Send money to Australia

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Top 7 Money Transfer Providers

Exchange Rates as of 2019-05-24T20:59:45+00:00

Moneycorp

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Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

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One-off payments | Regular payments | Great rates | Safeguarded customer funds

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OFX (prev. OzForex)

Celebrated international money transfer service connecting our customers when it matters most. Best-in-class global payments provider for people and businesses for over 17 years.
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Celebrated international money transfer service connecting our customers when it matters most. Best-in-class global payments provider for people and businesses for over 17 years.
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Bank Beating Rates

TorFX

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Est. 2004

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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WorldFirst

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Est. 2004

Transparency and security | Great customer feedback rating from Feefo

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Transparency and security | Great customer feedback rating from Feefo

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Currency Solutions

Currency exchange specialists ranking No.1 on Trustpilot for the past two years
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Currency exchange specialists ranking No.1 on Trustpilot for the past two years
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Smart Currency Exchange

Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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Bank Beating Rates

Currencies Direct

Call us0203 018 1318

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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Australia Resources

Summary

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 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 (ASIC), as are overseas money transfer providers.

The Australian Transaction Reports and Analysis Center (AUSTRAC) oversees the compliance of Australian businesses and their requirements under anti-money laundering, counter-terrorism financing, and general financial transactions.

When it comes to transferring money into and out of Australia, there are no limits. However, any transactions that include notes and coins over the value of $10,000 must be reported to AUSTRAC within ten business days. This also applies to any transactions that appear suspicious.

The AUD is the fifth most traded currency in the world with a daily trade volume of $174m.

Investing in Australia

Australia is an important destination for foreign direct investment (FDI), and the government welcomes foreign investors. Investments over a value of AUD248m (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. This value is indexed each year. 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 – they may not purchase 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. Non-residents are obligated to sell their property upon leaving the country. The rules governing the FIRB approval can be complex and we recommend that 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 or a family member 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 are of retirement age, then 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 a minimum income of AUD$65,000 per annum, which can be derived in a number of different ways, including pensions and investments.

Taxation for expats in Australia

Non-residents in the country are liable for Australian tax only on income earned within Australia. Temporary residents are typically exempt from Australian tax on foreign-source income (including foreign investment income, but not foreign employment income) and capital gains realised on assets that are not taxable Australian property. Australian residents are subject to Australian tax on worldwide income.

Australia’s tax year runs from 1 July. Australia has entered into double tax treaties with a large number of countries, including the UK, the US and Canada.

Currency

Australia’s 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 cents, and A$1 and A$2.

Additional Sources

  • 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.

Money Transfer Australia to Canada

Money Transfer Australia to Germany

Money Transfer Australia to India

Money Transfer Australia to New Zealand

Money Transfer Australia to Thailand

Money Transfer Australia to UK

Money Transfer Australia to USA

Our Country Guides

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.