Shifting Money to AustraliaPosted by Bonner Tierney on May 17th, 2021 How to safely transfer money is a common question often asked by those who will be moving to Australia. Even once the money is in Australia, what's the cheapest solution to convert it to the local currency, the Australia dollar? For starters one could always physically bring the amount of money to Australia. Australian law does not require any tax to be paid on money physically brought into the country, no matter how large the sum. However, Australian customs require that anything over ,000 must be declared. The most highly recommended, and not to mention easiest, method of transferring money to Australia is via an electronic transfer. You can transfer the amount of money from your present bank account to the bank where you wish to open a merchant account once in Australia. Australian banks are known for their friendliness and cooperation plus they are always all too wanting to open new accounts for immigrants. As the local Australian banks will generally give you the standard exchange rate to turn your cash into Australian dollars, for a few this is not good enough. get more info 's where a currency exchange specialist can help. A currency exchange specialist is really a recognized professional, focusing on performing currency conversions. Usually the currency exchange specialist will need the money from your bank, convert it to Australian dollars and make the transfer to your new bank in Australia. The benefit of this is that these specialists tend to look for a much better exchange rate. In fact, the forex specialist can arrange a fixed exchange rate so long as a couple of years in advance. This option will come in extremely handy for people who plan their move ahead of time. If a soon to be immigrant believes his home currency will fall contrary to the Australian dollar during a time frame preceding his move, he can secure himself by locking into a specific exchange rate in advance. Especially, today with currencies including 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 choosing these specialists as good ones are hard to find and there are plenty of less than ethical practitioners who are only too happy to victimize unsuspecting new immigrants.Like it? Share it! More by this author |