Calculating the cost of your transfer can be tricky. Depending on how you send the money, the fees, charges and margins aren't always obvious. Here are the most common charges to transfer money from one bank account to another
These are the most common fee types.
Also known as a TT, Telegraphic Transfer, Wire or Remittance fee. This is the fee that banks and providers charge to transfer your money across to another country.
This is the difference between the wholesale exchange rate you can see on xe.com and the rate you receive.
These are fees that your bank may or may not charge you for.
This is a bank charge for transferring money to an international account. The fee is deducted from the amount that you transfer to your receipient. Note: This fee is not always charged by your bank.
If you are paying foreign currency into an account, the receiving bank will charge you for it. For instance, if you send Chinese Yuan to your Australian bank account, your Australian bank will charge you to convert it.
Ready to go?
Get your first two transfers to Australia with OFX for freeGO TO SITE
This calculator helps you compare exchange rates and fees of banks and money transfer specialists.
Using a bank is one of the easiest ways of sending money overseas but it is also the most costly. Here are 5 cheaper alternatives...
Whether you need to pay tax on money you transfer to Australia depends on your residency status, the source of the money and the Australian Taxation Office rules.