# Money Transfer Question -- SWIFT Charges



## DiamondColors007 (Aug 10, 2010)

Hello expats,


I decided to open a "Classical Banking" account with NAB, and decided to transfer my money using SWIFT to my new account. After consulting my local bank they told that the SWIFT costs US $50 Max which is fine to me, but I wonder whether NAB as a receiving bank will charge me any money for this transfer. I've just visited NAB's web-site and submitted an inquiry about this.

If anyone has a similar experience, sharing it is welcomed. 

Thanks in advance.


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## Zultan (Aug 4, 2009)

I would caution you against using a high street bank for money transfer - you can do it for free at a better exchange rate using one of the forex companies. E.g. USA, Oz Forex Foreign Exchange | Live Exchange Rate | Currency Rates, XE - The World's Favorite Currency and Foreign Exchange Site


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## DiamondColors007 (Aug 10, 2010)

Zultan said:


> I would caution you against using a high street bank for money transfer - you can do it for free at a better exchange rate using one of the forex companies. E.g. USA, Oz Forex Foreign Exchange | Live Exchange Rate | Currency Rates, XE - The World's Favorite Currency and Foreign Exchange Site


 Thanks Zultan,

Are they trustworthy? I contemplated such an option and I don't know how can I make sure they will do it? 

Thanx again Zultan


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## DiamondColors007 (Aug 10, 2010)

Zultan said:


> I would caution you against using a high street bank for money transfer - you can do it for free at a better exchange rate using one of the forex companies. E.g. USA, Oz Forex Foreign Exchange | Live Exchange Rate | Currency Rates, XE - The World's Favorite Currency and Foreign Exchange Site


 Of course this is Tax free also, I mean opening an account in Australia, right ?


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## Zultan (Aug 4, 2009)

The forex companies I've quoted are considered trustworthy. Their names appear again and again when people talk about transferring money. For example Moneycorp has been around for 30 years and Xe.com for 17. 

Until you become a Aussie tax payer, there are no implications and even then it would only be queried if you were making regular inbound transfers to Australia (so it appeared like you had an overseas income).


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