Send Money to Australia: Easiest Methods and Essential Tips

If you are looking to make international money transfers, the ideal ways are online money transfer providers, bank account and wire transfers, and popular payment services like PayPal. It's easiest to use MTPs, but before you use them, read more about the methods below.

Money Transfer Services

An international money transfer operator offers a web-based service to send funds to Australia online. MTPs like Ria or WorldRemit are a safe and easy way to transfer money from abroad. Depending on the platform, these operators allow sending funds to Australia from over 170 countries.

The process is simple and begins by registering a personal or business account with the money transfer service. You can pick from multiple payment methods, such as debit cards and cash pick-up.

The fees and transaction speeds will vary depending on the method and the provider's policies. However, MTPs can be up to 50% more affordable than the market alternatives. The money is often available on the same day, ensuring this is the cheapest and fastest way to send funds to Australia.

If you would like to learn more about how money transfer services work, we reviewed some money transfer companies like VertoFX where you can find out more about the process

Wire Transfers

Wire transfers are the old-school way of sending money abroad, and it can take days to move funds electronically to Australia. Banks and other financial institutions offer these transfers and often charge high fees.

The process requires having detailed data about the receiver, which can complicate things for the sender. Overall, money transfer platforms are more affordable, faster, and easier; ensuring a better alternative to wire transfers.

Bank Account Transfers

This method allows sending funds to an account opened in the National Australian Bank (NAB), Westpac, or any other local bank. Apart from the receiver info, the Australian legislation requires having a BSB number, which identifies a bank branch where the account is registered.

It takes time for banks to check the provided documents and process the transfers. These transactions are often expensive, so it's better to use money transfer services.

Challenger Banks

Challenger banks focus on providing online services via an app or site. These are small institutions, and lower operating costs mean lower costs for users. The most reputable challenger banks in Australia are Alex, Judo Bank, and Volt Bank Limited.

International transactions are usually not these banks' primary focus, and they are not as liquid as large financial institutions. This can make them unsafe for large transfer amounts. Money transfer services have even smaller fees, making them a smarter choice.

Mobile Apps and Payment Services

Google Pay and Apple Pay are the most reputable mobile payment services available in Australia, but these focus on domestic transactions, especially contactless payments in stores. Money transfer providers also have mobile-friendly websites, and the majority offer iOS or Android apps. Add the fast transactions and reasonable fees, and it's clear why they are a better choice than mobile payment services.

PayPal

PayPal is a popular web payment system and an e-wallet pioneer. It supports a wide range of currencies and is a fast way to send money to Australia. The downside is the transactions come with large fees, which often go up to 5%. Money transfer services are far more affordable, and some are equally fast as PayPal. They are easy to use and beginner-friendly, ensuring a better alternative with similar platforms.

Money Transfers to a Pick-Up Location

This option is used to send actual cash to Australia, and they are provide by services such as Wise or Western Union.

One downside can be that agent locations are not on your doorstep, and carrying cash is risky. Money transfer services ensure you handle everything online, making the process safer. You'll also find that MTPs are more affordable than sending cash, which is another reason to pick these providers.

What Do You Need to Send Money to Australia?

The documents necessary depend on the payment method used and money sent, but here's the paperwork you'll probably need:

• A valid ID. You should provide a copy of a valid document issued by your national government or the original ID if you are sending cash from a pick-up location.

• Receiver details. These include the info like the name, physical address, etc.

• Bank account info. Apart from the receiver's account, you might need the BSB and other bank details.

• Money origin documents. You can prove the source with a salary statement, property sale document, or other proof of income.

The sender will probably need to specify how the platform should deliver the money to the receiver. It's best to discuss this with them before finalizing the transaction. The following describes each method:

Location Pick Up

This involves the receiver heading to an agent's location to pick up the funds. Wise, Western Union, and Ria have hundreds of locations available in Australia, but the receiver should confirm they have a branch nearby.

Direct Bank Deposits

The method involves sending money to the receiver's bank account, and they need to have a valid account registered with an Australian bank. The receiver sends you the details like their account number, BSB, and other details. All money transfer services support this option, and the transfers are often completed on the same day.

What Do You Need to Receive Money in Australia?

If the receiver doesn't have prior experience, here's what they should prepare to receive the money in Australia:

• A valid ID. It should be issued by the national government, and it's necessary to collect funds at an agent location.

• Transaction info. Some providers require completing a form and having a reference number to collect the money.

• Bank account details. They should provide accurate account numbers.

Sending money via WorldRemitis, on average, 46% cheaper than when using National Australia Bank and similar banks. The platform is among the most affordable for sending money to Australia as an individual. You can expect competitive exchange rates, especially when compared to those offered by the banks. You can send it to a local bank account from over 50 countries, and there's no minimum amount requirement.

Pros

• 90% of transfers completed on the same day

• Transparent exchange rates and fees

• A simple transfer process easy for newbies

Cons

• Lacks live chat customer support

• No business account option

3 Steps to Start Using the Provider

• Step 1: Use the WorldRemit website to check the current rates.

• Step 2: Enter the amount and check the fees and expected transfer time.

• Step 3: Register and complete the transfer.

Best Alternatives

• Wise, Azimo, Remitly

Ria Money Transfer has over 507,000 locations worldwide and more than 200 in Australia only. You can send the money online from the selected countries, and there's the option of using cash payments after creating a web order. Everything is transparent, and there are no hidden fees with Ria.

Pros

• Favorable exchange rates

• Excellent mobile support for sending on the go

• Discounts and special offers are available if you sign up for marketing messages

Cons

• Only a few countries supported for sending money online

• Fees vary depending on the country

3 Steps to Start Using the Provider

• Step 1: Start by visiting the Ria price calculator and entering the preferred parameters.

• Step 2: Once you are comfortable with the fees and other details, proceed with the transaction.

• Step 3: Finalize the registration and wait for the money to arrive.

Best Alternatives

• TransferGo, TorFX, Wise

XE Money Transfer offers live exchange rates and charts with the latest market fluctuations. However, you can only see the mid-market rate, which is not the one offered by the platform after you register. If you are okay with the rate offered, you can send up to USD 500,000 online, and they have good customer service for larger transfers.

Pros

• Send money from 170+ countries

• Easy registration process

• Support for business accounts

Cons

• Transfers could take up to four working days

• Limits from USD3,000 daily for credit card payments

3 Steps to Start Using the Provider

• Step 1: Visit the official XE website to send money to Australia

• Step 2: Sign up for an account and check the offered rates

• Step 3: Finalize the transaction and track its status

Best Alternatives

• Western Union, Wise, Instarem

Money transfer services are capable of transferring funds to Australia in minutes. Some platforms require picking the "fast" or "express" send option. If you go with this, the funds will usually be available almost instantly, and the only way for the transfer not to be processed on the same day is if there's a problem during the transaction. If you are looking for sending money instantly, we mention some of the best providers below.

The faster option to send money to Australia might come with extra fees compared to standard transfers. You can't go wrong with the providers above since they provide the best ratio between price and service quality. You can track the transfer status in your account to know when the funds arrive.

MTPs are affordable, but some services have lower prices compared to others. Providers often offer different benefits to new customers, such as not charging the first transaction. But if you plan to transfer funds to Australia multiple times, here are the providers to choose from!

The cheapest MTPs used to send money to Australia won't charge any transaction fees. Instead, they'll earn from exchange rates, which are lower than the mid-market ones. The platforms above require you to request a quote before sending. It's best to compare multiple offers to ensure you find the most favorable rate.

Leading money transfer services take security seriously, and they apply the latest safety measures to encrypt transactions and ensure your data is protected. Some features include two-factor authentication, SSL, and other security features to monitor potential frauds and gain maximum user trust.

Money transfer platforms might work with leading banks to safeguard your funds, which is important when sending large funds. Platforms authorized by regulators in different countries increase trust since they comply with strict policies in various locations. Also, you'll feel at peace knowing you can track the transfer in real-time, which is an option with most MTPs.

A mobile app is a convenient way to use your smartphone or tablet to send money to Australia. As long as you have a valid internet connection, you can transfer funds from anywhere. And apps are more intuitive than using mobile web browsers, ensuring a more streamlined experience.

The best apps to send money to Australia are bug-free and work flawlessly on any device. You can install them quickly, and they don't take up much room on the gadget. Most providers have Android and iOS app versions to ensure they cover a wide device range.

Australia implemented the Anti-Money Laundering and Counter-Terrorism Financing Act in 2006. Along with some other legislations, it regulated how AUSTRAC operates.

AUSTRAC is the Australian Transaction Reports and Analysis Centre, which is the government agency that monitors the financial industry. The idea is to identify tax evasion, money laundering, and other suspicious transactions. Other bodies that regulate and supervise the local financial system include the Australian Securities and Investments Commission (ASIC), the Australian Treasury, the Reserve Bank of Australia, and the Australian Prudential Regulation Authority (APRA).

Money transfer providers have different limitations when sending funds to Australia. Some operators limit you to USD8,000 or less monthly, while others allow transactions over USD500,000.

The sum sent could affect the fees, and most platforms are ready to remove the transaction fee for large amounts. These vary from USD 200 to USD 5,000 and depend on the service. The receiver needs to report any transactions over AUD 10,000. Depending on regulations in the sending location, you might need to report the transfer to local authorities, too.

International money transfers come with two fee types. The first includes transaction fees imposed by the platform. Some providers give up on these charges and choose to earn only on exchange rates offered. New customers could benefit from a free first transaction and other welcome offers, while some operators only charge when using certain payment methods.

Third-party fees, such as those of the credit card issue or the receiving bank, are the second category of charges. MTPs usually offer a clear listing of all fees before you confirm the transaction.

Two main international transaction types exist – personal and business. Business transactions are more complex, and they require registering a separate account. However, you could benefit from multi-currency accounts and competitive rates offered by MTPs.

Personal transfers usually involve sending a gift to a family member, cousin, or friend in Australia. Some platforms offer benefits when using their services regularly. However, repetitive payments to the same person might be classified as income, so warn the receiver to consult a tax expert.

All services mentioned on this page are legit ways to send money to Australia. They have the required licenses from relevant authorities, and it's important to stick only to approved providers to avoid any scams.

Money transfer providers are every bit as safe as PayPal, bank transfers, or other alternatives to transfer funds. These online platforms offer encrypted transactions and apply security measures to keep your sensitive information safe, just as required by data protection and other relevant laws.

There's no taxation on personal remittance inflows in Australia. The local government also doesn't apply a gift tax, so you should be safe if you receive a one-time payment from a relative or friend abroad.

If you receive payments from the same person multiple times, it's best to consult the ATO or a tax professional to ensure you don't break any laws. The local authorities require reporting the transaction if the sum is AUD10,000 or higher.