Most of the immigrants often end up getting lesser money than expected while transferring funds from their home country to Australia. Are you planning to transfer money to Australia from outside of Australia? If yes, then you must be aware of some very important facts before transfering your funds.
Follow these simple guidelines and don’t lose money on transaction charges; rather get that in your hands.
1. Are you in Australia or Yet to move to Australia?
There are two ways to transfer money to you Australia either from bank transfer or using money transfer services.
If you are yet to move to Australia it is always better to plan the money transfer in advance and do these transactions to your Australian bank account.
If you are already in Australia you are good to go with both the options. And most of the time money transfer services wins over the bank transfer.
2. How soon do you want your money?
We would recommend you to keep your eyes on exchange rate :here.
It is always good to transfer money during the time when the difference between your currency to Australian dollar is minimum. But do not keep waiting for getting a lower rate next day, because many times the difference between these two currencies increases and that would be a bad deal.
3. How much money you really want?
New immigrants often end up either overestimating or underestimating how much money they would need in Australia. Keep in mind that once you find a job you’ll no longer need to support yourself with money from back home.
Where as people who are already living in Australia, have this advantage of to be able to accurately estimate how much money they will need.
You must know that Interest rates given on deposits by Australian bank is low; so in case you are getting better interest back home then it is always a good idea to keep that money in the account giving more interest rate on deposits.
We would recommend you not to bring all your wealth in one go. Rather than transfer money as and when needed.
New migrants can expect to spend nearly $4000 in their first month. But rather than having that money in cash they can always use international credit or debit cards.
An important thing to note for new comers in Australia is if you are carrying more amount than $10000 you have to declare it.
4. Talk to as many money transfer services as you can
We’ll highly recommend you not to settle down on a money transfer service with whom you talk at first.
It is always a good thing to talk to as many money transfer services as you can. And select the service which is giving most competitive service.
5. Know about the transaction charge which will be applied on the transfer and the actual exchange rate
The money transfer services charge their commission over funds that you want to transfer. There are few services who offer no transaction fees if you transfer funds up-to a certain level. This is the most important factor that you should discuss with the money transfer service.
Whether it be a bank or a money transfer service; you’ll get to know the actual exchange rate. The actual exchange rate will be used to convert your currency to Australian dollar.
6. Ask about Forward contracts
Forward contracts is the term used when money transfer services offers you a fixed exchange rate on a particular day. In this case you get a guarantee that certain exchange rate will be applied on your transactions when you’ll actually transfer your funds.
These contacts can be helpful in minimising risk of exchange rate fluctuations.
We would recommend you to make the forward contracts in case you know – when you’ll need the money and the rate offered in the forward contract is good.
Do you still have doubts about how to transfer money to Australia from India? Don’t worry; contact Chalo Australia today. We’ll be happy to help you.
