 day or more to designate funds. Financial institutions will take a lot longer, typically 2-4 working days.
Cost to Transfer Money to Australia
- Commission – The FX commissions that banks take differ from one organisation to the next. However, one usual similarity is they continue to be uncompetitive when compared to foreign exchange brokers. An Fx broker will frequently be able to save their customers around 1-4% when sending money to Australia and other locations around the world.
- Transfer Fees – An overseas bank will typically charge anywhere between ₤ 10 -₤ 40, or local currency equivalent to transfer your cash to Australia. A lot of foreign exchange brokers do not charge transfer fees. As an instance, none included on Foreign Exchange Live do.
- Exchange Rate – A financial institution will usually trade using a ‘day FX rate’, which will be calculated when the bank branch opens in the morning. To limit any FX market volatility impacting earnings, the AUS dollar rate will include a large margin or spread to cover any daytime AUD volatility. Alternatively, foreign exchange brokers work from online market currency exchange rates permitting you to take advantage of good AUD trends and offer support if the AUS dollar rate deteriorates.
Fees to Receive Money in Australia
Australia adopts the swift payment service, which, when compared to SEPA, can be pricey as well as slow-moving. If you are sending out money to Australia, you will likely be charged an intermediary cost or fee. A foreign exchange provider will commonly absorb the charge, yet financial institutions will charge the fee to their client.
Limits on Money Transfers to Australia
Clients should not be limited on just how much money you can move to Australia, providing you or your business can justify the AUD cash transfer. If your money broker authorises the money transfer, there is no restriction on how much you can trade.
Usually, if a money transfer exceeds ₤ 500,000+ or local currency equivalent, your global currency broker can request to see a copy of a financial statement to validate your ability to fulfil the AUD money trade. They may furthermore request documents to justify the transfer (e.g. Australian home acquisition).
Transfer a Deposit to Open an Australian Bank Account
Worldwide banks or foreign exchange specialists will enjoy helping with moving funds to a new Australian checking account. Just make certain any kind of papers, along with your Australian account details, is to hand, your bank or broker can after that assist with your bank deposit transfer and send your money to Australia.
Australian banks will usually expect you to credit your account quickly. Some banks open up the account with zero deposit; however, they generally anticipate approximately AUS$ 2000 to be transferred every month.
Do Foreign Exchange Brokers Transfer Money to all Australian Banks?
Providing the institution is regulated in Australia. You have the correct details for the Australian bank you wish to credit. There will be no issue. Just ensure you have the bank details to hand, inclusive of the swift code.
Safely Send Money to Australia
Thankfully Foreign exchange specialists understand international money transfer fraud and will remain diligent on your behalf. Furthermore, they will run beneficiaries and recipients through their systems and flag any suspicious money transfers.
- FCA – Before committing, verify your UK foreign exchange company is the financial conduct authority (FCA) authorised. A UK foreign exchange provider should never hesitate to share their FCA registration number or a link to the FCA’s register. They have likewise to advertise information concerning their regulation on their internet site.
- Guarantees – Whilst even the most legitimate foreign exchange provider will have no way of providing guarantees, their segregated customer accounts need to be held with tier 1 banking organisations. All consumer funds are held within these ring-fenced accounts and maintained separately from their working capital. If something happened to the foreign exchange specialist, this permits you to obtain the funds directly from the tier 1 financial institution.
- Protection – Reliable foreign exchange providers comply with stringent anti-money laundering procedure to guarantee they are just looking after the transfers of legitimate clients and businesses. This is continued when they trade their money and transfer funds to Australia. To ensure standards continue to be high, money exchange brokers may ask for information on transfers whose recipients look questionable. International cash broker’s FX trading systems are digitally safeguarded. They furthermore make use of high levels of internet security to prevent the opportunity of their client’s details being obtained.
- Fraud – Regardless of these preventative measures, undesirable money transfers can happen within the international money transfers’ market. You can, nonetheless, take measures to lower the likelihood of winding up being a transfer frauds target. Never send your password or security logins over email or be pressurised to make a money transfer by a foreign exchange provider. Ensure communication with your broker is from their organisation email address. If you are telephoned unexpectedly by an unknown member of the broker’s group or brand-new money transfer account supervisor, agree to call them back to ensure they are an employee of the foreign exchange broker you work with.
Reasons to transfer money to Australia
- Bills – Your Australian house or business will have normally associated expenses. These can include regional state real estate tax, property development expenses, or energy bill costs. A foreign exchange specialist will certainly enjoy setting up international payments to cover your Australian account and likewise care for any money transfer to Australia.
- Loans – If you have been provided money from a good friend or family member in Australia, you could want to clear the debt if Australian dollar rates move in your favour. Conversely, if you have a home mortgage on your Australian home and the AUS dollar rate remains in your favour, you might think about sending out money to Australia to clear part of your AUD residential or business property loan.
- Family – Birthday events along and family celebrations are never far away. Your foreign exchange brokerage account can be a fantastic way to send out financial presents to relatives in Australia.
- Property – When the AUS dollar currency exchange rate jumps in your favour, you may consider capitalising and restore your home.
- Inheritance – Regretfully, many people experience loved ones dying overseas. You may need to repatriate inheritance funds to or from Australia. A broker can sensitively manage the transfer.
- Car purchase – If relocating to Australia, you may wish to lease or buy cars to commute to work, discover the vast country or explore the outback.
- Holiday – If leasing a house or condominium for a vacation to Australia, your foreign exchange provider will provide a much better AUD foreign exchange rate than your financial institution or debit card.
- International wholesalers – When purchasing oversea items or materials, you can utilise FX contracts by a foreign exchange specialist to reduce the FX risk related to purchasing items from wholesalers that market in Australian dollars.
Foreign Exchange Brokers
Considering the services of a credible foreign exchange specialist is the best way to save money when sending money abroad. Savings between 1-4% are feasible, significant on regular transfers and Dutch property purchase money transfers. They can also provide you with several solutions to maximise the amount of currency you receive in Australia.
Finding a reputable Foreign Exchange Broker
Clients can compare the offerings of transfer services and foreign exchange specialists in many ways when they need to transfer money to Australia.
- Regulation – always ensure the foreign exchange specialist you use is regulated. In Australia, for example, brokers must be authorised by the ASIC (Australian Securities and Investments Commission)
- Length of time in business – typically indicating knowledge of the market, number of clients they’ve helped, stability in the market. They are most likely to have helped many other clients transfer money to Australia and deal with many different scenarios.
- Transfer fee or no transfer fee – especially worth considering when the payments being transferred to Australia are small. A transfer fee can typically outweigh the advantages of sending the money to Australia via a bank or broker, even if the rate offered is competitive. All brokers promoted on Foreign Exchange Live work on a fee-free basis.
- Online transfer, telephone transfers or both – online Apps are great for small transfers to Australia. Recourse can be slow if the money goes astray. Customer service when dealing solely online can vary. Much of this service is via a chat/text box or email. An established foreign exchange specialist will operate both an online and telephone dealing service. Meaning you speak directly to an account manager who will be assisted by a back-office team or customer service division.
Find The Right Broker To Transfer Money To Australia
Specialists such as Moneycorp and Rational FX have vast experience in advising and assisting clients worldwide and saving them thousands of pounds in the process.
- Customer Service – Banks are cumbersome and hard to contact from overseas. Transfer apps can be convenient for smaller payments but don’t offer prompt customer support if an issue arises. Foreign exchange specialists offer a consistent service. All clients receive a personal account manager with a direct email address and phone number to enable easy contact and customer service if required.
- Safety and Security – All top foreign exchange brokers will hold client funds in segregated accounts. All transactions are conducted following the FCA regulations and guidelines. We strongly advise checking with your broker on the exact details.
- No Expensive Fees or Charges – Depending on the bank, for each transaction, it could cost anywhere from £10 to £40 or currency equivalent. A foreign exchange provider will process your transfer to Australia with no transfer fees and a narrow margin (or spread).
- Better Exchange Rates – A bank will, as a rule, be making a spread of between 2-6%, whereas the rates on offer from leading providers will be around 1%. Once your trade is executed, you will be provided with a deal notification showing clearly the base currency amount and the number of Euros purchased.
Foreign Exchange Contracts
A foreign exchange broker offers several supplementary services not available in banks or on many money transfer apps. These include:
- Spot contracts – Arranging a transfer and agreeing on a rate, and sending the money to Australia shortly after.
- Forward contracts – fix today’s exchange rate for payment up to 2 years in the future. Guaranteeing the cost of your purchase and avoiding foreign exchange volatility.
- Stop-loss – If your currency pair is trending lower, a stop-loss protects your currency from depreciating too much. The currency is traded automatically when it hits the agreed level.
- Firm order – target a rate superior to the current foreign exchange market rate. Once the desired exchange rate is reached, the currency is purchased automatically day or night.
- Option contract – as with the forward contract and having the ability to opt for a superior rate is the market rate improves. Typically for businesses rather than private clients.
- Regular international transfers – A payment plan to send money overseas regularly.
Documents needed for a foreign exchange broker account
The application to open your foreign exchange account can be completed within minutes. The first step is to apply online, giving personal details and a brief overview of transfer needs. Once complete, you will typically need to supply the following to get your account approved
- A valid form of photo ID
- Recent utility bill or address proof (less than 3 months old)
List of Foreign Exchange Brokers
- Boutique brokerages such and Newbridge FX offer tailored services to cater to their clients’ needs and work tirelessly to limit their clients’ FX risk.
- Midsize brokerages such as Rational FX operate both corporate and private client operations, focusing on key markets such as France and Spain.
- Large multi-Geographic operations such as Moneycorp operate in multiple jurisdictions. They have many local offices to serve their global clientele best.
Arranging a transfer to Australia
Once you have opted to use a foreign exchange specialist and set the account up, you can proceed and book a foreign exchange transfer money to Australia. Agree on an Australian Dollar foreign exchange rate with your broker or bank, then transfer the money to pay for the deal.
You’ll need to provide the Australian beneficiary details for the foreign exchange provider or bank to pay the Australian dollars. When trading online, the process will follow a similar pattern. However, you’ll be prompted online rather than over the phone by your Foreign exchange advisor.
Large Money Transfer to Australia
When making a large money transfer to Australia, the timing of buying your Australian Dollars will be key. On a transfer of £1000 to Australia, if the exchange rate moves by 3%, this represents a £30 difference. For example, on a larger transfer of £100,000, this 3% currency movement represents a difference of £3000, meaning you could receive fewer AUD in your Australian bank account.
Instant Money Transfers to Australia
Several companies will offer instant money transfers to Australia. These companies will typically charge a fee to send the money instantly. The Australian dollar exchange rate will be less competitive than those offered by a foreign exchange specialist. Typically, the AUD exchange rates offered are comparable to those found in airports and train stations.
When should I use an Instant Money Transfer Service?
Instant money transfer services to Australia should only be used out of complete necessity. For example, if a friend or family member is stranded with no money or credit cards.
Relocating to Australia
Whether you are looking at a medium-term stay or relocating your life to the land down under, the task of finding the best way to transfer money to Australia will be far from the top of your priority list. At some stage, you will need to transfer money to Australia to start your adventure.
The Australian Dollar typically fluctuates with the Chinese economy and oil prices which can, therefore, lead to volatility. The key when transferring money to Australia is to seek adequate guidance long before your visa is approved. Specialist brokers in Australia will offer a convenient and cost-effective service when you need to transfer money to Australia, and companies such as TorFX offer a local service once you are settled in Australia.
Many of these specialist foreign exchange providers allow you to send money to Australia on their app’s, Online platforms or via telephone at your convenience.
Banks in Australia
Opening a Bank Account in Australia
Way before you consider sending money to Australia, you will need to find a bank account that suits your needs and has a presence in the area you are looking to move to. The largest banks in Australia are ANZ Bank, Commonwealth Bank, NAB and Westpac. Fortunately, many of these banks provide great coverage in Australia, so your needs should be well services once you are located in Australia.
To open an account in Australia, you will need to know supply a few details relating to your move to Australia.
- The date you arrive in Australia – you may need to activate the account or confirm you arrive when you get there
- The address you plan to reside in – in many cases, you won’t be aware of exactly where your next home will be there. Banks are aware of this and may request the state you plan to live
- The type of visa you have applied for and the professional sector you’re planning to work in upon your arrival
- Your projected salary or household income
- Copies of proof of identity – Banks will almost certainly require a passport number or copy upon application
Naturally, all banks work on different criteria and eligibility. Still, generally, the following rules will apply to whether or not you can successfully open an Australian Bank account.
If opening an account before arriving in Australia, you should look to do so between 3-12 months before you land in the country
The majority of Australian banks will only accept applications from applicants over the age of 18. There are exceptions which include Westpac and Commonwealth
Applications can be made online or via phone; make sure you know the time zone you’re calling before dialling.
Can I Send Money from an Australian Bank Account to the UK?
Absolutely providing you have your UK beneficiary details or account number to hand, a broker will be able to perform an AUD to GBP transfer with no issue. Also, make sure your Australian bank send funds in AUD outside of Australia. Once the funds arrive in your foreign exchange account, you can then agree to an AUD to GBP rate and transfer the funds to a UK pound account.
Can I Send Money from an Australian Bank Account to a US Bank Account?
Likewise, there is no issue; ensure the AUD can be sent internationally. Once the AUD currency arrives in your foreign exchange account, agree on an exchange rate, convert the money into USD, and supply the US account details.
Important Numbers And Banking Terms In Australia
Once you have your Australian banks account application approved, you will need to transfer money to Australia to credit your account. Global bank account formats can differ significantly from those in other parts of the world, Australia is no different, and therefore, the following details will be required.
When approaching your international payments broker, you will need to provide the following details to send money to Australia. Similar details will be needed for third parties; these might include your visa agent, rental property owner or agent or car hire company.
- BSB number
- Account number
- Account name
- Bank name
- AUD Amount being sent
As previously mentioned, the Australian Dollar can fluctuate due to many scenarios, whilst this volatility can occasionally be a source of frustration. It can, in many cases, provide a great opportunity to maximise your base currency and gain more Australian Dollars when transferring money.
Sending bank deposits to Australia
Currency exchange specialists and retail banks will be pleased to send bank deposits to Australian banks. You’ll need your OZ bank details, including a swift number, to do so. The transfer will typically take 2-3 days, due to time difference.