| Provider | Amount To Send | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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TorFX | CAD $10,000.00 | No Fee | 1.1119 | 1-3 days | more... |
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OFX (prev. CanadianForex) | CAD $10,000.00 | No Fee | 1.1107 | 1-3 days | more... |
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Currency Solutions | CAD $10,000.00 | No Fee | 1.1091 | 1-3 days | more... |
Excellent exchange rates | No transfer fees | Thousands of 5 star reviews
OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.
Currency exchange specialists ranking No.1 on Trustpilot for the past two years
Great exchange rates | Specialist services | No added fees, 24/7 transfers | Safe and secure
One-off payments | Regular payments | Great rates | Safeguarded customer funds
Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers
Average of the top Canadian Banks costs as compiled by our own FXC Intelligence group
As members of the British Commonwealth, Canada and Australia have many shared interests, as well as reciprocal agreements in place for trade, investments and educational opportunities. Currently, there are no restrictions on transferring money from Canada to Australia either as an individual or a business.
If visiting Australia, Canadian citizens must first apply for an ETA (Electronic Travel Authority) visa before entering the country. An electronic document that can be applied for online, the ETA is appropriate for tourism or business purposes of up to three months. Canadians who plan to work in Australia for longer than three months must obtain a Visitor Visa, which allows for stays of three, six, or 12 months. Canadians who plan to live permanently to Australia must apply for permanent residency visa. The Australian embassy in Canada can supply further information on the types of visas available and the necessary documentation.
Australia has strict regulations governing the purchase of real estate or land by non-Australian citizens, so it is advisable to consult with a local real estate expert before you transfer money from Canada to Australia to fund a purchase. These regulations often make it difficult for foreigners to purchase property without first acquiring approval from the Foreign Investment Review Board (FIRB). Failure to meet the established FIRB guidelines or to obtain FIRB approval, if necessary, on a property purchase can lead to prosecution. It can also be detrimental to the chances of obtaining a visa or of being permitted to visit or live in Australia in the future. In some cases, it may be used as a reason to deny entry into Australia.
FIRB approval is no longer required on certain types of property purchases if the purchaser has already obtained a temporary residence. Purchasing an established dwelling for a primary residence, purchasing a new dwelling, or purchasing a single block of vacant residential land does not require FIRB approval at this time. Grants are available for first-time home buyers in Australia. These include the First Home Owner Grant (FHOG) and a number of state-based grants and stamp duty concessions. Migrants with permanent residency are eligible for these grants and concessions.
Canadian residents living abroad must declare their earnings and file tax forms annually. They must pay Canadian taxes on their worldwide earned income, although they will receive credit via a foreign income tax offset for any taxes paid in Australia, due to a tax treaty between Australia and Canada. This treaty helps citizens of both countries to avoid double taxation. There are no restrictions when sending money from Canada to Australia; however, Canadian law requires that the government be notified when transferring funds from a foreign account into a Canadian bank account.
Currently there are 310 reciprocal agreements in place between Canadian and Australian universities. Australia requires Canadian citizens to first apply and be approved for a student visa before entering Australia to study. There are different levels of student visas in Australia, and the type is dependent on the course of study chosen. Australia provides a type of health insurance coverage for Canadian students called Overseas Student Health Cover (OSHC), which can help pay for medical or hospital costs incurred while studying in Australia.
There is no reciprocal healthcare agreement between Canada and Australia. Canadian citizens who are only temporarily visiting Australia are strongly advised to take out travel insurance to cover any overseas medical costs. To take part in Australia’s government-funded healthcare, Medicare, Canadians must have obtained or applied for a permanent resident visa. Medicare provides for medical consultation fees, tests and examinations needed for treating diseases, most surgical procedures, even including many cosmetic procedures, and will cover the cost of supplies for chronic disease management.
However, the Australian government recommends taking out private medical coverage to supplement public healthcare, as Medicare does not cover all medical expenses. Costs such as ambulance fees, routine dental care, or physiotherapy are not covered under Medicare and are paid for out-of-pocket by residents who do not have additional private coverage.
In order to be eligible to vote in a Canadian federal election, you must be a Canadian citizen and 18 years or older. Canadian citizens living abroad were granted voting rights in 1993, but there is a five-year time limit to these voting rights. Unlike Australian citizens, Canadians cannot renew their voting status by simply expressing an intent to return to their home country after living abroad for more than five years. A Canadian citizen must return and resume residency within Canada before being re-granted voting rights.
International trade and investment account for a significant portion of money transfers from Canada to Australia. As members of the British Commonwealth, the two countries have a close economic relationship. Both are members of the World Trade Organization (WTO) and work closely together in global organizations such as the Organization for Economic Cooperation and Development (OECD) and the G20. Under the Canada-Australia Trade Agreement (CANATA), preferential tariffs are guaranteed on a limited range of products, and both countries are currently in negotiations for the Trans-Pacific Partnership free trade agreement, which seeks to eliminate remaining trade barriers.
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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
