If you need to transfer money to Australia, there are a couple of important factors to consider before you get started. Who you use to transfer your money is arguably one of the most important things to consider. It will affect the exchange rate you get and how much you end up saving.
There are plenty of money transfer providers in South Africa. These include Foreign Exchange Intermediaries (or brokers) and banks. It’s important to remember that not all providers are the same.
Sending money to Australia can be full of hidden fees and costs.
Here are a couple of handy tips to consider:
- Your bank may not be the cheapest or easiest option. Shop around and compare foreign exchange providers to see what they offer and how they operate.
- Take an interest in the exchange rate. Exchange rates move quickly so it’s important to keep a close eye on the currency market. That way, you won’t miss an opportunity to buy at a good price.
- Be aware of hidden fees and commissions. Choose a transparent provider who discloses their fees and charges.
- Always deal with a regulated provider, preferably one that has been around for a while and offers customer support.
- Use a currency provider that offers online transfers. Online transfers are simple and straightforward and will save you valuable time, effort and money.
- Don’t be scared to ask for recommendations. If you haven’t done so already, it’s worth joining some of the emigration groups on Facebook. These groups are set up to help people who are emigrating to Australia, New Zealand and the UK and offer great support and information.
What is the cheapest way to send money from South Africa to Australia?
If you’re looking for something fast, easy, cheap and reliable then using a company like FX Paymaster is your best option. They offer a fixed exchange rate margin of 0.75% on all ZAR/AUD payments and a flat transfer fee of just R250 per international payment. Plus, you can secure the exchange rate over the phone or online. Which is super convenient.
You can deal directly with a bank if you prefer, however the exchange rate you get will often depend on the amount of money you transfer. This is fine for big businesses or UHN individuals but normal middle to high income earners may be surprised by the rates offered. Bank transfer fees are also 3 to 4 times more expensive, so it’s important to shop around.
What is the easiest way to move money to Australia?
The easiest and most convenient way to transfer money to Australia is to do it online. FX Paymaster offer an online payment solution that’s simple, convenient and cost effective. All you need to do is:
- Register on FX Paymaster to create your profile for sending money online.
- FX Paymaster will open a free bank account for you with their partner bank.
- Login, select the amount of Australian Dollars you want to transfer, and secure a great rate.
- Pay for your transfer. Settle your deal by transferring Rand into your new account.
- Complete the online payment instructions for the company or person in Australia you want to pay.
Voila, it’s that easy. The most reliable and convenient way to send money to Australia.
What details do I need for an international bank transfer to Australia?
First and foremost, you’ll need an account to send the AUD to. Depending on the nature of the transfer, you may have to send the money to an account in your name. Luckily most Australian banks have online banking options specifically for foreigners. If you’re moving to Australia, you can open a bank account from overseas so it’s ready to use, when you arrive.
For 3rd party payments, you may need to provide some additional information to support the reason for your transfer.
When sending money to a bank account in Australia, you’ll need the following details:
- Beneficiary name and address: Your full name and street address.
- Bank name
- Bank Swift/BIC code
- BSB (bank, state, branch) and account number: Refer to your internet banking or account statements.
Thinking about opening an Australian bank account from South Africa? Here are some Australian banks worth considering:
Now that you know how to transfer money to Australia you can compare your options.
