Best way to send USD to Australia

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spsbo1
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Joined: Wed Sep 15, 2010 1:33 pm

Best way to send USD to Australia

Post by spsbo1 » Sun Apr 28, 2019 2:14 pm

Hi guys.
I’m an Aussie living In the USA.
At some point in next 12 months I intend to buy a property in Australia.
Given how low the AUD is at moment I want to start moving money over to Australia.
Can anyone recommend the best/cheapest way? And are there increments recommended to send in or should I do in lump sum?
Thanks!

California88
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Re: Best way to send USD to Australia

Post by California88 » Sun Apr 28, 2019 7:29 pm

You'd do a wire transfer from your account in your U.S. Bank ... to your account in your Australian Bank ... it would leave the U.S in US$ and arrive in Australia in AU$. The bank will charge you about US$35.

mariezzz
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Re: Best way to send USD to Australia

Post by mariezzz » Sun Apr 28, 2019 7:41 pm

I'd research Australia's laws about sending large amounts of money. In US, you might have to file paperwork if you send more than $10,000 - you do if you carry that much out with you.

sksbog
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Re: Best way to send USD to Australia

Post by sksbog » Sun Apr 28, 2019 7:43 pm

Zoom.com from PayPal

Transferwise.com

AlohaJoe
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Re: Best way to send USD to Australia

Post by AlohaJoe » Sun Apr 28, 2019 7:57 pm

California88 wrote:
Sun Apr 28, 2019 7:29 pm
You'd do a wire transfer from your account in your U.S. Bank ... to your account in your Australian Bank ... it would leave the U.S in US$ and arrive in Australia in AU$. The bank will charge you about US$35.
I wouldn't use a wire transfer unless you have already verified that your bank gives you a good rate. You will almost certainly get a better rate if you a specialised forex service like ozforex, transferwise, etc.
mariezzz wrote:
Sun Apr 28, 2019 7:41 pm
I'd research Australia's laws about sending large amounts of money. In US, you might have to file paperwork if you send more than $10,000 - you do if you carry that much out with you.
The US bank will file the CTR (Currency Transfer Report) for you; I believe individuals never have to file it themselves, only businesses do. There is nothing to file on the Australian side, either. I've transferred >$10,000 (and greater than $100,000) in and out of both countries multiple times.

To the OP: I'd just transfer it in a lump sum unless you want to gamble on forex rates and think they will go down more.

Dudley
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Re: Best way to send USD to Australia

Post by Dudley » Sun Apr 28, 2019 8:00 pm

ofx.com

JohnFiscal
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Re: Best way to send USD to Australia

Post by JohnFiscal » Sun Apr 28, 2019 8:02 pm

Agreed, use a Foreign Exchange service. I sent well over $30K US to Canada last December. No problem. The service I used was much cheaper than a bank wire, and the exchange rate was way better. I don't recall having to jump through hoops for the over-$10K transaction. I suppose the banks all document this.

mikemikemike
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Re: Best way to send USD to Australia

Post by mikemikemike » Sun Apr 28, 2019 8:03 pm

I like transferwise. You end up paying a little in transaction fees (fraction of 1%) but otherwise get the real mid market rate.

Dudley
Posts: 147
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Re: Best way to send USD to Australia

Post by Dudley » Sun Apr 28, 2019 8:06 pm

mariezzz wrote:
Sun Apr 28, 2019 7:41 pm
I'd research Australia's laws about sending large amounts of money. In US, you might have to file paperwork if you send more than $10,000 - you do if you carry that much out with you.
such applies to carrying cash, not to wire. all you may need to do is give bank/transfer agent a reason for transferirng funds - ie. house purchase. (i've personally wire several hundred thousand between the two countries multiple times - no issues)

123
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Re: Best way to send USD to Australia

Post by 123 » Sun Apr 28, 2019 8:49 pm

If you have a choice and are sending a large sum it is often better to use a large bank if you have an account with one. Many banks apply a standard exchange rate of the day to all foreign currency transactions (regardless of transaction amounts). Large banks often get a quoted rate from their foreign exchange trading desk for large transactions (large could be $25,000 for some banks whereas it might be $100,000 for others). It's always a good idea to ask the bank how the exchange rate gets determined for the size of transaction you plan to make. The currency exchange determination is often done in the bank's wire room back office, the retail branch where you initiate the wire has little to do with it.
The closest helping hand is at the end of your own arm.

megabad
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Re: Best way to send USD to Australia

Post by megabad » Mon Apr 29, 2019 2:17 pm

mikemikemike wrote:
Sun Apr 28, 2019 8:03 pm
I like transferwise. You end up paying a little in transaction fees (fraction of 1%) but otherwise get the real mid market rate.
+3 or whatever number vote we are on. Transferwise was about 70% cheaper than my bank. Of course, since the banks don't really disclose the fees it is hard to calculate exactly.

Topic Author
spsbo1
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Re: Best way to send USD to Australia

Post by spsbo1 » Wed May 01, 2019 12:37 am

Thank you so much everyone. Appreciated.

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snackdog
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Re: Best way to send USD to Australia

Post by snackdog » Wed May 01, 2019 8:05 am

Why not bitcoin?

AlohaJoe
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Re: Best way to send USD to Australia

Post by AlohaJoe » Wed May 01, 2019 8:12 am

snackdog wrote:
Wed May 01, 2019 8:05 am
Why not bitcoin?
Last I checked Transferwise was easier and cheaper than using Bitcoin.

What's the total cost to transfer $100,000 using Bitcoin nowadays?

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