So you’ve earned yourself a wad of cash overseas and you’re thinking about sending money back to Australia. Whether it’s a substantial amount or not, you want to ensure that it can be safely transferred back to Australia with as little bother as possible. Lucky for you then, we’ve compiled some tips and tricks to help you sleep a little easier.
One of the first things you’ll want to know is how much it’s going to cost you. Keep in mind that all major Australian banks require you pay a fee for the service. ANZ and NAB charge a $15 fee, while Westpac and Commonwealth Bank charge $12 and $11 (rates listed as at 29th June 2017).
Money transfer organisations like Australia’s own OFX, or others like World First or HiFX will typically charge somewhere around $10 – $20 for transfers under $10,000 in addition to a foreign exchange conversion margin. No matter what route you decide to go down, you’ll be paying a fee of some sort, so it depends on who you trust and how much you’re willing to spend.
Also, all the institutions have their own exchange rates, so it’s important to track down the best one for you.
Take advantage of this special deal for Expat Tax Services clients
On that note, we’re pleased to announce that Australia’s leading foreign exchange company, OFX.com, has kindly offered client, followers and friends of Expat Tax Services a great offer of Fee-FREE transfers and a discount off the standard foreign exchange margin/rate that they charge the general public (this can potentially result in savings of up to 35% off their public rates)!
If you’re interested in taking advantage of that offer, just register online at www.ofx.com/expattax/ or call them and on 1300 300 424 (if you’re calling from Australia) or on +61 2 8667 8090 (if calling from overseas).
When you call to register, just let them know that you’re an Expat Tax Services client and that you’d like to register for our special partner rates and the team at OFX will note that down in their system for you so that you can take advantage of our special partner rates.
Small and large amounts
Now you know that, we can move on to sums that more accurately reflect your own financial situation. If you’re sending small amounts of money, TransferWise may be the way to go. They have a lower minimum payment size than most institutions, wider payment options and may be cheaper than a bank or money transfer company. When dealing with larger sums (exceeding $10,000) it is absolutely crucial you track down the best exchange rate from a company that is safe and secure.
If you’re coming back to Australia from overseas, you can find yourself losing potentially hundreds, if not thousands of dollars through hidden fees and loaded exchange rates. However, if you come prepared with knowledge and an expert from a quality taxation service, such as Expat Tax, then it’s possible to achieve a spread of 1% and even remove some of those pesky fees.