Best International Money Transfers from Australia 2023

By 
Alon Rajic
Last Edited Sep 27, 2023
Welcome Money Transfer Comparison: a site wholly dedicated to reviews and comparison of international money transfer services. This is our Australian section. We help customers understand how much they are actually paying, and help them figure out which is the best way to transfer money internationally for their needs. ✌️

 

Click here to view the best money transfer options right now in Australia

📖 How to Save Money On Transfers from Australia

Australians are becoming increasingly aware of the fact Australian banks are expensive when it comes sending money abroad.

Luckily for them, Australia is home to a large selection of specialised international money transfer services, and Australians can enjoy some of the best options in the world to send money overseas.

On Money Transfer Comparison, we list, review and compare the best international money transfer services in Australia.

We search for providers who

  • Can onboard Australian customers in Australia
  • Can onboard Aussies abroad
  • Support the most most common currency pairings in Australia
  • Have no fixed rates or very low rates compared to banks
  • Have superior exchange rates compared to banks
  • Are deemed safe and appropriately regulated

Compare Banks and Money Transfer Services

On an independent research we have conducted about bank transfer fees we found out that bank fees for international transfers in Australia are poor.

The below table represents testing we have done for 50,000 AUD to various currencies and what it’ll cost you with bank vs average margin with a provider:

BankCurrencyIndicative Bank Rate Today for 50,000Indicative Rate With Provider for Same AmountSaving
ANZ BankAUDUSD31,093.8260 USD32,182.7905 USDA$1680
AUDEUR29,334.8192 EUR30,378.0118 EURA$1705
AUDGBP25,430.9620 GBP26,261.3823 GBPA$1570
CommbankAUDUSD31,009.5608 USD32,182.7905 USDA$1810
AUDEUR29,267.5165 EUR30,378.0118 EURA$1815
AUDGBP25,245.8364 GBP26,261.3823 GBPA$1920
Macquarie Bank (OFX)AUDUSD31,929.9951 USD32,182.7905 USDA$390
AUDEUR30,114.9192 EUR30,378.0118 EURA$430
AUDGBP26,097.4140 GBP26,261.3823 GBPA$310
NABAUDUSD31,576.7299 USD32,182.7905 USDA$935
AUDEUR29,805.9384 EUR30,378.0118 EURA$935
AUDGBP25,769.4773 GBP26,261.3823 GBPA$930
WestpacAUDUSD31,097.0669 USD32,182.7905 USDA$1675
AUDEUR29,414.3588 EUR30,378.0118 EURA$1575
AUDGBP25,430.9620 GBP26,261.3823 GBPA$1570

The ‘big five banks’ – ANZ, CommonBank, Macquarie, NAB and Westpac – are easily the largest financial institutions in Australia and, despite a growing fintech scene, still continue to process the overwhelming majority of international transfers.

We cover all five of these banks and their respective international money transfer fees here.

Interestingly, Macquarie Bank, which has less of a retail presence than the other four, opts to use the specialist foreign exchange company OFX to provide their retail FX services.

In comparison to other countries, such as international money transfers from UK or from Canada, international money transfers from Australia are expensive with an average cost of c3.5% of the transfer amount in total transaction fees (wire fee and currency markup).

The actual cost will depend on the destination country, where less used currencies are likely to incur higher fees than common currencies (like the GBP or USD).

The methodology we used for the above is to apply the bank margins advertised on the bank’s websites on Sept 18, 2023 and use 0.7% margin as a fixed rate across all currencies for providers (this varies but this seems like a good “generalist number” that represents the margins on large money transfers from Australia).

International Transfer Fees

Not only the money transfer rates offered by Australian banks are worse than those offered by money transfer services, they also charge fixed fees as per the below.

The top 3 money transfer companies we have selected charge no fees.

BankTransaction Fees / Wire Fees is sent in AUD… if sent in Foreign Currency
ANZ Bank$18 / $32 in-branch<$10,000 $9, >$10,000 $0
Commonbank$22 / $30 in-branch$6 / $30 in-branch
Macquarie Bank (OFX)$15 below $10,000, >$10,000 no fees<$10,000 $15, >$10,000 $0
NAB$30 / $30 in-branch$10 / $30 in-branch
Westpac$20 / $32 in-branch$10 / $32 in-branch

How to Use a Money Transfer Service

It’s vital to understand to understand how Australian non-bank money transfer providers work, and what the process entails.

It it really takes is finding a company you want to try.

Leaving your details.

Getting instant access to the online trading system (or perhaps get a call if you have a large sum inquiry).

Understand exactly how much you will pay and what will be received in foreign currency.

If you are OK with the rate and happy to go through you can book the trade on the phone, email or through the online system.

You will then fund an account domestically in AUD (or in other currencies if you are sending to Australia from overseas).

This joint account will be a joint account owned by your provider but on your name so that money can’t be used for anything besides a transfer.

Once the transfer has been funded, the foreign currency transfer will reach its destination (within normally 24h).

Top 5 Money Transfer Services in Australia

#1
Australia SendPayments: Friendliest Staff and Platform
Local Australia Offices (Headquarters):
10 Rawlins St, Southport QLD 4215
96.4% Editorial rating
135 Client Reviews
Minimum transfer:
AU$100
Why Them?
  • Best Website - Friendly and Transparent
  • Easy to Sign Up and Trade, Excellent On-Boarding Team
  • Competitive Exchange Rates for Both Small and Large Transfers
+Read more
1
Send Payments
SendPayments: Friendliest Staff and Platform
96.4%
Editorial rating
#2
Australia TorFX: Best for Large Transfers and Businesses
Local Australia Offices:
25 Elkhorn Ave, Surfers Paradise QLD 4217
93.4% Editorial rating
5,000 Client Reviews
Minimum transfer:
AU$100
Why Them?
  • Australian Specialists with Local Offices
  • 98% Client Satisfaction
  • Dedicated Dealer for Transfers above A$5,000
+Read more
2
Torfx Money Transfer
TorFX: Best for Large Transfers and Businesses
93.4%
Editorial rating
#3
Australia OFX: ASX Traded, Australian Household Name
Local Australia Offices:
60 Margaret St, Sydney, NSW 2000
90.4% Editorial rating
5,000 Client Reviews
Minimum transfer:
AU$100
Why Them?
  • Australian Company
  • Traded Publicly
  • 20bn Turnover per Year
+Read more
3
OFX
OFX: ASX Traded, Australian Household Name
90.4%
Editorial rating
#4
UK Australia Hong Kong Singapore Worldfirst: Useful Tool for Online Sellers
Headquarters:
Millbank Tower, 21-24 Millbank, London, SW1P 4QP, UK
85.4% Editorial rating
7,000 Client Reviews
Minimum transfer:
AU$1,000
Why Them?
  • Great FX Margins for Businesses
  • Authorised by 6 Global Regulators
  • Asian Currency Specialists
+Read more
4
WorldFirst Money Transfer
Worldfirst: Useful Tool for Online Sellers
85.4%
Editorial rating
#5
Australia FlashFX - Innovative, Ripple-Driven, But New
Headquarters:
Sydney, New South Wales, Australia
79.6% Editorial rating
200 Client Reviews
Minimum transfer:
Not Mentioned
Why Them?
  • Innovative - Using Ripple Network for Payments
  • Solid Customer Reviews (although not many)
  • Strong Entrepreneurs with Banking Background
+Read more
5
FlashFX
FlashFX - Innovative, Ripple-Driven, But New
79.6%
Editorial rating

Updated for:  September 2023 – Best rated for international money transfers from Australia and into Australia. Favouring companies with local Australian offices. Only for transfers involving foreign currency. Transfer amount limits vary by company. Cash pickups not supported.

More Info

Which Australian bank is best for international transfers?

Based on our research, the Macquarie Bank online service (using OFX as a provider for this service) is best for sending money overseas. Of the banks, it has the best rates, but these are still subpar compared to the rates offered by dedicated money transfer services.

Are the best international money transfer services any cheaper?

In fact our research to determine which is the cheapest international money transfer method has shown that universally and globally, banks are among the most expensive ways to transfer money internationally. We believe that the best way to transfer money from Australia would be through an dedicated, highly-reviewed, and ultimately recommended international money transfer service.

How much cheaper are dedicated service providers compared to banks?

The best international money transfer services have foreign exchange rate margins of anywhere between 0.1% to 1.5% and a fee-free transfer policy (so 0.1%-1.5% is the total cost of transfer). On average, you’ll save a minimum of 50% and in some instances you can save up to 95% of the transfer costs.

For example, if you are transferring $100,000 from Australia to USA, you’ll pay anywhere from $100 to $1,500 using a dedicated service, whereas banks can charge more than twice that (CommBank may cost $4,239).

Can I use a debit card to transfer money from Australia?

Different providers accept different payment methods but in virtually all cases, you’ll be able to fund your transfer via a debit card, including all of the best international money transfer services listed on this page. It’s a near-instant settlement method which means the payment provider will be able to begin processing your international transfer as soon as the card network has verified you have the funds in your account to make the transfer. Alongside a local bank transfer, we recommend it as one of the best settlement methods for fast international transfers.

However, we recommend against using a credit card to fund your transfer. The payment provider will levy high fees and your credit card company will view the transaction as a cash transfer, meaning you can expect to pay at least 2-3% in additional fees. I

Will I have a peace of mind using a money transfer service?

In addition to providing a cheaper alternative when you move money to an overseas bank account, you get additional peace of mind when conducting a large money transfer overseas through the best international money transfer companies. The advantage that some foreign exchange companies have is that they offer a dedicated currency dealer who will help you initiate the transfer, decide on the right timing to do it, suggest means of hedging your currency exposure (like Forward Contracts), and follow up on a transfer once it has been sent. An especially useful service for those transferring large sums internationally.

Will a money transfer service provide me with financial advice?

Money transfer services are not regulated to provide any direct financial advice. Specialist service providers can instruct you as a customer on things like their chief economist’s currency predictions (i.e. for example whether they believe that the AUD/USD will get stronger or weaker over time), and/or suggest functions which are readily available for customers such as rate alerts or hedging tools and they can even connect you with a financial advisory firm but they are forbidden from providing any financial advice.

You’ll make your own call as to what you do with your money but by understanding from a currency expert the recent trends that have impacted your currency pair, what events may impact whether it strengthens or weakens in the future and the FX tools you can use to manage this, you’ll be in a much more informed position to make a call on what you want to do.

Do money transfer companies have a credit licence?

Money transfer companies in Australia do not have a credit licence. The best and most reputable money transfer services are regulated as a remittance or digital currency exchange provider for the provision of international payment and currency exchange services.

How many different currencies can I exchange with a money transfer service?

Money transfer services offer a varying selection of currencies, but all of them, as a rule of thumb,  support all of the major currencies that Australians are primarily looking to convert. This includes but is not limited to AUD, NZD, USD, GBP, EUR, CHF, SGD, HKD, JPY, and CAD.

Who is Money Transfer Comparison Australia?

Money Transfer Comparison, established in 2014, is a website that has the most in-depth reviews of money transfer companies globally. To date, we have reviewed more than 80 different providers. Our focus at Money Transfer Comparison is safety and security – we don’t only compare foreign exchange rates, but instead take an in-depth look at the advantages and disadvantages of a number of different factors of a money transfer service, so customers can decide on a safe, fast and fair provider. Read more about us here.

We have been featured in the following publications:

What are the most popular destinations for sending money from Australia abroad ?

According to our reader analysis, overseas money transfers from UK to Australia are the most common use-case scenario, alongside transferring money from Australia to UK. This is closely followed by money transfers between Australia-USA and Australia-NZ. The best-rated providers in our Australia rankings are able to cover these corridors, as well as all major regions and currencies.

Of the 80+ money transfer companies we have reviewed, 22 are able to serve Australian customers. Below are our choices for the best international money transfer services in Australia for individuals and businesses (sole traders, small businesses and corporations alike).

With our selection of best money transfer companies in Australia, you can

  • Transfer money from an Australian bank account to a bank account abroad with great exchange rates and no hidden fees.
  • Transfer money internationally from your bank account in Australia to a self-owned bank account abroad.
  • Send money overseas for regular payments.
  • Transfer money internationally from Australia to NZ, USA, UK, Singapore, Hong Kong, Spain, Italy, Germany or almost anywhere in the world with the exception of countries which are blacklisted.
  • Transfer money from USA, UK, Singapore, Hong Kong, New Zealand, Spain, Italy, Germany or almost anywhere to your bank account in Australia, getting the same margins as you do for outbound international money transfers.
  • Receive money from overseas to Australian bank account.
  • Get assistance on the right timing to make an AUD exchange.

Are international money transfers cheaper for large sum transfers?

In general, the more money you convert, the lower the FX spread is applied by the foreign exchange company. This is how the majority of currency specialists operate. A small number of online-only providers apply a fixed FX spread no matter how much you send.

Large transfers are not necessarily ‘cheaper’ than smaller transfers as the FX spread is calculated as a variable fee, i.e. it’s calculated as a percentage of the total transfer amount.

For example, a 0.5% FX spread on a $50,000 transfer would cost $250, whilst a 1% FX spread on a $10,000 transfer would cost $100. A smaller percentage fee on the larger transfer but, naturally, you’ll pay more in AUD for higher-value AUD transfers.

Business payments from Australia internationally

Traditionally, international money transfer services in Australia were more focused on SME clients and prior to 2010 most of them did not accept individual clients at all. Nowadays, all the best international money transfer service providers in Australia are happy to accept individuals and businesses – with the exception of B2B only provider WorldFirst – and each company has different minimum transfer limits (except CurrencyFair and Wise who have no minimum transfer limits, true for December 2022).

With the above being said, Australian SME clients (with ABN) are still an important focus for money transfer companies. They are normally repeating and loyal customers who make a lot of transactions. There’s also a very large pool of customers, relative to the population’s size. Australia is known for its 4 million small businesses but for foreign exchange companies in Australia, the biggest kicker is this – 68% of all Australian online businesses sell internationally. A small online seller in Australia which is selling merchandise for a modest amount of $50,000 AUD abroad, and additionally pays international suppliers an amount of $50,000 AUD each year, can pay anywhere from 2.5% to 5% in international transfer bank fees with Australian banks like ANZ, Westpac, CBA, NAB or Bendigo. This is where international money transfer services are really able to shine and not only offer tremendous savings (WorldFirst fees range between 0.15% and 0.5% in comparison) but also add value through sophisticated international payment solutions. Forward Contracts and other forms of currency hedging will be recommended through one-on-one guidance by currency experts.

You could say, in essence, that those who will save most using a non-bank global money transfers provider, are those transferring large sums of money abroad or receiving large sums of money from abroad – into Australia, or from Australia.

How to compare which are the best money transfer companies in Australia?

⭐ Our Review and Comparison Guidelines Explained ⭐

We have compared more than 80 companies of which 22 are able to onboard Australian customers as per November 2022.

ParameterWhat we look for
Level of Service
Quick and easy sign up process, readily available staff located in Australia  – courteous and understanding, or in simple words a money transfer service ready to go above and beyond for its clients.
Reputation
Reputable company with long trading history (including specifically in Australia)
Cheap International Money transfer Fees and Rates
No money transfer fees and better-than-bank i.e. competitive exchange rate for Australian dollar
Features and Functions
Online money transfer website and mobile app (fully functional for tracking trades and conducting new trades)
Global Reach
Many currencies handled including exotic currencies, global offices outside of Australia,  regulated by several regulators, and constantly expanding into new territories.
Australian Presence
While the majority of money transfer companies are happy to engage in AUD money transfers and on-board clients from Australia, only a small subset of them actually have local Australian offices. We have selected the most localised towards the Australia market.

Money Transfer Companies in Australia: The Complete List

CompanyName on RegistryASIC Number
#1TorFXTOR FX PTY LIMITED246838
#2WorldFirstWorld First Pty Ltd331945
#3OFXOzForex Limited226484
#4WiseWise Australia Pty Ltd513764
#5CurrencyFairCurrencyFair Australia Pty Ltd402709
#6XE Money TransferHIFX Australia PTY Ltd240917
#7AzimoAZIMO PTY. LTDCould not find on register.
#8SendSendFX Pty Ltd509635
#9WorldRemitWORLDREMIT PTY LTD.Could not find on register. Potentially uses UK license.
#10RemitlyREMITLY AUSTRALIA, PTY LTDCould not find on register. Potentially uses UK license.
#11AirwallexAirwallex Pty Ltd487221
#12InstaremNIUM PTY Limited464627
#13SingXSingX Australia Pty Ltd508309
#14PaysendPAYSEND PLCCould not find on register. Potentially uses UK license.
#15Travelex International Money TransferTravelex Limited222444
#16AFEXAssociated Foreign Exchange Australia Pty Limited305246
#17OrbitRemitOrbitRemit Limited470646
#18TransfermateTransfermate Pty Ltd514851
#19PayoneerPAYONEER AUSTRALIA PTY LTD504803
#20RevolutRevolut Payments Australia Pty Ltd517589
#21Western UnionWestern Union Financial Services (Australia) Pty. Ltd.404092
#22MoneygramMoneyGram Payment Systems, Inc.Could not find on register. Potentially uses US license.
#23Compass Global MarketsCOMPASS GLOBAL HOLDINGS PTY LIMITED426810
#24FlashFXFlash Partners Pty Ltd480834

Additional Information on how we evaluate money transfer companies and decide on the top 10 money transfer companies in Australia can be found in our FAQ. Transfer money from Australia to UK or transfer money from Australia to USA – and this following guide will help you!

What’s the difference between a great money transfer company in Australia and a bad money transfer service?

Superb Money Transfer Service Experience
Straightforward answers from your representative.
Your money is in segregated bank accounts and you are not exposed to losing it .
You understand precisely which fees are involved and the other party knows how much money it will receive.
The staff will be able to provide guidance about the best timing to exchange the Australian dollar.
The service won’t be pushy and won’t try to persuade you to trade today at a worse rate than competitors.
You could DIY or have a representative on telephone or email to help you conduct your trade.
Lousy Money Transfer Service Experience
Takes a long time to sign up and must provide a lot of documents.
Not properly regulated and client funds are not separated from the company’s.
Money transfer fees and exchange rates are opaque.

There are no account managers to guide you how to conduct the transfer, nor on whether this is the best timing to conduct such a transfer. No hedging tools will be offered.

Even if you make a large international money transfer, will be no discount, and you will pay the default rates.
No updates with the progress of your transfer.

Money Transfer Companies in Australia – The History and The Now

Australia was a little slow to wake up to it, the US are still way behind on it and the UK has led the charge on it. What are we talking about? Specialised international money transfer companies of course. Bringing a breadth of new payment options with little to no fees and considerably better currency exchange rates. There are now more money transfer companies in Australia than ever before, joining the original innovator OFX (previously OzForex).

Gone are the days in which companies like Western Union or Moneygram dominated this space – it’s now time for a new era with companies like the Canadian XE Money Transfers, European Wise (TransferWise), or American WorldRemit, which are are the forefront of wire transfers.

Australian Foreign Exchange Companies – Where Did it Start?

Whilst we might say Australia has been behind the curve, OFX was actually founded in 1998 as one of the first dedicated international money transfer companies (also named fx companies, especially by businesses) to ever exist. Today, it has had over one million customers and traded over $150 billion AUD for its clients. So why has it proved so popular and, like many other Australian FX companies, still remained a relative unknown in Australia?

It’s difficult to pinpoint exactly why, but when we consider the UK had at least 10 dedicated money transfer companies launching in the 1990’s and 2000’s and they still only had around 5% of the whole UK international money transfer market at the time then we can probably see why OFX might not have been a household name. The rest of the UK market belonged to 4 big banks (read about the current state of affairs in the UK banks join the money money transfer race). Sound familiar? That’s because it’s been much the same story in Australia.

Are We Seeing a Shift To More Money Transfer Companies in Australia and Why?

So what’s changed and why has the mentality shifted away from banks and towards international money transfer companies in Australia? Part of it has to be that people have come around to the idea of managing their finances online or even through their mobile. Just as we use mobile banking these days we know there are a number of new innovative solutions challenging the big banks that provide us with more functionality at a reduced cost. It may feel longer but let’s not forget the first iPhone was only announced in 2007 and things have only moved faster the more time progresses.

There are a number of other reasons to use an Australian FX company as well of course. Looking at the infographic above, based on rates taken 29 January 2020, customers will receive more in their destination currency when using OFX vs both ANZ and Commonwealth Bank. In fact, when using an Australian bank, your currency exchange spread can be as much as 5% worse than the current interbank rate (the rate at which banks trade currencies with each other).

So let’s say you were making an international money transfer from Australia to UK of $1000 that would be $50 taken in the margin by the bank.

International payment fees in Australia are also likely to be between $10-$30 with an Australian bank whilst most Australian FX companies will charge no payment fees.  We won’t touch on the availability of payment and hedging solutions with money transfer companies in Australia compared to banks, as we cover this in our other resources. But suffice to say forward contracts, batch payments, regular transfers, swaps and limit orders will not be available with your bank and are so with dedicated Australian FX companies. Helping you achieve your desired exchange rate which can have a huge impact on the amount you receive.

Nowadays there are a whole host of other providers to have launched as money transfer companies in Australia. UK headquartered WorldFirst were the first international company to launch in Sydney in 2009 and they clearly detail their pricing matrix online (perhaps the cheapest of all Australian FX companies) which is dependent on the annual AUD volumes you are trading, whether as an individual or business. UK based TorFX then launched in 2013 and has been a mainstay ever since.

To read more, view this Commonwealth Bank of Australia international payments review demonstrating 4.3% exchange rate margin on AUD to GBP transfers.

 

Why Australia is the World’s #2 International Money Transfer Hub?

Only second to the UK’s currency transfer brokers, Australia is a massive international hub for international money transfer companies. This is particularly impressive considering Australia’s population being a mere 25m people, which is under 0.33% of the global population. So what makes Down Under so attractive in the eyes of money transfer services specialising in international transfers? The reason is multi-faceted.

  • Australians are considered more financially savvy than most of their international counterparts of the same age, and hence are more likely to sidestep the bank and be happy to put in the “effort” of signing up with non-bank providers to save money.
  • There are more than 300,000 Australian who reside abroad and need to transfer money periodically from their Australian bank account to USA / UK / Hong Kong/ New Zealand or wherever they currently reside (or the other way around, transfer money to relatives, friends, and business associates in Australia).
  • There are more than 1 million Britons who reside in Australia… and Brits are the ones who run the (money transfer) world.  That means transferring money from UK to Australia, and from Australia to UK, is one of the busiest corridors.
  • The Australia-UK free trade deal makes it easier for businesses to trade internationally and regulated money transfer companies see the opportunity to onboard Australians.

i.e. clients who transfer money from UK to Australia, as well as those transferring money from Australia to UK, are very much the ordinary customers for the companies we recommend to provide the best international money transfer in Australia. The onboarding process is easy for both Brits and Aussies alike.

Too many options to transfer money abroad from Australia?

Money Transfer Comparison commissioned an independent survey of 625 Australians who have family overseas to gauge whether they plan to help them financially, despite the rising cost of living. Respondents were asked to select the type of help they were willing to provide, including transferring money internationally, paying bills, or sending gifts. Respondents were also asked how much money they would send over the next two years if their families required assistance. The survey respondents cover a geographical and population spread that is reflective of the Australian population.

Below are the results:

  • 32% said they would be willing to send less than $500 to their family overseas if they really needed it in the next two years
  • 16% said they would send $10,000 or more
  • 30% said they would send $5000 or more
  • 37% said they would send $1000-3000

Read full survey results

View additional researches by Money Transfer Comparison Australia below:

Will Australian businesses source more suppliers or customers from overseas as the cost of doing business increases?

WILL SMES OUTSOURCE WORK OVERSEAS AMID A TIGHT JOB MARKET & RISING WAGES?

HOW MANY AUSSIES ARE IGNORANT ABOUT THE MEANING OF EXCHANGE RATES AND INTERNATIONAL TRANSFER FEES?

Are Aussies losing out by using credit cards for overseas purchases rather than money transfers?

Do Australians research lower fees before making international money transfers or purchasing foreign currency?

Would Australians leave their banks in favour of innovative online lenders and fintech services?

Are Australian businesses failing to check exchange rates when making international payments?

How will the Australian dollar affect travel and consumer spending?

Basic quiz reveals Australians’ lack of understanding on impacts of AUD fluctuations

Will Australians increase their international payments in FY23?

Have high interest rates and fees in 2022 eroded our trust in the banks?

Are Australians saving money on payments?

Will SMEs expand their sales or suppliers internationally to get through tough economic times?

Are Australians willing to financially help families overseas, despite the rising cost of living?

Paying Tax Debt from Abroad?

One of the main use cases for Australians abroad looking to make payments to Australia is to pay the ATO. All Australian residents must report and pay for income generated outside of Australia. OFX has a unique offering in this regard covered here – paying the ATO from overseas.

Investing in Australian Property from Abroad

The Australian government has implemented regulations for foreign investment in the country’s property market through the Foreign Investment Review Board (FIRB). Foreign investors must receive permission from the FIRB to purchase property in Australia. Generally, these investors can buy new dwellings or vacant land, while established dwellings are restricted. These regulations aim to benefit the Australian economy and citizens by promoting job creation in the construction industry and ensuring property ownership opportunities for residents. It is recommended that foreign investors consult property investment experts in Australia to navigate the compliance regulations and tax implications of owning property in the country.

Hence, overseas investments in Australian property are lesser than in other countries, but in spite of that the Australia is the recipient of many money transfers from abroad.

Understanding the Financial Claims Scheme (FCS) and Money Transfer Companies

The Financial Claims Scheme covers banking institutions incorporated in Australia which are authorised by the Australian Prudential Regulation Authority (APRA). These include; Australian banks, subsidiary divisions of foreign banks, building societies and credit unions. This means the Financial Claims Scheme does not apply in respect of your account with a money transfer company.

A legitimate Australian money transfer provider will hold an Australian Financial Services Licence and be regulated by the Australian Securities Investments Commission. They will work with major Australian banks to provide their service and should have a strong balance sheet. They do not lend money and their business model is generally considered to be low-risk (they match the exact same trade a client makes with their bank but normally at a lower rate than if the client had gone to the bank directly). Just be aware money is not protected under the FCS so it’s best to choose a reputable provider with a strong financial performance.

Final Words about Money Transfer Services in Australia

Whether as an individual or business, there is a significant selection of reputable money transfer services to choose from in Australia. The best international money transfer companies demonstrate excellent customer reviews, incorporate the highest safety protocols and enable you to transfer money internationally for cheap to and from Australia.  When considering a non-bank money transfer service always consider these four golden rules in your selection criteria:

  • Regulated company (perhaps the best combination to be regulated domestically in Australia by ASIC as well as another prominent regulator such as the FCA in UK).
  • Has local offices, representatives and account management in Australia.
  • Has been in the overseas money transfer industry for a long time and there are thousands of customer testimonials you can read about them online (on an OBJECTIVE third party site and not on their own website).
  • Offering both dedicated dealers to help with larger trades and currency hedging strategies, as well as a friendly online system and mobile app to make payments online should you wish.

 

READ MORE:

Papua New Guinea Islands

Moving to Papua New Guinea 

Papua New Guinea has experienced a very unique history in that the territory has influences from Spain, Portugal, Germany, Australia,

Australia living pros and cons

Living In Australia: Pros And Cons

Australia is a dream destination for expats, digital nomads, and travelers alike. With its vast landscape, diverse natural attractions, and