Transferring funds to Australia from Europe is simple and easy. Many EU countries have financial ties and agreements with the Australian government, thus allowing banks and other channels to transfer money to and from Australia at competitive rates with ease.
Here we will explore some of the fastest, cheapest, and most reliable channels you can use to ensure that your funds are transferred timely and hassle-free. The method you may choose depends on a few factors; mainly the amount you wish to send, dispensable time, and the country in Europe you are transferring the money from. Another factor that may affect your choice is whether you are transferring real cash or electronic money. Australia by large has a very relaxed policy towards cash transfers, however, the country in Europe you are sending from may vary.
Transferring funds through banks
Several Banks in Europe operate in Australia; either through their international branches or Australian subsidiaries. In cases where the sender and the receiver possess accounts in the same banks or owned subsidiaries, funds can be transferred by simply depositing cash or cheque in the corresponding bank’s branch.
In case the sender and the receiver don’t share the same bank, an international wire can be sent to the receiver’s account. Note that in both cases exchange and bank charges shall be paid from the sender separately or deducted from the amount deposited; in the latter case, the receiver will receive the deducted amount. Another thing to be aware of is that the rates of exchange fluctuate constantly. Therefore, the amount you transfer may be different than what you had anticipated at the time it is cashed out by the receiver.
Usually, the transferred amount is reflected in the receiver’s account within 3 to 5 working days after the sender receives the notification on his/her email or phone. In some cases, the duration may prolong due to some technicalities, such as source verification (in larger amounts), receiver verification, verification of purpose, the identity of the receiver, etc.
Wire transfer
Another method to transfer money to Australia is wiring the money through an exclusive money wiring service such as TorFX, Wise, OFX, etc. The services provided by all money wiring services are similar, however, differ in rates and charges applied. Some may even offer currency and fee-bearing options; i.e. either the sender or the receiver can pay the fee.
Wire transfers are quicker than banks and equally reliable. The downside is that wire services can be used for a certain sum of money, mostly below USD 10,000. For larger sums or business transactions, banks are the best choice.
Online apps and platforms
Besides the conventional bank and wire transfer channels, another more efficient method of sending money to Australia is through online apps and web-based platforms. Applications such as PayPal, Skrill, WorldRemit, etc. are a few applications that allow low threshold fund transfers, usually below USD 3,000. Besides the usual exchange rate these platforms charge a transaction fee; a fee that can be shifted to the receiver.
Another advantage of money transferring applications is that most of them are integrated with e-commerce platforms and online talent acquisition companies, such as Freelancer, Fiverr, etc. Many E-commerce shopping sites such as Amazon, eBay, and Shopify also provide online payment options on checkout which makes payments easier, safer and faster.
Based on reliability, safety, rates, and overall performance we have shortlisted 5 applications that are widely used to transfer money to Australia from anywhere in Europe.
| Revolut | Easy to use, best exchange rates | |
| Remitly | Smartphone design, compatible with small and medium transfers, instant payment systems | |
| Wise | Cheap, quick, small transfers only | |
| OFX | Personalized support, for larger amounts | |
| Western Union | Largest money transfer provider, high fees and exchange rates |
