Transferring large sums of money to Australia

Are you transferring large sums of money to Australia? Sick of getting high fees, charges and poor exchange rates when dealing with the banks?

You can use a money changing service which can provide better exchange rates and lower fees.

Transferring large sums of money to Australia from other currencies

 

When you move to Australia, you may not have considered transferring your savings. If you are selling your house in your home country and planning to buy a home in Australia the amount of money that you need to transfer may be a significant amount. If you are buying a house in one of Australia’s capital cities the amount of money that you may need is significant especially if you will not use a mortgage.

This means that you could be transferring hundreds of thousands if not millions ($100,000 – $1,000,000+) of dollars to Australia from overseas.

In the case where you are transferring so much money, it is so important that you use an option that provides a good currency exchange rate and has low fees.  In this case, you will probably want to use OFX or Hifx to do the transfer to an Australian account.

What about taxation in Australia for large money transfers from abroad?

If are or have migrated to Australia and you are transferring funds that coincide with this you should not be taxed on the transfer of your funds (savings) to Australia. However, you may be taxed on any capital gains that you may make on the currency exchange. Australia does have Foreign Exchange Taxation which could impact a subsequent transfer. It simply taxes any gain on the exchange rate from entry into Australia to the time the transfer is made. For Australian residents, any capital gain made by holding your money in a foreign currency will be taxed like any other capital gains at normal tax rates as part of your normal annual income taxation. You should consult an Australian tax professional if you delay a transfer of funds after entering Australia.

 

Comparison table of money transfer companies.

Sites/companies Year established Currencies offered Transfer options Minimum amount Fees
Compass markets 1998 50 Online/phone AU$1,000 AU $10
FC exchange 2005 50 Online/phone £1,000 £10
HIFX 1998 60 Online/phone AU $50 AU $15 per transfer
OFX 2005 55 Online/phone/email AU $250 No fees
Torfx 2004 45 Online/phone AU $200 No fees
Transferwise 2011 38 Online/mobile/chat/email AU $1 No fees
Worldfirst 2004 121 Online/phone/email AU $2,000 AU $10 under $10 000

Currencies and countries that each company can do.

Compassmarkets FCExchange HiFX Ofx Torfx Transferwise Worldfirst
United States Dollar

Great British Pounds

New Zealand Dollars

Euros

Japanese Yen

Swiss Francs

Canadian Dollars

Chinese Yuan

Hong Kong Dollars Singapore Dollars

Thai Baht

Danish Kroner

Norwegian Kroner

Swedish Kroner

South African Rand

AE Dirham

Australian Dollar

Bahamian Dollar

Bahraini Dinar

Botswana Pula

British Pound Sterling

Bulgarian Lev

Canadian Dollar

Cayman Island Dollar

Chinese Yuan Renminbi

Croatian Kune

Czech Koruny

Danish Krone

East Caribbean Dollar

Euro

Ghanaian Cedi

Hong Kong Dollar

Hungarian Forint

Israeli Shekel

Indian Rupee

Jamaican Dollar

Jordanian Dinar

Japanese Yen

Kenyan Shilling

Kuwaiti Dinar

Sri Lankan Rupee

Mauritian Rupee

Mexican Peso

Nigerian Naira

New Zealand Dollar

Norwegian Krone

Ormani Rial

Russian Ruble

Saudi Riyal

Singapore Dollar

South African Rand

Swedish Krona

Swiss Franc

Thai Baht

Turkish Lira

Ugandan Shilling

US Dollar

Australian Dollar,

Canadian Dollar,

United States Dollar,

Euro,

Great British Pound,

Hong Kong Dollar,

Papua, New Guinean, Kina

Singapore Dollar,

Danish, Krone,

Japanese Yen,

Thai Baht,

Vanuatu Vatu,

Indian Rupee,

New Zealand Dollar,

Philippine Peso,

Solomon Islands Dollar,

Swedish Krona,

United Arab Emirates Dirham,

Central Pacific Franc,

Fiji Dollar,

Mexican Peso,

Norwegian Krone,

Samoan Tālā,

South African Rand,

Swiss Franc,

Afghanistan

Belarus

Burma

Democratic Republic of Congo

Republic of Congo

Cote d’Ivoire

Cuba

Iran

Iraq

North Korea

Lebanon

Liberia

Libya

Rwanda

Sierra Leone

Somalia

Sudan

Syria

Zimbabwe

British Pounds,

US Dollar,

Euro,

Australian Dollar,

Canadian Dollar,

Czech Koruna,

Danish Krone,

Hong Kong Dollar,

Hungarian Forint,

Indian Rupee,

Japanese Yen,

New Zealand Dollar,

Norwegian Krone,

Singapore Dollar,

South African Rand,

Swedish Kroner,

Swiss Franc,

Thai Baht,

Turkish Lira,

UAE Dirham,

Australian Dollars,

British Pounds,

Brazilian Real,

Bulgarian Lev,

Canadian Dollar

Chilean Peso,

Chinese Yuan,

Colombian Peso,

Croatian Kuna,

Czech Koruna,

Danish Krone,

Emirati Dirham,

Georgian Lari,

Hungarian Forint,

Hong Kong Dollar,

Indian Rupee,

Indonesian Rupiah ,

Japanese Yen,

Malaysian Ringgit,

Moroccan Dirham,

New Zealand Dollar,

Norwegian Krone,

Pakistani Rupee,

Philippine Peso

Russian Rouble

Romanian Leu,

Sri Lankan Rupee,

South African Rand,

Swedish Krona,

Swiss Franc,

Thai Baht,

Turkish Lira,

Ukrainian Hryvna,

Bangladeshi Taka,

Vietnamese Dong,

United Arab Emirates dirham,

Australian dollar,

Bulgarian lev,

Canadian dollar,

Swiss franc,

Czech koruna,

Danish krone,

Euro,

British pound,

Hong Kong dollar,

Hungarian forint,

Israeli shekel,

Japanese yen,

Norwegian krone,

New Zealand dollar,

Polish zloty,

Romanian leu,

Saudi riyal,

Swedish krona,

Thai baht,

Turkish lira,

US dollar,

South Africa rand,

 

 

Want more information? Check out this article about money transfer companies or this article about great ways to transfer money.

Want the cheapest way to transfer your money overseas or the cheapest way to do it online?

 

Disclaimer: The information provided here is general only. You should obtain your own professional advice.