Transferring funds to Australia from the USA can be easy if you use your regional bank, but it could also be costly. Global fund transfers can frequently come with unforeseen charges, exchange rates with hidden perimeters, and bank charges.
Alternatively, you can head into a store to transfer your funds in person using a service like Western Union or Moneygram. These services frequently offer quick service, but may not be the cheapest way to send funds to Australia.
Online funds transfer services can offer the best of both worlds. The following are some of the best funds transfer services in both the USA and Australia.
Best online transfer services to send funds to Australia from the USA
TorFX
Popular with ex-pats living in Australia, TorFX has a regional office with excellent over-the-phone service and gives better exchange rates for larger quantities.
In addition, they do not charge a flat transfer amount. TorFX was innovated in 2004 and is a British company that has services worldwide.
Transfer amount-free transfers.
Exchange Rate-TorFX offers competitive exchange rates when transferring large quantities overseas. To receive a quotation you need to subscribe up first.
Your receiver will get the funds in their regional bank account within 2-5 business days.
Wise (formerly known as TransferWise)
With wise, it’s relatively smooth to start an account or make a transfer using their app. They also have the best exchange rates, because they offer the same global market rate you see on XE or Google and do not add any unforeseen exchange rate markups.
One of the best products they offer is their Borderless account. It’s particularly useful if you’re living overseas and want to transfer funds back to Australia.
Transfer charges-To convert US dollars(USD) into Australian dollars (AUD), Wise charges 6.26 plus USD 0.43 percent of the quantum that is converted.
Exchange Rate Wise gives you the best possible rate (google rate). They don’t use a periphery.
Payment Styles-Wise uses Bank transfers, debit cards, and credit cards.
Still, it’s instant, If you’re transferring funds between your own Wise accounts. If you’re transferring it to regional Australian bank regard it’s generally done by the coming business day.
OFX
OFX ( formerly Ozforex) was innovated in Australia and has grown into a well-admired global company.
They’re a good option for Australians who do not mind transacting online but still want regional client support over the phone.
Transfer charges- OFX generally charges a flat fee for lower quantities.
Exchange Rate-OFX adds a periphery to the exchange rate when you convert your Australian dollars.
Minimal Transfer Quantum is AUD$ 250.
Your receiver will get the funds in Australian dollars (AUD) into their account in 1-2 business days.
XE funds Transfers
As a trusted and seasoned name in foreign exchange, XE could be a good option for online customers who are not under time pressure. They do not charge fixed fees and do not have any minimal quantities so are good for any sized sale.
Transfer charges -Free, but there can be unforeseen charges at the regional bank.
Exchange Rate-The exchange rate you get, when you convert your Australian dollars, will depend on the quantum of your transfer.
Your receiver will get the funds in their account in 2-3 business days. They’re certified as a funds Transmitter by the DFS in New York and registered with FINTRAC.
Citibank, HSBC and ANZ
CitiBank has the smallest sales fees if you want to make a transfer through a bank. The Citibank Plus sale account is an everyday bank account that does not charge for large global transactions. Citibank Global Transfers which are transfers between Citi accounts aren’t only figure-free but a moment. The Citi Global Currency account will let you hold 10 currencies and no charges to send funds. HSBC Premier users can make instant transfers across their HSBC accounts with no transfer charges. You can send up to two hundred thousand dollars per day.
