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 World First, HiFX and OFX will typically charge somewhere around $10 for transfers under $10,000. 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. As of the date of writing (29th June 2017), World First offers the best exchange rate at 0.7676, being the cheapest by around $46.
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, Western Union 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 $100,000) 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.