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Hi guys,

I am settling in Oz soon and I would like to transfer my savings to Australia. So, I am wondering:

1) Remit: Currently, the local bank that I am using at the moment is offering free remittance fee to AUD, so I think, I would like to take this chance to remit to Australia. However, I am not sure how it works. Let says, I am remitting 1000 USD to Australia, so, will the local bank convert from USD to AUD (using their rate) first and then transfer it to my Australian Bank Account OR will the local bank transfer the USD directly to my Australian Bank and the Australian Bank will convert from USD to AUD ?

2) Third parties money transfer agencies such as ozforex, transferwise, etc. Has anybody used any of these services ? If yes, appreciate if you could share your experiences with them, like, how reliable they are ? Is their rate good ? etc. Is there any legal matters using these services to transfer money to Australia ?

3) I have opened an account with NAB online (not activated yet). Can I remit or use money transfer agencies to transfer money to my not-yet-activate NAB bank account ?

4) Is there any limit to the amount of money that I can transfer to Australia ? or can I literally transfer as much as I want ?

5) Do I need to provide / explain the source of the money that I transfer to Australia ? Because, my parents are giving me some additional money on top of what I am having now. Does it look like money laundering in the eye of the bank / government ?

6) Do I need to declare anything for the money that I transfer to Australia ?

7) Do I need to pay any “tax” for the the money that I transfer to Australia ?

Many thanks for reading.
 

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If you're in the PH, best option (for me) would be transferring to yourself via Western Union.

1. Sending bank converts to destination currency then sends to the receiving bank account (maybe).

The familiarity and security offered by banks make them appealing to some. But banks typically offer weak exchange rates and high fees to send money to Australia.

For the majority of your international money transfers, you’re better off using an independent money transfer specialist.

2. WU for me. No issues. Just compare rates and fees with banks first to get best option.

3.NAB says you can transfer funds to your new account up to 12 months prior to your arrival

4. Usually there are daily and monthly limits for withdrawals or payments - anything in excess would probably not push through or be scrutinised (probably thinking of money laundering). But deposits might be different, though any transactions over a certain amount might be flagged as well.

5. No. Just say "family support"

6. Generally No.

7. Generally No.
 
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