# Money transfer -- Best way



## DiamondColors007 (Aug 10, 2010)

Hello world....

Yet another question .... How do I send my money to Australia? How much should I take? all of it? some of it ? take some and let my folks send me the rest later?

Also, what is the best and more economic way to transfer a considerable amount of money. SWIFT? I hope they don't charge a lot on it.

If using SWIFT, should I exchange my money for AUDs then transfer them?

I haven't investigated banks in Australia, I got only one name, Commonwealth Bank.

Any tips and suggestions are most welcome people...

Have a nice day/night


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## kaz101 (Nov 29, 2007)

Hi mmq83, 

If you do a search on the forum these topics have come up before. 

People can use currency exchanges such as HFIX or do it directly through a bank. You need to check charges with the banks and the currency exchange rates. Personally I've found it better using currency exchanges since I can usually negotiate no fees (depending on the amount being transferred) and the exchange rate is better. 

Regards,
Karen


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## DiamondColors007 (Aug 10, 2010)

kaz101 said:


> Hi mmq83,
> 
> If you do a search on the forum these topics have come up before.
> 
> ...




kaz101 -- I will stop being lazy and do my homework ... thanx for your reply


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## Zultan (Aug 4, 2009)

Personally, I use Xe.com for fee free transfers from the UK to Australia. I also have a checking account with NAB.com.au (due to them also being fee free). It doesn't give you the best exchange rate, but paypal is another alternative way to send money (have one account tied to your US account and another for Australia). The one advantage of paypal is you can see the money has been receieved instantly.


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## DiamondColors007 (Aug 10, 2010)

Zultan said:


> Personally, I use Xe.com for fee free transfers from the UK to Australia. I also have a checking account with NAB.com.au (due to them also being fee free). It doesn't give you the best exchange rate, but paypal is another alternative way to send money (have one account tied to your US account and another for Australia). The one advantage of paypal is you can see the money has been receieved instantly.


Thanks Zultan, most probably I won't consider ordinary methods as I don't want to waste money on any fees or commissions. lane:


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## Zultan (Aug 4, 2009)

Moneycorp.com is another fee free company - they also have a free weekly newsletter that can be useful in choosing when to transfer your money (i.e. when each economy is about to release bad news and drop the currency value!)


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## kaz101 (Nov 29, 2007)

When using fee free companies please check the exchange rates that they are giving you. They will be making money somewhere and I would rather pay a fee (or negotiate it away) than lose more money on exchange rates. 

If you are transferring small sums of money then the exchange rate does not make a huge difference but it does when you are transferring larger amounts. 

Personally I use HIFX or Baydonhill (who used to be currencies4less).


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## Zultan (Aug 4, 2009)

kaz101 said:


> When using fee free companies please check the exchange rates that they are giving you. They will be making money somewhere and I would rather pay a fee (or negotiate it away) than lose more money on exchange rates.


I take your point, but for most people the specialist HFIX companies (that build their fee into the margin) will offer a much better rate (as well as no extra fee) than using a High Street bank.


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## anj1976 (Apr 24, 2008)

I guess if you take money initially, that is not liable to any taxes, if you get the money later, you might be asked, where did all the money come from..


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## DiamondColors007 (Aug 10, 2010)

anj1976 said:


> I guess if you take money initially, that is not liable to any taxes, if you get the money later, you might be asked, where did all the money come from..


Thanx people for all the responses... I wonder whether I can hold the money with me and what is the amount limit? are electronic transfers subject to Taxes?

Thanx ppl,


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## Zultan (Aug 4, 2009)

I don't think there is an upper limit on what you can bring in, but you do have to declare more than $10,000AUD on the landing card.

There's no taxation on electronic transfers. Though at some point if - after you've become an Australian tax payer - the payments become regular you'd probably have to explain their source.


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## anj1976 (Apr 24, 2008)

I dont think so, not the initial transfer. as for limit, there is none, remember, u are taking money there, the more you take, the better it is fr the country . as for carrying cash, anything over 10,000 has to be declared at the airport


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## DiamondColors007 (Aug 10, 2010)

Zultan said:


> Personally, I use Xe.com for fee free transfers from the UK to Australia. I also have a checking account with NAB.com.au (due to them also being fee free). It doesn't give you the best exchange rate, but paypal is another alternative way to send money (have one account tied to your US account and another for Australia). The one advantage of paypal is you can see the money has been receieved instantly.


 Thanks Zultan... 

Do you recommend Commonwealth Bank or NAB? Also, would NAB's "Classic Baking Account" do the work? I don't want to get involved with any bank until I get there. 

Will check the PayPal alternative....

Thanx again man...


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## DiamondColors007 (Aug 10, 2010)

anj1976 said:


> I dont think so, not the initial transfer. as for limit, there is none, remember, u are taking money there, the more you take, the better it is fr the country . as for carrying cash, anything over 10,000 has to be declared at the airport



Thanks anj1976,

Since I plan to leave on April and the US Dollar is still losing ground to other currencies I guess I will buy some Gold coins and take them with me. I hope that won't be a problem with the Ausi Customs, also I wonder how much does it cost to rent a box to store my stuff and documents at some bank...


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## DiamondColors007 (Aug 10, 2010)

*PayPal with an Ausi account and haven't arrived yet*



Zultan said:


> I don't think there is an upper limit on what you can bring in, but you do have to declare more than $10,000AUD on the landing card.
> 
> There's no taxation on electronic transfers. Though at some point if - after you've become an Australian tax payer - the payments become regular you'd probably have to explain their source.


 One question Zultan and I hope you can help me..

Let's say I opened an Australian Bank Account with my Passport details online, can I link it to PayPal even I haven't showed-up there? I mean, if I link it to PayPal, can I deposit and withdraw from it freely in the period before landing and showing at one of their branches?

Thanks in advance,


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## Zultan (Aug 4, 2009)

I can't speak to Commonwealth Bank as I have no experience of them. The deciding factor for me was that NAB offered the classic banking account without any monthly fee.

As for your questions about Paypal. Yes you can link Paypal to an Australian account, long before you set foot in Oz. You can deposit money in this way. What you can't do is take the money back out - until you physically show them your ID (apparently this is anti-money laundering protection). You also need to have two Paypal accounts - as you can't link to current accounts in multiple countries.


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