When you start a new adventure in Australia, it is important to keep in mind how to transfer money to an Australian account so that you can have a deposit while you settle in Australia and also receive support from friends and family you leave in your country.
To make this type of cross-border transfers at the lowest cost, it is important to keep in mind the following:
Do not transfer money using a traditional bank:
These types of banks charge you many commissions for making transfers and more if they are international.
When you make a transfer from one bank to another, the amount of money you receive is not the same and this is due to intermediary banks, which are ‘bridge’ banks used to send the money as they do not have branches in the destination country.
Many times we don’t realize the cost of this type of transfer. See all the expenses you can have:
- International transfer commission when sending money.
- Fixed fees charged by each of the intermediary banks involved.
- Overpricing at the applied exchange rate.
- Commission for delivery of the international transfer to the beneficiary.
This is the best option to transfer money to Australia:
When using TransferWise or NexPay to send money to Australia, you will be charged only 0.7% on the amount sent.
Besides, you will know what fees and exchange rates are applied. From the moment you send the money until it arrives, you receive all the status information of the transfer via email.
Steps to use Transferwise:
- Go to this link: and register for free using your email and password.
- Enter the quantity to be shipped and the currency (EUROS, PESOS…). Also specify the currency in which you want the money to be received (AUD, Australian dollars). Within this process the commission is always included so you don’t have to worry about it.
- Fill in your information and verify that it’s correct.
- Enter the bank details of who will receive the money in Australia: You have two options, you can add the recipient’s bank details yourself or select the option in which the recipient receives an email from Transferwise so that he will be the one to enter their details at the time the transfer is made.
- Confirm your identity: This is a secure system, so it will ask you for an option to validate that it is really you.
- Select how you want to pay or where you want to transfer money from.
- Follow the steps and enter your bank details so that Transferwise can handle the transfer.
- With bank card: It is the simplest method, just enter the details of your debit card and make the payment to Transferwise as if you were making an online purchase.
- Via bank transfer: You have to make a transfer from your bank to the Transferwise account by putting the code provided to you in the “reference” or “concept” of the transfer.
Once you have made the transfer from your bank account, click “I have already sent the money to Transferwise.”
You will then receive an email telling you when the final transfer will take place.
Finally, you and the recipient will receive an email as soon as the transfer is complete.
At Visado we want you to fulfill your dream of migrating to Australia, that is why we will advise you regarding the application of your visa. This way you will be assured that your migration process will be carried out in the best possible way.
You just read: “Find out how to transfer money to an Australian account” To get our advice on your migration process, you can contact us through our communication channels. Rest assured that at Visado we will be ready to help you fulfill your dream of living in Australia.
Take the free eligibility test to find out what your score is and qualify for an Australian visa according to your profile. Besides, you can schedule an appointment with us and get an informative guide on the visa you wish to apply to.
