Home » Emigration Guides » Australia » Money And Costs » Transfer Money To Australia

For some, leaving their home of origin and moving to Australia means a fresh start. However, for others, the move to Australia is more about a lifestyle change than a clean slate. This is especially true for emigrants who have to continue making payments to their home country even after they leave. It doesn't really matter why payments are still being made. The fact of the matter is that money has to be sent home, so what is the best way to do it?

There are several ways local residents can send money to an overseas bank account or location. It is not recommended to pile money into a birthday card anymore then send by post, as the cash would almost never reach the planned final destination. There are several other ways for people to send money.

Internet transfer services
With internet access 24 hours a day, and the fact that Australia is usually at a different time zone to many other parts of the world, sending money to an overseas location is best done via internet transfer. If customers of an Australian bank use their online services to send money overseas, then the fees are actually quite minimal, sometimes free. Sending money from bank account to bank account can also be done in quick time, taking less than 24 hours on most occasions. The main costs with sending money overseas through this method are at the other end of the process. It usually costs the recipient about $5 to withdraw the sent cash. In addition, some overseas banks and financial institutions add a 1.5% transaction fee on the full amount. This means for every $100 sent, about $10 is taken out for fee payment. There is no limit on most international transactions, but withdrawals are sometimes limited to between $1,000 and $2,000 per day.

Telegraphic services
Sending money oversees can also be done via bank to bank telegraphic services. These are often referred to as wire transfers, providing a three day service that costs somewhere between $20 and $30. However, expect more to be taken out of the original transfer through foreign exchange rates. However, most banks can calculate the 'estimated' cost of the total transfer, allowing customers to alter the initial amount.

Instant Money Transfer services
An IMT service, as this process is often called, is another popular option. This is largely because foreign recipients don't need a bank account to get access to the money. Fees that are placed onto the transactions depend on the destination and amount of money being transferred. Costs are generally more than telegraphic services and internet transactions.

Paypal
If emigrants in Australia are sending money home solely to pay for bills, then there are other options available, including Paypal. It is a cheap way to get money abroad, as there isn't any fees associated with the transfer. There are exchange rate fees of about 2.5% though. In addition, some locations have developed exchange laws and rates that are different from others. Another advantage to Paypal is its security, which is relatively high, and reliable.