Many people who move to Australia need to send money home. You might be supporting family, paying back a loan, saving in your home bank account, or moving your savings before you leave. If you want to send money overseas from Australia, the good news is that it is legal, simple and there is no limit on how much you can transfer.
The tricky part is cost. Two services can show “no fee” and still give your family very different amounts, because of the exchange rate. This guide explains the main ways to send money, how to compare the real cost, what details you need, the rules on carrying cash, and how to avoid scams.
The founder of Life in Australia Hub has lived in Australia since March 2013, and this is one of the questions newcomers ask most often. Everything below is general information, not financial advice, so always check the provider’s own terms before you send.
Quick Summary
| Topic | Key point |
|---|---|
| Cheapest option | Online money transfer companies are usually cheaper than banks |
| Bank transfer | Also called telegraphic transfer (TT), wire or SWIFT transfer; can take up to 5 business days |
| Real cost | Fees plus the exchange rate margin (the gap from the mid-market rate) |
| Limits | No legal limit on how much you can send through a bank or remitter |
| Cash at the border | Declare cash of AUD 10,000 or more when you carry it in or out |
| Check a provider | Remitters must be registered with AUSTRAC; search the Remittance Sector Register |
| Problems | Contact the provider first, then the Australian Financial Complaints Authority (AFCA) |
The Main Ways to Send Money Overseas from Australia
According to Moneysmart, the government’s money guidance website, there are three main ways to send money abroad. Each one has a different mix of cost, speed and convenience.
1. Online money transfer companies
Money transfer companies (also called remitters) are usually the cheapest way to send money overseas. You pay from your Australian bank account or card, and the money is paid into the receiver’s bank account, a mobile wallet, or sometimes for cash pick-up at an agent.
Online transfers are often cheaper than going to a shop in person. In-person services are handy if you prefer cash, but they usually cost more. Western Union, for example, can be used online or in person at Australia Post.
2. Bank transfer (TT, wire or SWIFT)
All Australian banks let you send an international transfer in their app or internet banking. This is called a telegraphic transfer (TT), wire transfer or SWIFT transfer. It is easy if you already bank with them, and the money goes straight into an overseas bank account.
The downside is price. Moneysmart says banks are generally more expensive and give less competitive exchange rates, and it notes that the ACCC found the big four banks were consistently more expensive than other providers. A bank transfer can also take up to five business days to arrive.
3. International money order or bank draft
A bank can issue an international money order (a guaranteed cheque) that you post to the receiver. It is safer than a personal cheque, but it is slow and expensive. Most people only use it when the receiver cannot accept an electronic transfer. If you use one, keep all receipts and check the time limit for asking for a refund if it never arrives.
How to Compare the Real Cost of a Transfer
The total cost of an international transfer has two parts: the fees you can see, and the exchange rate margin you often cannot see. To compare providers properly, always compare the final amount your receiver will get.
Understand the exchange rate margin
The “mid-market rate” is the real exchange rate you see on Google or financial news sites. Most providers give you a slightly worse rate and keep the difference. This gap is called the margin or spread.
A service that says “$0 fee” can still be expensive if its margin is high. Small differences add up quickly, especially if you send large amounts or send money every month.
Check every fee
Before you send, check:
- The transfer fee (a flat fee, a percentage, or both)
- The exchange rate offered, and whether it is fixed (guaranteed) for a period
- Fees charged to the receiver, including fees from the receiving bank or intermediary banks
- Extra charges for paying by credit card (some card providers treat this as a cash advance)
- Minimum and maximum transfer amounts
A simple test: enter the same amount into two or three providers on the same day and write down how much the receiver gets after all fees. The one with the highest final amount is the cheapest for that transfer.
Think about speed
Some transfers arrive in minutes, others take a few days. Bank SWIFT transfers can take up to five business days. If the money is urgent, a faster service may be worth a slightly higher price, but check the cost first.
What Details Do You Need?
The details depend on the country and the way the money will be received. For a transfer into a bank account, you will usually need:
- The receiver’s full name, exactly as it appears on their bank account
- The receiver’s address (some providers ask for this)
- The receiving bank’s name and country
- The account number, and for some countries an IBAN (common in Europe)
- The SWIFT/BIC code of the receiving bank (for bank transfers)
- The reason for the transfer (for example, family support or savings)
Providers will also check your identity before your first transfer, usually with your passport or Australian driver licence. This is normal and is part of anti-money-laundering rules.
Double-check every detail before you press send. If you enter the wrong account number, getting the money back can take a long time, and it is not always possible.
Step-by-Step: How to Send Money Overseas from Australia
- Decide how the money will be received (bank account, mobile wallet or cash pick-up).
- Compare two or three providers on the same day, looking at the final amount received.
- Check the provider is legitimate. For a remitter, search AUSTRAC’s Remittance Sector Register.
- Create an account and verify your identity.
- Enter the receiver’s details carefully and check them twice.
- Pay for the transfer, usually by bank transfer (PayID or BSB and account number) or card.
- Keep the receipt and reference number until the receiver confirms the money has arrived.
Is There a Limit? Rules on Cash and Large Amounts
No limit on bank and remitter transfers
AUSTRAC, Australia’s financial intelligence agency, says there is no limit on how much money you can carry, send or receive. Money transferred overseas through a bank or a remittance provider does not need to be declared by you. The bank or remitter handles its own reporting.
Carrying cash: declare AUD 10,000 or more
Cash is different. If you carry physical money into or out of Australia, you must declare it when the total is AUD 10,000 or more (or the same value in foreign currency). This also includes some non-cash items such as cheques and other monetary instruments, and money sent by mail, courier or freight.
- Travellers complete AUSTRAC’s online declaration form before going through customs and keep the receipt. If you cannot use the online form, ask an Australian Border Force or police officer for a paper version.
- Declaring is free.
- Not declaring can lead to penalties, including fines and imprisonment.
Never split amounts to avoid reporting
Splitting a large amount into smaller transfers or cash trips on purpose so that it stays under a reporting threshold is called “structuring”. AUSTRAC says this is illegal, even if the money itself is from a legal source. If you need to move a large amount, just send it normally.
Do You Pay Tax When You Send Money Overseas?
Moving your own money is not income, so simply sending your savings home is not a taxable event by itself. The money you earned in Australia is taxed when you earn it, through your employer’s withholding and your tax return.
A few related points are worth knowing:
- If you are an Australian resident for tax purposes, you generally need to declare foreign income, such as interest from an overseas bank account, in your Australian tax return.
- If you receive large amounts from family overseas, the ATO may ask you to show the money is a genuine gift or loan. Keep records such as bank statements, messages and a written loan agreement if it is a loan.
- If you are leaving Australia for good, you may be able to claim your super as a Departing Australia Superannuation Payment (DASP). See our superannuation guide for details.
Tax rules depend on your situation, so check with the ATO or a registered tax agent if you are unsure.
How to Avoid Money Transfer Scams
Moneysmart warns that once money is sent to a scammer, it is almost impossible to get it back. International transfers are a favourite tool for scammers because they are fast and hard to reverse.
Watch out for these warning signs:
- Someone you have only met online asks you to send money overseas, often with an emotional or urgent story.
- An email or text says bank details for a bill, rent or invoice have “changed”. Always confirm by phone using a number you already know.
- A “job” asks you to receive money into your account and send it on to someone else. This can make you part of money laundering.
- A website offers an exchange rate that is far better than everyone else.
- A provider is not registered with AUSTRAC, or asks you to pay with gift cards or cryptocurrency.
If you think you have been scammed, contact your bank or provider immediately, then report it on Scamwatch.
What to Do If a Transfer Goes Wrong
If the money has not arrived, or the amount is wrong, contact the provider first with your receipt and reference number. Moneysmart says both the sender and the receiver should contact the transfer company.
If you are not happy with how the provider handles your complaint, you can take it to the Australian Financial Complaints Authority (AFCA). AFCA is a free, independent service for complaints about financial firms.
Frequently Asked Questions
What is the cheapest way to send money overseas from Australia?
For most people, an online money transfer company is the cheapest option. Moneysmart says money transfer companies are usually cheaper than banks. Prices change, so compare the final amount received on the day you send.
How long does an international transfer take?
It depends on the provider and country. Some transfers arrive within minutes, while bank SWIFT transfers can take up to five business days.
How much money can I send overseas from Australia?
There is no legal limit on how much you can send through a bank or registered remitter. Individual providers may set their own daily or per-transfer limits, and they may ask where large amounts came from.
Do I need to declare money I send overseas?
Not if you send it through a bank or remittance provider. You only need to declare physical cash (and some monetary instruments) of AUD 10,000 or more that you carry or post into or out of Australia.
How can I check if a money transfer company is legitimate?
Businesses that provide remittance services must be registered with AUSTRAC. You can search AUSTRAC’s Remittance Sector Register by name or ABN before you use a provider.
Final Thoughts
Sending money overseas from Australia is easy once you know what to look for. Compare the final amount your receiver gets, not just the fee. Check that the provider is registered, enter the details carefully, and keep your receipt.
If you carry cash, remember the AUD 10,000 declaration rule. And if anyone pushes you to send money quickly, stop and check first. A few minutes of checking can save you a lot of money.
Related Guides
- How to Open a Bank Account in Australia
- Big Four Banks in Australia: Which Is Best for You?
- Superannuation in Australia: A Guide for Newcomers
- How to Lodge a Tax Return in Australia
