Transferring money overseas.
Welcome from Australia’s first & oldest bank. Westpac. We understand that a new beginning in a new country is a big decision. This is why we are excited and passionate about supporting you every step of the way. This short video covers transferring money overseas.
This video is part of a series that covers some of the basics of living and banking in Australia.
There are many reasons why, once you have arrived in Australia that you may need to transfer money overseas. There are a number of different ways you can do that.
This short video is a brief introduction to the options available to you to help you choose the method that is going to be most suitable for you.
The other videos in this series are:
Welcome from Australia’s first and oldest bank, Westpac. We understand that a new beginning in a new country is a big decision. This is why we are excited and passionate about supporting you every step of the way. This simple video series covers some of the basics of living and banking in Australia we hope that you find it helpful.
Transferring money overseas. Now that you live in Australia you may wish to transfer money overseas to family, friends, or to pay bills. The good news is that there are a number of ways you can do this and some upfront research on the different options available will assist.
Some things to consider when doing your research are: what currency do I want to transfer? Is the exchange rate more favourable in Australia or in the receiving country? How will it be received in the other country? Do you want it deposited directly into a bank account or collected in person?
How long will it take to get there? How much will it cost? The most common way to send money to another country is via your Australian bank either in the branch or via Internet banking. To transfer money, your bank will need the bank details of the person you are sending it to.
This will include the account name, account number, address, plus bank identifier codes which could include IBAN (International Bank Account Number), Bank and branch or BSB, or SWIFT/BIC (Bank Identifier Code). If you are unable to get these details, don’t worry.
You can arrange an international money order or international bank draft and mail it to them instead. It will need to be deposited into their local bank account and cleared by their bank. There are many money transfer companies offering various services. These companies will often have offices in the country where your recipient can collect the money in person, or they may operate online.
The time taken to transfer money can vary from a few hours to a few days depending on the company’s method of transferring. It’s always a good idea to keep all of your receipts as a record of your transfer just in case there are delays or difficulties with the transaction. Another important consideration is the costs to send and receive money.
These will vary according to the method you choose but will often be a combination of a transaction fee and the exchange rate. It is a good idea to shop around remembering to also take into account any fees that may be payable in the receiving country too.
There are many options on how you can transfer money overseas and good research will help you choose the best method for your situation in terms of ease, time taken, and costs, for you and your recipient.
So, contact Westpac today. We would be happy to discuss your needs further. We’re here to help.