Sending 8grand from Aus to USA

[Shaunna&Tony 1]

Hey everyone

(Really sorry if this has been covered, but unfortunately I am on a pretty crappy computer and anytime I try and use the search function the window freezes).

I am buying a car over in America and a few other bits and pieces and was just wondering what is the easiest and safest way to transfer 8 grand over to the USA? I would like to try and use Western Union as a last resort so just wanted to see what anyone else has used

[MO-MO1974 7]

why not transfer to the bank account...that way u have a traceable record and fees are cheaper i think

[Lainie B 465]

Hey everyone

(Really sorry if this has been covered, but unfortunately I am on a pretty crappy computer and anytime I try and use the search function the window freezes).

I am buying a car over in America and a few other bits and pieces and was just wondering what is the easiest and safest way to transfer 8 grand over to the USA? I would like to try and use Western Union as a last resort so just wanted to see what anyone else has used

I used wire transfer from Australian to US bank account. There are fees at each end, but they are not too bad.

[Shaunna&Tony 1]

I am going to sound really dumb now but I didn't realise you could transfer money from an Australian bank to an American one

[Lainie B 465]

I am going to sound really dumb now but I didn't realise you could transfer money from an Australian bank to an American one

Talk to your bank - as long as you have the account number, routing number and SWIFT code of the US bank account it's pretty easy.

There are other ways to do it too (Paypal etc) but I've never done this.

[dodgyJim73 6]

Be careful using one of the big banks, they rip you off every chance they get. You get a non-competitive exchange rate and they usually stick their hand in your pocket and take out a fair whack as a 'transfer' fee as well. I asked at Bankwest and they were going to charge me an 'admin' fee of $80 - 120 to transfer $10k and on top of that give me a rubbish exchange rate as well.

I was recommended by some people at work to use Tranzfers.com but I think they have lower transfer limits than what you need, you might want to call them and ask. One of the guys at Tranzfers told me to use http://www.ozforex.com.au (who I think actually own Tranzfers anyway) because they handle larger amounts that you want to transfer.

I transferred $10k to my USA bank account. With Ozforex if you transfer at least $10k then they wave the transfer fee, which was only $15 anyway. The important part for me though was that the official exchange rate at the time was .9674 and Ozforex gave me .9564. The banks were offering something in the range of .9080 - .9150 so when I was transferring $10k, that is a huge difference, I had an extra $500 in my pocket.

Find out what your bank will give you as an exchange rate and see if there's any fees. Then compare that to Tranzfers.com and Ozforex and see what is the best deal for you. I'm almost sure you will be better off.

Keep us posted, I'd like to know what you find as I'm looking at transferring more money soon when the AUD lifts itself off the canvas...if it does

EDIT: Wells Fargo also charged me a $15 incoming transfer fee on my $10k. That was nice of them for doing nothing

Edited January 6, 2014 by dodgyJim73

[Adrian-Danielle 12]

Yes i used ozforex also and they have the best rates for sending large sums of money. Safe and easy

[noremac 3]

I use Xoom almost every other week to send money around, fee is only $5. Quick, Safe, Reliable.

[Rinni 3]

I used wire transfer from Australian to US bank account. There are fees at each end, but they are not too bad.

I realise this is a bit of a bad/late thread bump (Sorry!) but I'm curious as to what kind of fees you had between bank accounts? I am with St. George here and would possibly be transferring to a Bank of America account. I've read this thread and am trying to find the best ways to transfer money over when I sell my car.

I'm not necessarily opposed to using the money transfer websites, but I know it'll take a hefty amount of explaining for my Dad who isn't very up to date with technology, concerning internet banking. He's unsure what to do with those sites so I think he would prefer sending between bank account.

Edited April 7, 2014 by Rinni

[Kiwinyc 62]

I realise this is a bit of a bad/late thread bump (Sorry!) but I'm curious as to what kind of fees you had between bank accounts? I am with St. George here and would possibly be transferring to a Bank of America account. I've read this thread and am trying to find the best ways to transfer money over when I sell my car.

I'm not necessarily opposed to using the money transfer websites, but I know it'll take a hefty amount of explaining for my Dad who isn't very up to date with technology, concerning internet banking. He's unsure what to do with those sites so I think he would prefer sending between bank account.

Its a combination of fees and exchange rate that you should be aware of. The money transfer sites and a Banks exchange fee are often similar, but the money transfer sites (ozforex etc) are perfectly safe too and give you much better rate of exchange than the big banks so you end up with more money at the other end.

The only difference is that its a two-step process - you open an account with ozforex (for example), transfer the amount to want to exchange from your Oz bank account to this ozforex account, and they then exchange and transfer your money into your BOA (for example) account. So its slightly more complicated that a direct bank-to-bank exchange. Its worth it because of the better rate of exchange (can be hundreds of dollars difference depending on how much you're exchanging) you'll get from ozforex, or zoom, or similar.

[S-C 21]

I live in London now, but still have an Australian credit card. I suggest going through an actual Currency Exchange company.

I suggest the following two, as I have found they have the best exchange rates with the lowest fees:

Transferwise - This is the one I use now. It really is the best. The exchange rate is nearly identical to the official rate, and the fees are almost non-existent.

HiFX - I used this previously. Like the above, excellent rate and low fees (just not quite as good!).

I've used Transferwise to move money back home and to my fiancee in the US. It's simple, you can sign in with a google account, and all you have to do is transfer the money to them and they handle the rest.