When you are looking at transferring large sums of money to Australia there are a few things to consider. To send money abroad, you want to find the cheapest way to transfer money to Australia so that you get the most dollars (that means avoiding unnecessary fees and getting the best exchange rate), and you also want to find a reliable, established company to do the international money transfer.
This post contains affiliate links which means the site earns a commission when you use these links at no extra cost to you. The full disclosure is available in the footer. This article is not meant as financial advice. Please do your own due diligence and compare rates before transferring money to Australia.
Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. You should always seek your own professional advice that takes into account your own personal circumstances before making any financial decisions.
If you’ve been considering how to bring money into Australia when you migrate, this post will cover everything you need to know about transferring large sums of money internationally.
Looking at transferring large amounts of money to Australia? >> Check out my website partner, OFX << OFX walk you through the process so you don’t have to figure it out on your own.
Looking at transferring money to Australia in smaller amounts? >> Check out the rates at Wise << Transfer money easily and quickly online without the personalised support of an agent.
[Please note, as of May 2021 the regulations have changed on moving money into Australian bank accounts from abroad before you arrive due to requirements from the Australian Taxation Office. Banks are now required to collect tax residency information from customers and if a customer has not provided a valid self-certification that includes the required tax residency information, they will be unable to transfer money into their account until they have validated their account. This means most customers opening an account from overseas will need to arrive in the country before they’re able to move their money into their Australian bank account. I still highly advise you open your Australian bank account in advance and then move your money to Australia as soon as you can after arriving. A multi-currency account is a useful interim solution to retain access to money during the transition].
What is the best way to transfer large sums of money?
The most important thing to understand when you’re looking for the best way to send money to Australia is this: Your bank isn’t the cheapest way to send money abroad.
If you are transferring money to Australia from your house sale or to begin your new life, you want to get the absolute most from your money. That means (if you can) avoiding transfer fees and getting the best exchange rate possible.
If you use a global money transfer service, you will maximise your funds.
To find the best way of transferring money to Australia, I always recommend that people check out a few companies to compare rates (you can even haggle rates over the phone too to get the best deal if you choose services that involve talking to a real person). I also suggest you ask for recommendations from others. As with any service, due your due diligence.
What to consider when choosing a company for transferring money to Australia
Here are some things to consider when choosing a global money transfer company for transferring money to Australia:
- What is the rate when you send money abroad – how much will you get?
- How long does the process take to move your money to Australia?
- What type of customer support is available? And how is this support given (over the phone, online or both?) Is this support available 24 hours a day?
- Do you need to speak to a real person, is it all done online or is there a choice of both?
- How easy is the international money transfer process?
- Is the company well-established and trustworthy?
- Does the company offer the ability to set up a forward contract so you can lock in a good rate and then move your money later?
- Can you set your preferred rate and have someone contact you when that rate is reached so you can move your money at the best time?
- How quickly can you register and get started?
All of these are really important when choosing your global money transfer company for transferring money to Australia.
Using OFX to move your money abroad
My affiliate partner, OFX can help you take control of your large international money transfers. It costs nothing to register and when you’re ready to go, you get to enjoy bank-beating exchange rates and zero OFX fees on transfers over AUD$250* (*third party fees may apply). Many of my Facebook community have already benefitted from using their service. OFX specialists can give you 24/7 support and secure you a rate for up to 12 months or set a target rate to move your funds when the market reaches the rate that works for you. They are there to help support and advise you whether you’re looking to transfer money from the UK to Australia or from other locations.
The process of transferring money abroad with OFX works as follows:
1) You register with the site here and let OFX know how much you are transferring and in what currency and who it is being sent to
2) You send the funds to OFX using the account details and reference provided
3) The money is transferred on to the recipient bank account and you can track it online or on the mobile app.
All money transfer companies work in this way – you send money in from your bank account and they send it on to the end account in the new currency.
Moving money abroad during times of crisis
If you are looking at transferring money to Australia right now (this post is being published in March 2020 during the global pandemic), here is a video from the OFX CEO.
What is the best way to bring money to Australia from overseas?
When I was looking at sending money to Australia from the UK back when we moved, I didn’t know anyone else who had done a money transfer abroad so I didn’t have any recommendations to go on. Over the years, I’ve now used lots of different companies for transferring money abroad. Through that process, I’ve faced all kinds of issues – I had one company put a double transfer through which then got cancelled and ended up taking much longer than necessary, I had another lock me out of my account and I couldn’t get back into it (and as I was based in Australia and they were in the UK and offered limited phone support hours it left me stuck), and I had terrible customer service from another…
The benefit of you using OFX when transferring money to Australia is that you get an extra level of customer support because they are my website partner. They have a dedicated Account Manager for my readers. You can contact Samuel Pitt at Samuel.firstname.lastname@example.org or +61 2 8320 3683 with any questions – just remember to let him know you’re one of my website readers so he knows to take extra care of you! This takes a lot of stress off your shoulders because you know you have a direct contact (a real person!) who can help if you have any problems.
Moving abroad soon? Have you organised your one-way travel insurance yet? If not, take a look at this post.
Transferring funds to Australia after your move
Even though I now live in Australia, my need to transfer money abroad hasn’t stopped. I often get paid from different clients into my UK bank account and our family put money in our UK account for birthdays and Christmas so I’m always transferring money from the UK to my Australian bank account.
Money transfer services are still an important service, even for those of you who have already moved!
Inspiration about transferring large sums of money internationally
Want some inspiration from OFX customers who have found OFX to be the best way to transfer money internationally?
Travelling soon? Check out this post about the best travel rucksacks on the market.
How to transfer money to Australia
I know when you migrate to Australia you will usually need to do a large money transfer because you might have sold your house or you want to move your savings abroad. Please don’t waste your money by going through your bank without doing more research and considering your options. Banks are not the cheapest way to send money to Australia (you should also tell your friends and relatives this in case they are tempted to try to send you birthday or Christmas money when you’ve moved over).
Shop around to get the most out of your money!
My website partners…
OFX can give you great rates with 24/7 support and a real person on the phone to provide support – find out more about OFX here.
If you want to move smaller amounts online then check out the rates at Wise.
Shop around and check out the options available and you will end up with a lot more money to begin your new life in Australia.
Disclaimer from OFX> *Minimum AUD$250. Third party fees may apply. OzForex Limited trading as “OFX”. ABN 65 092 375 703 | AFSL 226 484. Read our PDS and FSG at OFX.com