Australia does not have any currency restrictions which means you can import or export as much money as you wish, although amounts of $10,000 AUD or more must be declared to customs. If you wish to transfer money to Australia, either prior to arrival or once you are here, there are a few different options.
- Banks allow you to transfer funds from your local bank account to an Australian bank account of your choice. This is also known as a Wire transfer, SWIFT transfer, Telegraphic transfer or International Money transfer. There is a bank fee attached to this and it takes approximately 3-5 working days. Some banks offer a faster service for a higher fee.
- International Exchange Specialist/Online Money Transfer Companies can save you money in currency conversions and bank transfer fees. Some specialists allow you to track the progress of your transfer and operate 24hrs a day and 7 days a week. It can be a fast and cheap option but you need to ensure you use a trusted company to avoid online fraud. If you are looking to tranfer money before you arrive in Australia try www.currencyonline.com . If you want to transfer money when you are in Australia try www.hifxonline.com.au
- International Money Order: You can arrange an IMO (International Money Order) from your bank or post office. It takes the form of an international guaranteed cheque and can be cashed in your Australian bank account. This is a very secure option but may be a bit more costly and slower than other options.
Want to transfer money now?
Aussie Relocation have partnered with a great service called Currency Online that allows you to transfer money faster and for a lot less. Best of all you can do it anytime you like online -they are open 24-hrs a day. www.currencyonline.com
How do non-bank providers differ?
Due to lower overhead costs, most non-bank providers will offer live exchange rates and minimal transfer fees, if any. This means they do not offer a 'daily rate' therefore can quote you a rate much closer to the live wholesale/interbank price. Timing a currency transaction is also important - it's all well and good getting a good rate, but you want to do it at a good time as well. If you are like most people and have no idea when you should transfer funds, some non-bank providers are licensed to offer specialist currency advice as part of their service to assist you getting the timing right.