If you are preparing for a trip to Australia, you’ll need to transfer money to AUD without losing too much on fees. Upon arrival, you’ll need enough savings for accommodation, food, and expenses until you find a job. The cost of living is high, especially in major cities, and if you’re on a Working Holiday Visa, you must show at least $5,000 in savings. The best option is to transfer your funds to an Australian bank account once you arrive. This guide will help you find the easiest and most cost-effective way to do it.
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How to Open a Bank Account in Australia?
If you’re planning to live, work, or travel in Australia, opening an Australian bank account is essential. It helps you avoid high international withdrawal and transaction fees and allows you to receive payments if you plan to work.
Step 1: Choose a Bank and Open an Account
Opening an Australian bank account can be done remotely before your departure, as offered by Commonwealth and NAB banks, or wait until you arrive and visit a local branch. In both cases, once you arrive in Australia, you need to visit a branch of the bank you picked.
Step 2: Verify Your Identity in Australia
Once in Australia, visit your chosen bank with your passport to confirm your identity. Your account will be activated on the spot, and you’ll receive a debit card within 5 business days (or you can pick it up directly at the branch).
Step 3: Understand Your Bank Details
Once your bank account is open, you will be given a bank identification number consisting of two numbers.
✅ BSB Number (Bank State Branch): A 6-digit code identifying your bank branch.
✅ Account Number: A 6 to 9-digit unique number for your personal bank account.
These two numbers together correspond to the European IBAN number, i.e. the international bank identification number. Whichever money transfer method you choose, you will need these numbers.
How Much Does It Cost to Open a Bank Account in Australia?
Opening a current account is free at most Australian banks. However, fixed account operating fees, often monthly, may apply (about $5/month). Check with your bank, as these fees can be waived under certain conditions (if you are under 25, you are a student, you have a minimum income each month, etc.). In general, these fees are not applied within the first year of you opening a bank account.
💡 Tip: Choose a bank with low fees and extensive ATM access to make your transactions easier while traveling!
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How to Transfer Money to Australia?
Once your Australian account is available, you have 2 options to transfer your money:
- Go through your bank in Europe and make a classic international transfer
- Go through a specialised international transfer platform (recommended).
How to Transfer Money to Australia via Your Bank?
Too often European banks don’t know how to make a transfer to Australia. They’ll ask you to provide them with the IBAN and BIC numbers of the account you want to transfer to, which doesn’t exist in Australia. You will need to bring your BSB + Account Number (= IBAN) and ask your Australian bank for its SWIFT code (= BIC) and voilà!
Transfer Process:
1️⃣ Provide your European bank with your BSB, Account Number & SWIFT Code
2️⃣ Initiate the transfer from your home bank 💶➡️💵
3️⃣ Funds typically arrive in 5 business days ⏳
How Much Does it Cost?
International transfers are expensive! European banks will generally charge you transfer fees (around 25 Euros of fixed fees + commission). In addition, the process is often long and the exchange rate that will be applied to your transfer will be very low.
Indeed, most of the time the bank does not tell you the exchange rate that will be applied during your transaction … Although some banks in the UK and US have agreements with Australian banks they still charge high transfer fees or apply daily limits. And even if your bank offers to offer you transfer fees, be careful. What is important is not the price of the transfer, but rather the exchange rate applied.
Transfer Money with Online Money Transfer Services: recommended
The main advantage is that the exchange rates are much more competitive than those of the banks. Indeed, these are international companies that have accounts in many countries. In most cases, they use their local accounts to receive and send funds. Thus the transfer of money generates very few intermediary bank charges. This will allow you to make great savings on each transfer!
How to transfer money to an account in Australia via a platform:
- You make a transfer free of charge (Euros -> Euros) to a European account of which the chosen company (Wise, CurrencyFair,…) you will receive contact details.
- The company receives the money in their European account, it converts it to a rate close to that of the market (Euros ->AUDollars) and makes it available on your Australian account.
- It performs a wire transfer to your account in Australian Dollars -> AUDollars) and you will receive dollars from an account in Australia, here again, you will have no bank fees.
How Much Does it Cost?
These transfer companies get paid on the margin they make by applying an exchange rate slightly below the market rate. To this, they can be added transfer fees, of around 3 to 8 EUR, depending on whether you want a faster transfer.
Comparison of these Two Options
For a transfer of €5000 (exchange rates from February 2025) – comparaison between a traditional bank and CurrencyFair:
| Via bank | Via CurrencyFair | |
|---|---|---|
| Fixed Costs | €25 (sometimes free) | €0 (1st transfer free) |
| Market Rate | 1 € = 1.98605 AUD | 1 € = 1.98605 AUD |
| Exchange Rate Applied | 1 € = 1.5938 | 1 € = 1.6340 |
| Amount Received | A$7,929.32 | A$8,170.00 |
Best Money Transfer Services for Australia
When transferring money internationally, choosing the right platform can save you a lot on fees and exchange rates. Based on our experience and feedback from other travelers, here are three of the most reliable and cost-effective money transfer services for Australia.
✅ Tested & Trusted: All these platforms are secure, widely used, and offer better rates than traditional banks.
✅ Lower Fees: Compared to bank transfers, these services reduce transaction costs significantly.
✅ Fast & Easy: Transfers typically arrive within minutes to a couple of days.
Remember that it is necessary to open an account in Australia in order to be able to make a transfer.
CurrencyFair
Features:
- Exchange rate very close to the real rate
- Very secure and simple system
- Transfer fees: 4 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)
- Online assistance available.
CURRENCYFAIR: 5 FREE TRANSFERS
To benefit from 5 free transfers, register here:
For more information: CurrencyFair – Free transfer
Wise
Features:
- Offers one of the best exchange rate (close to actual market rate)
- Online assistance
- Transfer fee: $5.14
- Transfer time: 1 to 2 days (allow 4 to 5 days for the first transfer)
- Simple and easy system.
WISE – 1st transfer free
Create your Wise account and make your first transfer for free (for any transfer of more than £500)!
For more information on Wise: How to Transfer Money with Wise
Tips for a Smooth Transfer
- Check for Fees: Understand all associated fees, including transfer fees and any receiving bank charges.
- Know the Exchange Rate: Compare the rate you’re offered with the current market rate to ensure you’re getting a good deal.
- Transfer Limits: Some services have minimum and maximum transfer amounts. Ensure your transfer amount complies.
- Transfer Time: Depending on the method, transfers can be instant or take several days. Plan accordingly.
- Safety First: Only use reputable services to ensure your money and personal information are secure.
Alternative Ways to Transfer Money to Australia
If you’re visiting Australia short-term or don’t want to open a local bank account, there are still plenty of ways to access your money hassle-free.
Use an Online Bank
More and more online banks are offering free payments abroad, regardless of the currency! Practical, especially when travelling, online banks are more economical than conventional banks and allow you to carry out all your transactions from your smartphone. The best known are the banks N26 and Revolut which will allow you to withdraw and pay in Australia free of charge.
Withdraw Cash from Your Home Country’s Bank Card
There are several banks and different types of credit cards, but with all of them, you have to pay fees when withdrawing money from an ATM in Australia. Most of the banks apply fixed fees for each withdrawal plus a commission on the withdrawal amount (usually between 2% and 3,5%).
By paying directly with your bank card from your home country, you will still have international bank charges to pay. And depending on the bank, you will have a fixed rate + a commission rate relating to the amount of the payment. These fees and rates vary again depending on the bank. In general, they are slightly lower than those applied when withdrawing from an ATM.
In addition, an exchange rate is imposed by the VISA or MASTERCARD centre for each purchase. This rate can be that of the same day or that of the day before. In all cases, it won’t be as good as the market exchange rate.
Currency Exchange Offices
Currency exchange offices offer exchange rates lower than the market rate to obtain a commission on each exchange. Using these services is recommended for short trips or stopover in a country. But it is not suitable for people intending to live in the same country for several months.
Moreover, be sure to avoid offices in airports as they usually offer even lower exchange rates than offices in the city centre.
Pay via Mobile Apps
Apps like PayPal, Venmo, and Revolut simplify sending money internationally with just a few taps on your smartphone. Watch out for fees and exchange rates, which can vary. Be aware, however, that PayPal charges significant fees and will charge you up to 5% border fees and over 3.5% conversion fees.
Remember to check the exchange rate applied at the time of your transfer. Also check the transfer fees before choosing this option.
Cash Pickup Services
Western Union and MoneyGram allow you to send money that can be picked up in cash in Australia. This method is useful if the recipient needs immediate access to cash but tends to have higher fees.
✅ Pro Tip: Always check the exchange rate and transaction fees before making a transfer to ensure you’re getting the best deal!
FAQs
The time a transfer takes depends on four different factors.
Departure and destination countries: in general, whatever the currency, the conversion takes a maximum of 2 days. The speed of the transfer also depends on the payment methods available in your source currency and the processing of incoming transfers by your beneficiary bank.
Your means of payment: transfers made from a credit/debit card are immediate. Bank transfers, on the other hand, take longer. You can get an idea of the duration of the transfer when you choose your payment method. Note that rapid transfers are subject to additional fees.
Timing of payment: Transfers are only processed during business hours. In addition, be aware of holidays and weekends as well.
Security checks: Following the creation of your account, it may happen that during your first transfers, platforms such as Wise or CurrencyFair may need to verify your identity (address or source of your money). This step is for your security. As a general rule, allow between 1 and 5 days, depending on whether this is your first transfer or not.
The major incentive here is to benefit from the best exchange rates. A specialised money transfer service will apply a rate extremely close to that of the market, unlike a bank which have less favourable rates. In addition, the fees when you go through a platform are lower (generally free for the first transfer(s). A bank will charge you transfer, conversion and administration costs. The savings you make are significant!
The Wise platform is extremely secure. Used by over 13 million customers across 80 countries, the platform transfers over £6 billion every month. Wise Inc is registered with the Financial Crimes Enforcement Network (FinCEN) under Money Service Registration Number 31000065314305
With over 10 years of experience, CurrencyFair has already traded over $15 billion since its launch. The company has all the necessary accreditations and is controlled by the financial authorities of all the countries where it operates. CurrencyFair is rated 4.6/5 from over 5,700 reviews on TRUSTPILOT.
The exchange rate is the rate at which one currency is exchanged for another. It is determined by currency markets and can fluctuate. Banks and transfer services often offer their own exchange rates, which may have a markup compared to the mid-market rate.
To initiate a transfer, you’ll typically need the recipient’s full name, bank account details, including the bank’s name and branch, and the recipient’s SWIFT/BIC code (for international transfers). You may also need to provide identification and complete any required forms.
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