Check out money transfer options in the Move to Australia Directory

When you are looking at transferring large sums of money to Australia there are a few things to consider. To send money abroad, you want to find the cheapest way to transfer money to Australia so that you get the most dollars (that means avoiding unnecessary fees and getting the best exchange rate), and you also want to find a reliable, established company to do the international money transfer.  

If you’ve been considering how to bring money into Australia when you migrate, this post will cover everything you need to know about transferring large sums of money internationally.

This post contains affiliate links which means the site earns a commission when you use these links at no extra cost to you. The full disclosure is available in the footer. This article is not meant as financial advice. Please do your own due diligence and compare rates before transferring money to Australia.
Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. You should always seek your own professional advice that takes into account your own personal circumstances before making any financial decisions.

Looking at transferring large amounts of money to Australia? >> Check out my website partner, TorFX << TorFX walk you through the process so you don’t have to figure it out on your own AND you receive $100 credit when you open an account and go on to transfer $2000 in one or more transfers. Find out more here. 

Please note, as of May 2021 the regulations have changed on moving money into Australian bank accounts from abroad before you arrive due to requirements from the Australian Taxation Office. Banks are now required to collect tax residency information from customers and if a customer has not provided a valid self-certification that includes the required tax residency information, they will be unable to transfer money into their account until they have validated their account. This means most customers opening an account from overseas will need to arrive in the country before they’re able to move their money into their Australian bank account. I still highly advise you open your Australian bank account in advance and then move your money to Australia as soon as you can after arriving. A multi-currency account is a useful interim solution to retain access to money during the transition.

What is the best way to transfer large sums of money to Australia?

The most important thing to understand when you’re looking for the best way to send money to Australia is this: Your bank isn’t the cheapest way to send money abroad.  

If you are transferring money to Australia from your house sale or to begin your new life, you want to get the absolute most from your money. That means (if you can) avoiding transfer fees and getting the best exchange rate possible. 

If you use a global money transfer service, you will maximise your funds.

To find the best way of transferring money to Australia, I always recommend that people check out a few companies to compare rates and look at reviews. As with any service, due your due diligence.

What to consider when choosing a company for transferring money to Australia

There are lots of things to consider when deciding which money transfer company to use.

Here are some things to research when choosing a global money transfer company for transferring money to Australia:

• What is the rate when you send money abroad – how much will you receive? What fee is charged for the transfer? 
• How long does the process take to move your money to Australia? 
• What type of customer support is available? And how is this support given (over the phone, online or both?) Is this support available 24 hours a day? 
• Do you need to speak to a real person? Is it all done online? Or can you choose which method you prefer? 
• How easy is the international money transfer process? 
• Is the company well-established and trustworthy? How secure are your funds during the transfer? 
• Does the company offer the ability to set up a forward contract so you can lock in a good rate and then move your money later? 
• Can you set your preferred rate and have someone contact you when that rate is reached so you can move your money at the best time?
• How quickly can you register and get started? 

All of these are really important when choosing your global money transfer company for transferring money to Australia. 

Using TorFX to move your money abroad – And get $100 credit! 

My affiliate partner, TorFX can help you take control of your large international money transfers. It costs nothing to register and you can get a one-time introductory offer of $100 credit when you open an account through our referral link and go on to transfer at least $2000 in one or more transfers. That’s money in your pocket for doing what you were going to do anyway! 

The TorFX team are here to support and advise you whether you’re looking to transfer money from the UK to Australia or from other locations. 

>> Get started here

The process of transferring money abroad with TorFX works as follows: 
1) Hop on their website and get a quote here. 
2) Create an account here in minutes online or over the phone – whichever you prefer.
3) Make your transfer – you’ll be guided every step of the way.

Whether you decide to use TorFX or another service, it is a good idea to compare rates and make an informed choice so you get the most out of your money. 

What is the best way to bring money to Australia from overseas?

When I was looking at sending money to Australia from the UK back when we moved, I didn’t know anyone else who had done a money transfer abroad so I didn’t have any recommendations to go on. Over the years, I’ve now used lots of different companies for transferring money abroad. Through that process, I’ve faced all kinds of issues – I had one company who I instructed over the phone put through a double transfer which then got cancelled and ended up taking much longer than necessary, I had another lock me out of my account and I couldn’t get back into it (and as I was based in Australia and they were in the UK and offered limited phone support hours it left me stuck), and I had terrible customer service from another…

The benefit of you using TorFX when transferring money to Australia is that you get an extra level of customer support because they are my website partner and I have an Account Manager to support our partnership. While there shouldn’t be any issues, it’s so important to know that the customer support is there should you ever need it and this gives you an extra layer of support. 

Moving abroad soon? Have you organised your one-way travel insurance yet? If not, take a look at this post. 

>> Get started with TorFX here

Transferring funds to Australia after your move

Even though I now live in Australia, my need to transfer money abroad hasn’t stopped. I often get paid from different clients into my UK bank account and our family put money in our UK account for birthdays and Christmas so I’m always transferring money from the UK to my Australian bank account.

Money transfer services are still an important service, even for those of you who have already moved!

How to transfer money to Australia

I know when you migrate to Australia you will usually need to do a large money transfer because you might have sold your house or you want to move your savings abroad. Please don’t waste your money by going through your bank without doing more research and considering your options. Banks are not the cheapest way to send money to Australia (you should also tell your friends and relatives this in case they are tempted to try to send you birthday or Christmas money when you’ve moved over).

Shop around to get the most out of your money! It’s so much better in your pocket than in your bank’s.

Get the $100 One-Time TorFX Introductory Offer

Set up a TorFX account using this referral link and have $100 credited to your TorFX account.

Here’s how it works:
Set up your account using this link, and log into the TorFX app or online platform.
Complete your international transfer for at least $2,000 (in one or more trades)
You get $100 credited to your TorFX account!
>>Get started here

Find their full listing in the Move to Australia Directory here. 

I hope you found this article about transferring money to Australia useful! Don’t forget to come back to it later when you’re ready to get started. 

Is your move to Australia imminent? If so, you might like to read this post about finding short-term accommodation in Australia or this one about shipping your belongings abroad.

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