Sending money from Australia to USA
People send money from Australia to the USA for many reasons. It can be for college students studying abroad, for buying a property, relocation, sending money to family or business trades. When sending money from Australia to the US, you should know there are no transfer restrictions.
However, if you are relocating from Australia to US, you will need a bank account, which can be very difficult to obtain, as you will not have a credit history. The easiest way is to open a bank account with an American bank that has a branch in Australia, before leaving. That way you make sure, you won´t have problems and, once you have a bank account, you will be able to transfer your funds from Australia.
How can you transfer money from Australia to the US?
We´ve talked earlier about bank account. So, the first option you might think of is an inter-bank transfer. You should be aware that this is probably the most expensive option, as banks have high exchange rates and fees, even, often, if you are sending to an account held at the same bank.
Cash: When you want to send directly cash or simply don´t have a bank account, you can use one of the many money transfer operators such as Western Union, MoneyGram or Travelex. They are fast: you can send money in matters of hours or days, but they are quite expensive.
Internet: Considered to be the best way to transfer money overseas, the online money transfer companies help you send money from Australia to the US, cheaper, easier and faster than any other channel. You need to have a bank account (so does the receiver), register on the chosen company website, setup an account and make the transfer. With a minimum amount to transfer of AU$100, these companies are accessible to everyone with a bank account and an Internet connection.
FX brokers: Foreign exchange brokers are arguably the best option when larger amounts of money are involved (over AU$1,000).
When should you contact a FX broker? If you want to open a business in the US and need to transfer the capital for it, when you want to pay for the school tuition or want to buy a house, etc. Any transfer that involves large amounts of money requires the help of an expert. And FX brokers are the experts to go to. Depending on your needs, they can offer you a customized solution and the best exchange rates. Furthermore, they charge no fee at all.
It´s important to add that you don´t have to be an Australian if sending money from Australia to USA through one of the above methods. You just have to provide ID. For larger amounts, you may need to provide evidence of where the money came from to comply with money laundering requirements.