The question of how much money can be sent overseas from Australia is a very important one, as it affects thousands of people who are either living, working or studying in Australia and wish to send money home to their families. Find out what amount you’ll be able to send from Australia internationally with Savvy, compare money transfer providers here and start your overseas transfer today.
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Typically, you can send as little as $1 up to as much as $500,000 or more with an international money transfer provider. However, transfer limits vary between providers. For example, Western Union has a $5,000 daily limit and a $50,000 upper transfer limit. There are also some services who require a minimum transfer of $200 to $250, which may make them unsuitable if you want to transfer a lesser sum. It’s important to compare providers with Savvy to find one which can accommodate the size of transfer you’re looking to make.
International transfers also depend on the required currency being available in the destination country of your choice. The smaller, more remote and less common your destination, the lower the availability of the currency is likely to be. For example, if you wish to make a large transfer to one of the more popular destinations for transfers from Australia, such as New Zealand, the USA, the UK or India, your provider would have no problem exchanging a large sum, as millions of dollars are transacted between these nations per month. However, if you wish to transfer a large sum (such as AUD $100,000) to a small Pacific Island nation, your provider may need more time to see if sufficient currency is available to enable this transfer to take place and you may not be offered the cheapest exchange rate or fees.
Anyone wishing to transfer more than $10,000 out of or into Australia must report the transaction to the Australian Transaction Reports and Analysis Centre (AUSTRAC). This is the government body charged with tracking international money trails under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
If you wish to transfer more than $10,000, your service provider will complete the declaration to AUSTRAC on your behalf, but you may be asked to provide further details to be included in the declaration. Such details may include:
In practical terms, for example:
If such detailed documentation is required, it may cause delays in your transfer while compliance issues are resolved. Smaller cash transfers won’t be subject to such restrictions, so delays due to compliance with AUSTRAC regulations won’t be an issue.
There are many ways you can go about comparing different offers from types of transfer providers. Some of the main features to consider during the comparison process with Savvy include:
Naturally, the exchange rate you’re offered will have the greatest impact on how cheap your transfer is. To help find the cheapest money transfer deal, look for a rate which is as close as possible to the mid-market advertised exchange rate. The mid-market exchange rate is the rate exactly halfway between the buy and the sell price on the international money market and represents the highest available rate to you.
Next, look at the fees charged. There are a few different ways that transfer providers make their money:
Which of these fee structures will offer the best way for you to send your money overseas will depend on how much money you want to send overseas from Australia and where you want to send it. In general terms, set fees are better for larger amounts, while percentage fees are cheaper for smaller transfers.
Using the example of a larger transfer, you can compare two providers: one with a $15 flat fee and another with a 0.5% fee. If you wish to send $9,000, your percentage fee would be $45, while the flat fee would remain $15. However, if you only wanted to send $300, your flat fee would still be $15, but the percentage fee would only be $1.50.
Of course, the exchange rate offered must also be taken into consideration when comparing these transfers, while more remote and less common destinations will likely attract a higher fee. This illustrates why it’s so important to compare money transfer companies with Savvy before making your transfer.
The speed with which you need to send money overseas from Australia can also determine which transfer provider you use. While banks can take between three and five days to get your money to an overseas bank on average, international money transfer providers can get your money overseas either instantly if required or usually within two to three days. How long your international transfer takes will also be affected by weekends, public holidays, and the time you make your transfer. For example, if you schedule your transfer for a Friday afternoon, it may take longer than if you booked it on a Monday morning, as the weekend may delay your transfer.
Destination and currencies
Make sure the transfer company you choose offers services to your required destination in the currency you need. While some providers offer upwards of 100 global currencies, others only offer closer to 20 or 30, so it’s important to compare to find one which can allow you to make the transfer you need.