Learn How to Bank and Transfer Money to Australia Before You Leave the US
Learn How to Bank and Transfer Money to Australia Before You Leave the US
Australia allows new residents to open a bank account before they enter the country, so you should take advantage of this. Some let you open it online, such as Commonwealth Bank, ANZ Bank, and Westpac. Others require papers to be mailed to them before you get an account.
A few banks prefer you to wait until you arrive, but since the majority let you do it beforehand, finding a bank that will let you transfer money to Australia before you officially move can be beneficial. Be aware that while moving your funds to an Australian bank before you arrive can make the transition smoother, you will need to present an ID at your selected bank before you can withdraw anything. Clearly, you should make sure you don't need the money that you are transferring while in the United States.
Know that $1 USD is equal to about 1.18741 Australian dollars, or AUD. Just remember that this changes everyday, so be sure to check the latest rates. Typically, your dollar will go further in Australia. However, you will need to declare your money to customs if you have more than 10,000 AUD, which translates to about $8422 USD. Also, remember that you will not have to pay U.S. tax on money you transfer to Australia. Once you become a resident, you will just pay Australian taxes, instead.
Sometimes it's better to use an independent company when moving money, rather than a bank. This can help ensure you get the best exchange rate. If you can find a currency exchange specialist in the United States, they can help you transfer money to Australia by first converting it to Australian dollars, and then putting the money in your new account. This is often the cheapest way to go, but only if you select a professional company with specialists who know what they're doing.
If you do not feel like opening an Australian account before you move, or perhaps your bank of choice will not let you do so, there is a way to access money while you get settled in. If you keep your U.S. bank account open but do not want to use your debit card in Australia, you can get a prepaid debit card. This allows you to add funds to it at any time from your U.S. account, and you can either use the card at Australian shops, or withdraw cash in AUD from ATMs once there. This is especially useful if you have already closed your U.S. bank account before you open a new one, as you can send funds through your credit card while avoiding hefty cash advance fees. This way, you will only pay $5 to send any amount of money, and a couple dollars to withdraw cash.
Moving is stressful without considering how you will access your money once you arrive in your new country. Avoid issues by learning how to bank in the area before you move. Whether you decide to transfer money to Australia before you arrive or simply use a prepaid debit card, knowledge of options is always a relief.