Transporting Money to AustraliaPosted by Bonner Tierney on May 17th, 2021 How to safely transfer money is really a common question often asked by those that will undoubtedly be moving to Australia. Even after the money is in Australia, what's the cheapest way to convert it to the neighborhood currency, the Australia dollar? For starters one could always physically bring the amount of money to Australia. Australian law will not require any tax to be paid on money physically brought in to the country, no matter how large the sum. However, Australian customs require that anything over ,000 must be declared. The most highly recommended, rather than to mention easiest, method of transferring money to Australia is via an electric transfer. You can transfer the money from your present bank-account to the bank where you intend to open an account once in Australia. Australian banks are recognized for their friendliness and cooperation and they are always all too wanting to open new makes up about immigrants. As the local Australian banks will generally give you the standard exchange rate to show your cash into Australian dollars, for a few this is not sufficient. That's where a currency exchange specialist can help. A currency exchange specialist is a recognized professional, focusing on performing currency conversions. Typically more info will take the money from your bank, convert it to Australian dollars and then make the transfer to your new bank in Australia. The benefit of this is that these specialists tend to find a much better exchange rate. In fact, the forex specialist can arrange a set exchange rate so long as a couple of years in advance. This option will come in extremely handy for those who plan their move ahead of time. If a soon to be immigrant believes his home currency will fall against the Australian dollar during a period of time preceding his move, he is able to secure himself by locking into a specific exchange rate ahead of time. Especially, today with currencies like the American dollar and the British pound experiencing devaluation contrary to the Australia dollar, this move can provide a safety net. Be sure that you do your due diligence when selecting these specialists as good ones are hard to find and there are many less than ethical practitioners that are only too happy to prey on unsuspecting new immigrants.Like it? Share it! More by this author |