How to send money from Canada to Australia? What are the ways to send money from Canada to Australia? What are the cheaper, better and faster ways to send money from Canada to Australia? In this article we want to review the best ways to transfer money from Canada to Australia and show how you can transfer money or cash transfers between
When planning your trip to Australia for your Working Holiday adventure from Canada , there is an important question: How do you transfer money from your bank account to Australia without losing a lot of money? In fact, when you arrive, you should have a comfortable enough budget to be able to find accommodation, accommodation and food while waiting to find a job. The cost of living is relatively high (especially in large cities). There are countless options for doing this and some of them will save you money! Read on to learn more about it.
Open an Australian Bank Account
The first thing you can do to transfer money from your European account to Australia is to have an Australian bank account. This not only saves you money on international withdrawals or payments, but also allows you to pay if you plan to work in Australia. Opening an Australian account can be done remotely before your departure, as provided by Westpac and NAB, or when you arrive at a branch. Either way, once you arrive in Australia, you just need to go to the branch of the Australian Bank of your choice and verify your identity.
Then you create a bank identification number that consists of two numbers: BSB number (6 digits) and account number (depending on the bank between 6 to 9 digits). These two numbers are similar to the European IBAN number, ie the international identification number of the bank. Whichever method of money transfer you choose, you will need these numbers.
How much does it cost?
Opening a current bank account is free at most Australian banks. However, fixed (often monthly) operating costs (approximately $ 4 or $ 5 per month) may apply. By contacting the banks, these fees can be “canceled” under certain conditions (if you are not under 25 or a student or have a minimum income.).
The best way to transfer money from Canada to Australia
Once your Australian account is available, you have 2 options for transferring your money: Go through your bank in Canada and make a classic international transfer , Go through a specialized international transfer platform (recommended)
Bank transfer from Canada to Australia (through your bank)
This solution, which seems to be the simplest solution, is not always like this. Most Canadian banks do not even know how to transfer from Canada to Australia. And once they know, they will ask you that the IBAN and BIC numbers of the account you want to transfer to do not exist in Australia. But do not panic! Bring your BSB + account number (= IBAN) and ask your Australian bank for the SWIFT (= BIC) code and voilà!
When your bank orders a transfer to your Australian account in Europe, give your money an average of 5 days. To avoid any delays, make sure you do not exceed the limit allowed by your bank and of course you have enough funds in your start-up account.
How much does it cost?
The main disadvantage of international transfers is that it is expensive! In general, Canadian banks charge you a transfer fee (around € 25 fixed fee + commission). addition, the procedure is often lengthy and the exchange rate charged for your transfer will be very low. In fact, most of the time the bank does not tell you the exchange rate applied during your transaction … Although some Canadian and US banks agree with Australian banks, they still charge high transfer fees They take or apply daily restrictions.
Money transfer with specialized companies: Recommended
A good option is to choose a company that specializes in international money transfers – such as CurrencyFair or TransferWise. If you want to transfer money to Australia, CurrencyFair and TransferWise are definitely the best way to save money. All companies have reliable and secure online operating systems that specialize in international money transfers. They are able to offer you the right exchange rate (very close to the actual market rate) and only charge you a small fee for each transfer.
How to transfer money to an account for send money from Canada to Australia through this system: You will make a free transfer (CAD-> AUS) to a Canadian account from which you will receive the contact details of the selected company (Transferwise, CurrencyFair, …). The company receives the money in its European account, converts it to a rate close to the market rate (Euro -> Dollar) and makes it available in your Australian account. This transfer is made to your account in Australian dollars (> dollars) and you will receive the dollars from an Australian account, here again you have no bank charges.
How much does it cost? These transfer companies pay from around 3 to 8 euros, depending on whether you want a faster transfer, by applying a exchange rate slightly below the market rate, to which the transfer fee can be added.
Money transfer from Canada to Australia with specialized companies: Recommended
A good option is to choose a company that specializes in international money transfers – such as CurrencyFair or TransferWise.If you want to transfer money from Canada to Australia, CurrencyFair and TransferWise are definitely the best way to save money. All companies have reliable and secure online operating systems that specialize in international money transfers. They are able to offer you the right exchange rate (very close to the actual market rate) and only charge you a small fee for each transfer.
How to transfer money to an account in Australia through this system: You will make a free transfer (Euro -> Euro) to a European account from which you will receive the contact details of the selected company (Transferwise, CurrencyFair, …).
The company receives the money in its European account, converts it to a rate close to the market rate (Euro -> Dollar) and makes it available in your Australian account. This transfer is made to your account in Australian dollars (> dollars) and you will receive the dollars from an Australian account, here again you have no bank charges.
How much does it cost?
These transfer companies pay from around 3 to 8 euros, depending on whether you want a faster transfer, by applying an exchange rate slightly below the market rate, to which the transfer fee can be added. transfer companies Here is a small selection of three major international transfer platforms which, according to our experience and the various user comments, constitute the most advantageous means of transferring money to Australia. All these companies are very secure and their services have obviously been tested by us and many travelers.
CurrencyFair
Features: Exchange rate very close to the real rate with the possibility of choosing a time to exchange the currency according to the rate Very secure system Transfer fees: 4 AUD or 0 AUD (the first 5 transfers are free thanks to our partnership) Transfer time from 1 to 2 days (4 to 5 days for the first transfer) Ability to exchange currency with other members, allowing you to obtain conversion rates sometimes above the market rate!
TransferWise for send money from Canada to Australia
Possibilities: Offers one of the best exchange rates (really close to the actual market rate with the ability to “lock rate” for your transfer) 0.35% fee for each transfer + 0.63 EUR Transfer time: 1 to 2 days (give 4 to 5 days for the first transfer) Simple and easy system and Mobile app available
Other solutions to transfer your money from Canada to Australia
If you are new there and do not want to open an Australian bank account, there are several ways you can still use your money there. Use an online bank
More and more online banks, regardless of currency, offer free payments abroad! Practically, especially when traveling, online banks are more economical than regular banks and allow you to do all your transactions via a smartphone. The best known banks are N26 and Revolut, which allow you to withdraw and pay for free in Australia. Withdraw money with your national credit card There are several banks and different types of credit cards, but with all of them, you have to pay a fee when withdrawing money from an ATM in Australia. Most banks charge a fixed fee for each withdrawal plus a withdrawal fee (usually between 2% and 3.5%).
For example, if you withdraw 100 withdrawals: + 4 fees from fixed costs,+ 3 ٪ Commission, + 2 £ To pay to the bank of the country from which you are leaving = 100 + 4 + 100 * 0.035 = 109.5 By using your banking services, you can lose almost 10 losses by withdrawing 100 already! And even if your bank promises free withdrawals, just think of the exchange rate! Because banks charge low exchange rates, you will definitely lose.
Pay with your visa card
In case of withdrawal, your bank will apply a fixed rate for each payment. They are usually lower than the rates charged when withdrawing money from an ATM. However, for each purchase, the exchange rate is applied by the Visa Center or MasterCard. The rate is definitely lower than the actual market rate!Exchange money in an exchange office
Exchange offices offer exchange rates below the market rate to get commissions in each exchange. These services are recommended for short trips or stops in one country, but are not suitable for people who plan to live in the same country for several months. In addition, be sure to avoid offices at airports as they usually offer even lower exchange rates
Western Union
Western Union allows you to withdraw your cash abroad. Its service is fast, however it costs a lot. We recommend that you use this option only if you need cash immediately.
Bonus way for send and transfer money from Canada to Australia : Transferwise platinum debitcard
An independent researcher compared TransferWise to six other bank accounts in Australia. They found that we are six times cheaper for overseas costs. And our cost to withdraw $ 1,000 from an ATM is on average twice as cheap. There is no set fee, monthly fee or minimum balance with your TransferWise account. Also, sending money abroad is 7 times cheaper.
new research set for send and transfer money from Canada to Australia
The research was conducted in June 2020 by the Market Research Agency, Alderson Consulting (Bristol) in collaboration with TransferWise. The data was collected through publicly available pricing information and mid-market rate comparison data provided by Refinitiv, formerly known as Reuters.
The various costs charged for this price comparison include: Cost دلار $ 250 and $ 1000 AUD Point of Sale (POS) (this is when your card is drawn in a store or machine in a store or restaurant) ^ Fee for withdrawing $ 250 AUD from an overseas ATM with a different currency each month Cost # Ship $ 250 and $ 1000 AUD abroad
Monthly account costs
^ Due to the cost of using cash cards abroad, there may be additional costs for the consumer if the bank applies the retail margin at the rate provided by Visa or MasterCard. In fairness, because it is not possible to determine these costs accurately, we only approve the costs announced by the banks in our online documents or through social media. #Collected costs consist of both foreign transaction costs and any increase in exchange rates.
Investigations conducts on transfers from AUD to NZD, EUR, GBP and USD. The companies compared were ANZ, Citibank, CommBank, ING, NAB and WestPac. We also considered corporate advertising – ANZ launched the zero advertising cost offer in June in response to support for COVID status. Citibank has abolished international money transfer fees. Despite zero transfer fees in advance, there is still a margin marking of the exchange rate, as shown in the following research findings.
differences between this method and other methods for send and transfer money from Canada to Australia
When comparing TransferWise with the offers of specified banks, we exclude consumer benefits, ie the use of cash balances or automatic currency detection. In short, we assume that the conversion takes place at the place of trading. This applies consistently to all statements, including TransferWise.
When comparing fees for “sending” funds from Canada to Australia , we log in to live user accounts and record rates and fees for sending AUD 250 and AUD 1000 to designated destinations in Germany, New Zealand, the United Kingdom and the United States. If the costs not includes in the customer’s trip, we will receive confirmation of the costs directly from the bank through social media before applying the reported costs. When calculating the total cost of sending funds overseas, the rate offers by the bank compare to a “precision-per-minute” ** market average ** rate provided by Refinitiv, formerly Reuters. The difference between the two rates provides the percentage consumed by the bank, also known as the retail margin. The value of the retail margin adds to the commission to cover the total cost to the consumer.
For other parts of the comparison, “spending”, “withdrawing”, “creating” and “maintaining”, we use information obtained directly from the relevant bank’s website about the product or guided through the bank, ie cost documents We use public. If you have any questions about the interpretation, we will get more details through social media before applying the reported costs.
time to complete this steps
The survey is conducts during 5 consecutive business days (Monday to Friday) during standard trading hours and is currently updates every three months. It acknowledges that banks may change their bids during that period, and therefore, published results should be indicative and individual experiences different.
conclusion
How to send money from Canada to Australia? What are the ways to send money from Canada to Australia? What are the cheaper, better and faster ways to send money from Canada to AustraliaIn this article, we saw the best and easiest ways to transfer money from Canada to Australia. You can choose any method that is the best option based on the amount of money you transfer and use it. Note that if you have more questions about this, you can also raise it through the contact us link on the site
