Send Money To Australia

Australia flagGet the most out of your AUD currency with the help of this Australia Money Transfer Guide.

No matter if you need to send money to or from Australia, we can help you choose the best Foreign Exchange company to work with. FX companies are the answer for international money transfers to Australia from foreign countries like China, USA, UK or any country in Europe because they provide a faster and cheaper alternative to the traditional bank transfer.

The Guide’s Topics:


Best Company To Send Money To Australia

Payment Facility

Summary

Recommendation

TorFX logoMin. Transfer: £ / €100.
Transfer: Online or by Phone.
Wire Fees: None.
Offices in Australia: Yes.
Best Rates for £5,000+
Expected Rates* for £5,000+:
- GBP: 1.6035 AUD to 1.6067 AUD
- EUR: 1.4066 AUD to 1.4094 AUD
- USD: 1.3178 AUD to 1.3205 AUD

worldfirst-logoMin. Transfer: £ / €1,000.
Transfer: Online or by Phone.
Wire Fees: None.
Offices in Australia: Yes.
Best Rates for £50,000+
Expected Rates* - £50,000+ :
- GBP: 1.6019 AUD to 1.6067 AUD
- EUR: 1.4052 AUD to 1.4094 AUD
- USD: 1.3165 AUD to 1.3205 AUD

transferwise logoMin. Transfer: None!
Transfer: Online only.
Wire Fees: Based on amount.
Offices in Australia: Yes.
Best Rates for £100-5,000
Expected Rates* - Any Amount:
- GBP: 1.6019 AUD
- EUR: 1.4052 AUD
- USD: 1.3165 AUD

currencies-direct logoMin. Transfer: £ / €100
Transfer: Online or by Phone.
Wire Fees: None.
Offices in Australia: No.
Expected Rates* - All Amounts :
- GBP: 1.5809 AUD to 1.6084 AUD
- EUR: 1.3868 AUD to 1.4108 AUD
- USD: 1.2993 AUD to 1.3218 AUD

CWBATransfer Fee - $30 AUD.
Exchange rate would be approximately *:
- GBP: 1.5809 AUD to 1.5971 AUD
- EUR: 1.3868 AUD to 1.4009 AUD
- USD: 1.2993 AUD to 1.3125 AUD
paypal logoTransfer fee of 2.9% of the amount sent.
Exchange rate would be approximately *:
- GBP: 1.5729 AUD or worse
- EUR: 1.3868 AUD or worse
- USD: 1.2993 AUD or worse

* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.

Supported Countries & Payment methods

World First can help you make money transfers all over the world as simple as this process can be done. They have optimized the process of sending money to Australia from countries like: USA, Canada, New Zealand, France, Spain, South Africa and many more locations.

To start working with Word First or to just a get a free quote, be sure to complete the form on their website.

Currencies Direct can help its customers if they are thinking about emigrating, travelling overseas, studying abroad, buying property in a foreign country or simply send some money to their families and friends back home. No matter the reasons they can help by providing a fast and cheap money transfer to or from Australia.

With TorFX, the story is pretty much the same. Why ? Because they are used to work with international clients and have a very low minimum transfer requirement. If you want to get a detailed quote, you can easily do so by going to their website and complete a short form.


Best Company to Transfer Money from Australia

Service Provider

Summary

Recommendation

OFX logoMin. Transfer: £ / € 100.
Transfer: Online or by Phone.
Why Them? Local Offices in Australia. iOS and Android Apps. Good Client Feedback.
CurrenciesDirect
CurrenciesDirect Review

Supported States & Currencies

You can send money from Australia with OFX (previously known as UKForex) because they they have a AFS license emitted by the ASIC. And because this regulation is for the entire country, you will not have any problems like the US has when regulations are available only for certain states and parts of the country.

Currencies: With OFX you can easily send money to any country in the world as they work with many currencies. Anything from the usual big countries like the USA, Canada, Germany, China, to the smaller ones like New Zealand, Ireland, Slovenia, Estonia or Cyprus, are destinations reached every day by this company.


Today’s Foreign Exchange Rates for AUD

GBP to AUD – Pounds to South African Rand; 10,000 GBP is 16,132.0000 AUD

AUD to GBP – Australian Dollars to Pounds; 10,000 AUD is 6,198.8594 GBP

EUR to AUD – Euro to Australian Dollars; 10,000 EUR is 14,150.8772 AUD

AUD to EUR – Australian Dollars to Euro; 10,000 AUD is 7,066.6997 EUR

AUD to USD – Australian Dollar to US Dollars; 10,000 AUD is 7,542.7721 USD

USD to AUD – US Dollars to Australian Dollar; 10,000 USD is 13,257.7252 AUD

CAD to AUD – Canadian Dollar to Australian Dollars; 10,000 CAD is 9,841.9865 AUD

AUD to CAD – Australian Dollars to Canadian Dollar; 10,000 AUD is 10,160.5505 CAD

AUD to CHF – Australian Dollars to Swiss Franc; 10,000 AUD is 7,625.8368 CHF

CHF to AUD – Swiss Francs to Australian Dollars; 10,000 CHF is 13,113.3149 AUD

NZD to AUD – New Zealand Dollar to Australian Dollar; 10,000 NZD is 9,175.8148 AUD

AUD to NZD – Australian Dollars to New Zealand Dollar; 10,000 AUD is 10,898.2147 NZD


Australian dollar behaviour

australian-currencyAustralian dollar moves are correlated strongly with the global and domestic economic cycle with trends in the Chinese economy increasingly important.

The independent Reserve Bank of Australia (RBA) has a mandate to maintain price stability, defined as a rate of 2-3% on average over the economic cycle.  The Australian dollar will strengthen when the RBA is tightening policy to keep inflation low and tend to weaken when the RBA is cutting rates.

Australia has run a persistent current account deficit throughout the last 30 years. This leaves the currency dependent on investment inflows and Australian yields tend to be higher than the G7 average. The Australian dollar tends to strengthen when global risk appetite is strong and weaken when confidence is weak.

Minerals, natural resources and metals-related trade account for over 50% of exports. This leaves the trade account, economy and currency correlated strongly with global economic trends. The Australian dollar will strengthen when the global economy is booming and weaken when demand is depressed.

Over 30% of Australian exports go to China, also making the Australian currency correlated with the Chinese economy. This linkage has become even stronger over the past few years as China’s share of the global economy has increased.

These positive and negative trends tend to move in parallel, amplifying Australian dollar cycles with big potential swings.

Although the Australian dollar floats freely in the market, the central bank does intervene to deter excessively weak or strong valuations.

Transferring Money To Australia Bank Account

Since 2011, the Australian Dollar is the 5th most traded currency in the world, making up for almost 8% of the world’s daily share. Traders like to work with the AUD as it is a very stable currency as a result of a stable economy and political system.

Business: The Australian economy is probably one of the more stable in the world as it hasn’t had a financial crisis for the past 24 years; not even the one from 2008 had any impact on this country.

Much of the AUD popularity in trading is also because of the close relations with Asia – China is Australia’s largest trading partner. The growing Chinese economy has led to huge investments in Australian mining companies to sustain their growth.

Real Estate: The market is sizzling at the moment, especially in bigger cities such as Sydney, Melbourne and Brisbane. A report from Colliers International shows a a big growth in commercial property investment in 2015. The recent stockmarket crash in China has led many to diversify their portfolio and invest in something more stable. And since the AUD has seen lower values, the real estate sector in Australia has been flocked with Chinese investors.

In 2016 on the other hand the growth has been reduced a lot and many properties have started to show the real price because all of the hype is gone. This means that homebuyers will be able to get better deals because the overseas investors with big pockets are slowly moving out of the picture.

If you need to make a transfer to Australia be sure to double check the SWIFT codes on this page here.

Thinking Of Relocating To Australia?

If you consider moving into Australia and live there as an expat, you may find the following information helpful.

Advantages Of Moving To Australia:

  • Affordable Healthcare: Prescriptions are on average 20% cheaper than other western countries.
  • Low Crime Rate: 46.01 level of crime on crime level index.
  • Affordable Housing: Average housing costs 231,768 GBP.

Disadvantages Of Moving To Australia:

  • Educational Expense: Private Schools can cost up to 12,200 GBP per year.
  • Transportation: Low level of transportation that makes owning a car necessary.
  • Health Insurance is Incomplete and Expensive:  Private healthcare plans are expensive and do not cover necessary expenses such as ambulance rides for emergencies.

Popular Destinations in Australia

Popular cities for business and real estate transactions from abroad, in Australia: Sydney, Melbourne, Brisbane, Perth, Adelaide, Gold Coast, Canberra, Newcastle, Wollongong and Logan City.

CD_EO_Australia_250x250


How to send the money

1. In order to initiate a transaction, you will need to provide the following details:

  • Bank and branch number (often referred to in Australia as BSB number)
  • Account number
  • Recipient’s account name
  • Recipient’s physical address
  • Documentation to prove your identity

Note: Because of the Anti Money Laundering laws, setting up an account with a Foreign Exchange company is similar with banking process.

2. Setting Up The Transfer:

  • Create a free account with any of the recommended companies
  • Receive a quote from the specialists, be it online or by the phone
  • Approve the quote and confirm the transaction
  • Fund your account by sending the required sum of money
  • Receive the confirmation from the dealer that the transaction was completed.

Our Company Recommendation:


Regulations and taxes Australia Money Transfers

The Australian Dollar (AUD) is a fully convertible, freely floating currency, and is the 5th most traded currency in the world

Australian Securities and Investment Commission (ASIC)

ASIC regulates dealing of foreign exchange, as well as overseas money transfer providers.

AUSTRAC (The Australian Transaction Reports and Analysis Center) ensures the compliance of Australian businesses to Anti-Money Laundering regulations, as well as Counter-Terrorism financing and general financial transactions

Transfer regulations

There are no limits on currency transferred in and out of Australia. Travellers carrying amounts of AUD10,000 or more must make a declaration.

Foreign Direct Investment (FDI) is unrestricted, and only amounts exceeding AUD240 million must be pre-screened. Outgoing capital transfers are also unrestricted.

Taxation on foreign income

Australian residents are subject to taxation on foreign income. Temporary residents are exempt from taxation on foreign income.

Non-residents are only subject to taxation on income from Australian sources.

Biggest banks in Australia

  • Commonwealth Bank
  • Westpac
  • Australia and New Zealand Banking Group
  • National Australia Bank

British Pound VS Australian Dollar

It is known that the British Pound is the biggest currency in the world and, with a great economy behind it, the United Kingdom must be the best country is the world, right? Wrong!

For the past 2 years the #1 country in the world is Australia, with an average household disposable income of $28,884. And this is also the best destination for British expats according to a survey made by thisismoney.co.uk.

But why is that? What makes it such a good destination for Brits? Is it the fact that the GBP is almost twice as the Australian Dollar? Or is it just the great weather that cities like Sydney, Melbourne or Brisbane can offer? Maybe it’s just the new beginning that many young couples are after.

Despite the average salary being slightly higher than in the UK, Aussies pay around 25% less on their apartment rent. As an example, the rent per month on 1 bedroom apartment in an Australian City Centre is £1,150 and in London is £1,560 .

But not everything is milk and honey. Some things are way pricier like mobile phone calls (+316.21%) or internet access (+55.37 %).

So, if you are planning to send some money to your friends or family in Australia, be sure to use a money transfer service that will provide the smallest fee possible. Every penny counts!


Want to move to Australia and need more info ?

If you want to emigrate to Australia for work or simply to make a change in your life for the better, you will need a lot of info about how, when and where. For this exact purpose we made a Top List of the Best Australian Expat Blogs. To have a look, you can simply click the image bellow:

badge 300If you are interested in buying a piece of real estate and enter the recent trend or maybe you are just an expat trying to survive a new chapter in your life, we hope that reading this article has informed you how to send money to Australia on the cheap. And if you have businesses abroad that need constant influx of money, you now know how to quickly and cheaply send money from Australia in a matter of minutes.

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