Whether you are looking at a medium term stay or relocating your life to the land down under, the task of finding the best way of transferring your money into Australian Dollars will be far from the top of your priority list.
The Australian Dollar typically fluctuates with the Chinese economy and oil prices which can therefore lead to volatility. The key when transferring money to Australia is to seek adequate guidance long before your visa is approved. Specialist brokers in Australia will offer a convenient and cost-effective service when you need to transfer money to Australia and companies such as TorFX offer a local service once you are settled in Australia.
Many of these specialist providers allow you the ability to exchange funds on their app’s, Online platforms or via telephone at your convenience.
Opening an Australian bank account from Overseas
Way before you consider transferring money to Australia you will need to find a bank account which suits your needs and has a presence in the area you are looking to move to. The largest banks in Australia in are ANZ Bank, Commonwealth Bank, NAB and Westpac. Fortunately, many of these banks provide great coverage in Australia so your needs should be well services once you are located in Australia.
What you’ll need to know in order to open an Australian Bank account
In order to open account in Australia you will need to know supply a few details relating to your move to Australia.
- The date you arrive in Australia – you may need to activate the account or confirm you arrive when you get there
- The address you plan to reside – in many cases you won’t be aware exactly where your next home will be there. Banks are aware of this an may just request the state you plan to live.
- The type of visa you have applied for and the professional sector you’re planning to work in upon your arrival.
- Your projected salary or household income.
- Copies or proof of identity – Banks will almost certainly require a passport number or copy upon application.
Naturally all banks work on different criteria’s and eligibility but in generally the following rules will apply to whether or not you can successfully open an Australian Bank account.
- If opening an account before arriving in Australia, you should look to do so between 3-12 months before you land in the country
- The majority of Australian banks will only accept applications from applicants over the age of 18. There are exceptions which include Westpac and Commonwealth
Applications can be made online or via phone just make sure you are aware of the time zone you’re calling before dialling.
Important Numbers and Banking terms in Australia
Once you have your Australian banks account application approved you will need to Transfer money to Australian in order to credit your account. Global bank account formats can differ significantly from those in other parts of the world, Australia is no different and therefore the following details will be required.
When approaching your international payments provider, you will need to provide the following details in order to transfer money to Australia. Similar details will be needed payments to third parties, these might include your visa agent, rental property owner or agent or car hire company.
- BSB number
- Account Number
- Account name
- Bank name
- AUD Amount being sent
As previously mentioned, the Australian Dollar can fluctuate due to a number of scenarios whilst this volatility can occasionally be a source of frustration in can in many cases provide a great opportunity to maximise your base currency and gain more Australian Dollars when transferring money.
Benefits of using an International payments specialist when transferring money to Australia
Whilst many banks will be more than capable of transferring funds to Australia they remain far for experts in the fields. Banks are slow and cumbersome and offer a variety of services which dilute their knowledge of private client’s foreign exchange requirement. Therefore, specialists such as TorFX, Currencies Direct or Foremost Currency Group will not only have a greater understanding of your scenario but excellent pricing on the Australian Dollar. Here just a few of their core benefits.
Excellent customer service levels
International payments providers and Foreign exchange brokers work with key partners and networks meaning their services are recommended. They often come highly recommended and can be easily followed on sites such as Trust Pilot and Feefo. Whilst Banks will offer a very limited telephone and online service specialists will offer a suite of services including online dealing platforms and apps to ensure your transfer to Australia is as fuss free as possible.
They will also have dealt with thousands of clients who have also made the similar journey to Australia and be more than aware of the process. The timelines involved and your specific aims, they will also be able to deal with you once you have moved to Australia.
Far Better Australian Dollar Exchange rates on offer
Whilst Banks and other institutions still trade the largest volume of Foreign Exchange the ultra-competitive pricing they receive is rarely passed down to the consumer. Put simply Banks still dominate the market and make more than enough money from their market share which makes them reluctant to improve pricing. Whilst banks such as First Rate do offer more competitive pricing currency is far from a focus with insurance, savings account and other investment products proving far more lucrative.
In comparison currency specialists work from similar rates to the bank and process so many of these international payments. Despite this they are no way near the size of banks meaning they are much more agile, processing payments quickly and effectively whilst still remaining competitive in terms of pricing.
No Transfer Fees or Hidden charges!
Another key advantage of using a specialist is that many will process your transfer to Australia with no transfer fees. Their segregated account networks can also ensure no charges or fees are taken along the way although this will differ from provider.
Secure payments provide ease of mind
All payments facilitated through reputable international payments specialists will be sent via secure segregated accounts and kept away from their operating funds. You should however ensure that they have the correct regulation and their accounts are held with Tier 1 institutions such as Barclays. Providers such as the ones mentioned in this article fit the bill nicely and perform quick easy transfers to Australia on a daily basis.
Expert advice is just a call away
Another key advantage is that you will receive a personalised service, your account will be proactively managed by an expert rather than a bank clerk who won’t be familiar with the process or currency pairing.
The expert guidance on offer from a specialist is unrivalled with the live FX market at your advisor’s finger tips. They will also be able to structure a strategy which complements your time frame and requirements and can even fix a rate for a future deliverable date allowing certainty and eliminating the risks associated with Foreign Exchange rate fluctuation.
