Moving 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 after the money is in Australia, what's the cheapest solution to convert it to the neighborhood currency, the Australia dollar? For read more could always physically bring the money to Australia. Australian law will not require any tax to be paid on money physically brought into the country, no matter what size the sum. However, Australian customs require that anything over ,000 should be declared. The most highly recommended, and not 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 plus they are always all too eager to open new accounts for immigrants. While the local Australian banks will generally provide you with the standard exchange rate to turn your cash into Australian dollars, for a few this is not good enough. That's where a forex specialist can help. A currency exchange specialist is 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 brand-new bank in Australia. The advantage of this is these specialists tend to find a much better exchange rate. In check here , the forex specialist can arrange a set exchange rate for as 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 against the Australian dollar during a time frame preceding his move, he is able to secure himself by locking into a specific exchange rate ahead of time. Especially, today with currencies such as the American dollar and the British pound suffering from 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 t here are plenty of less than ethical practitioners who are only too happy to prey on unsuspecting new immigrants.Like it? Share it! More by this author |