Best Way To Send Money Overseas From Australia

Best Way To Send Money Overseas From Australia and send money from your home country to Australia

What is the best way to transfer money from and to Australia?

If you have to send money to an account overseas you’ll want the process to be fairly priced, simple and safe. Maybe you have to pay for an international purchase, remit cash home to your loved ones, or fund your day-to-day expenses while you work, study or travel abroad. You certainly don’t want to pay any more than you have to for your international money transfer.

Whatever your situation, we’ve got you covered. Here’s all you need to know about transferring money between countries.

Opening a Bank account in Australia

Surely, before sending any money you’ve earned in Australia to your family back home, you need to have a bank account under your name in Australia. Especially, when you’re under Working Holiday Visa in Australia, you will need to open an Australian bank account if you intend to work, as an employer will not pay wages into an international bank account. You can open an Australian bank account before you arrive in Australia. Simply fill out the application online approximately 2 weeks before you are due to fly out. You can have your bank card delivered to a branch, in the city you are going to land in. When you arrive in that city you simply go into the branch with your ID or Passport and the bank staff will hand over your bank card.

The big four banks in Australia are: ANZWestpacCommonwealth Bank & NAB.

But which one should you choose? Each bank will have its particularities that will help you make the right decision for your circumstances. The most important criteria you should look out for are:

  • The bank coverage is Australia-wide.
  • Fees – some banks charge you a small fee each month (for example: Commonwealth Bank), this fee is often waived if you pay a certain amount of money into it each month. Top Tip: If you transfer money back and forth from a savings account to a current account this counts towards your money coming in. So, if the fee is waivered after $1000 transfer $500 to your savings and back twice. Obviously, if you are getting paid the required amount by an employer frequently there is no need to do this.
  • Interest rates.

Transferring money from your Australian bank account to your home account or vice versa

When it comes to transferring money from your Australian bank account to your bank account in your home country, there are two popular money transfer platforms:

  • Currencyfair.
  • Wise (formally TransferWise). This is the most popular method amongst backpackers as transferring via other methods such as from your home bank account or Western Union can be very costly.

Personally, we always recommend travellers Wise. It’s really straightforward to use and the money has always been in my bank account promptly. And their transfer fee is extremely low compared to Western Union or PayPal. We’ve put down the registration link down below if you’d like to try Wise. Trust us you’ll love it.

Also read: Best Way To Transfer Money To Australia

Also read this: 6 Things To Keep In Mind Before Starting Your Gap Year In Australia

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