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Here are answers to some of the most frequently asked questions
HOW DO I USE FXCOMPARED
- Enter your search criteria
- Review the results and select a provider
- Register an account with that provider
- You're ready to send money!
HOW LONG DOES IT TAKE
Once you have registered, booked the trade and sent your funds to the money transfer provider, it typically takes between one and two days for more mainstream currencies and three days or sometimes longer for more exotic currencies to be received by the recipient.
CAN I PERFORM MY TRANSFER ONLINE
Yes. Nearly all the providers listed on our site have online platforms. These platforms allow you easy 24/7 access to their service and you can manage the process and view your transactions and reporting. In the comparison tables opposite, you will be able to see this under the Types of Transfer and look for the computer symbol.
CAN I USE THIS FOR MY BUSINESS
Yes. If you make or receive international payments, using a money transfer provider as opposed to your bank can help you run your business better and improve your overall cash flow. Your provider can do much more than simply beat your banks foreign exchange rate. For more detailed information, visit our business section.
HOW IS THE BANK SAVING CALCULATED
Our bank saving calculations are based the FXcompared International Money Transfer Index (IMTI). The IMTI is a weighted average of the cost of sending money bank to bank based on data from large banks. The exact saving compared to your own individual bank cost may be higher or lower than the saving number shown. The savings currently shown is based on data collected for both bank and non-bank providers on 14 January 2016. For more information on the IMTI and the full methodology, read here.
Australia has an open environment for sending money to Australia and to transfer money out of Australia. The Australian dollar (AUD) is a fully convertible currency and has freely floated since exchange rate since 1983.
Australia money transfer regulations
The central bank does not target a specific value for the AUD; instead, it works to achieve price stability by setting an annual inflation target.
Foreign exchange dealing is regulated in Australia by the Australian Securities and Investment Commission as are overseas money transfer providers (ASIC).
AUSTRAC (The Australian Transaction Reports and Analysis Center) oversees the compliance of Australian businesses and their requirements under Anti-Money Laundering, Counter-Terrorism Financing, and general financial transactions.
There are no limits on sending money to Australia or the amount of currency that can be brought in or out of Australia, but travellers must declare hard currency equivalent to AUD10,000 or higher.
The AUD is the fifth-most traded currency in the world, according to the Bank for International Settlements. Daily AUD turnover amounted to US$460bn per day in April 2013, and the majority of these trades were against the USD.
Investing in Australia
Australia is an important destination for foreign direct investment (FDI), and the government allows unhindered access to foreign investors. Investments over a value of AUD244m (or over AUD1.078bn for investors from the US and New Zealand in non-sensitive sectors) must be pre-screened, but all other capital inflows are unrestricted. Outgoing capital transfers related to investment proceeds, loans or lease payments in Australia are also unrestricted.
Buying property in Australia
No restrictions exist for Australian citizens or Permanent Australian residents regarding property purchases. Restrictions do exist for foreign non-residents and in most cases, a foreign non-resident can only purchase new build properties and land that they then develop, but they may not purchase not existing residential units. The Foreign Investment Review Board (FIRB) oversees the approval of these purchases and approval is also required when selling the property if leaving Australia. on-residents are obligated to sell their property upon leaving the country.The rules governing the FIRB approval can be complex and we recommend you seek additional specialist advice in the area before committing to purchase a property in Australia if you are a non-resident and before you send money to Australia to fund the purchase.
Visas and work permits for Australia
Australia offers a variety of Visas to be able to move to Australia permanently. If you are not sponsored by your employer to move over, the largest category of immigrant is by way of Skilled Independent Migration. This is typically for professionals such as accountants, engineers and dentists. The Employer Nomination Scheme is for those moving with their existing employer. There is also an entrepreneurial and investor category called Business Migration.
If you age is over 55, you might be eligible for a retirement visa. You need to be self-sufficient which means having assets of at least AUD$750,000 or AUD$500,000 if you are moving to regional Australia. You will also need to have access to have a minimum income of AUD$65,000 which can typically be derived from a pension.
Taxation for expats in Australia
Non-residents in the country are liable for Australian tax only on Australian-source income. Temporary residents are typically exempt from Australian tax on foreign-source income (including foreign investment income, but not foreign employment income) and capital gains realized on assets that are not taxable Australian property. Australian residents are subject to Australian tax on worldwide income.
Australias tax year runs from July 1. Australia has entered into double tax treaties with a large number of countries including the UK, USA and Canada.
Australias monetary unit is the Australian Dollar (AUD); it is divided into 100 cents. Banknotes come in denominations of A$5, A$10, A$20, A$50 and A$100 notes, and coins come in denominations of 5, 10, 20 and 50 cent, and A$1 and A$2.
- Reserve Bank of Australia
- Australia Customs and Border Protection Service
- Australian Securities and Investment Commission (ASIC)
- Australian Transaction Reports and Analysis Center (AUSTRAC)
Australia to Individual Country Guides
Our money transfer guides below help provide guidance on the specifics of moving, retiring and studying if you transfer from Australia to each specific country. We also provide information related to transferring money to or from Australia as well as doing business on each trade path.