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 who will undoubtedly be moving to Australia. Even once the money is in Australia, what is the cheapest solution to convert it to the local currency, the Australia dollar? For starters one could always physically bring the 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 should be declared. The most highly recommended, and not to mention easiest, approach to 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 intend to open a merchant 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. As the local Australian banks will generally provide you with the standard exchange rate to turn your money into Australian dollars, for some this is not good enough. That's where a currency exchange specialist can help. A currency exchange specialist is a recognized professional, focusing on performing currency conversions. Typically Abn Amro Bank Australia will need 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 look for a much better exchange rate. In fact, the forex specialist can arrange a fixed exchange rate for as long as a couple of years beforehand. This option will come in extremely handy for those who plan their proceed of time. In case 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 against 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 difficult to find and there are a great deal of less than ethical practitioners who are only too happy to victimize unsuspecting new immigrants.Like it? Share it! More by this author |