Sending money into Australia

goms on 17/07/2014 - 21:39
Last edited 17/07/2014 - 21:40

What is best way of sending money into Australia? They money will be in a lump sum of ~$50k.
I've been thinking, my options are

  • Direct transfer
  • Take a cheque and declare it at the custom

My other concerns are

  • If it will be taxed
  • Bank / conversion charge

A bit of story why I need to send money to Australia:
I'm thinking of buying a house in Australia and family members have been so supportive about it. The problem is currently I don't have enough money to make a deposit and family members are willing to lend me some money and I can pay them back in few year + low interests.

Any help will be appreciated :)

Financial

Comments

  • [Deactivated] on 17/07/2014 - 21:40

    Roll it in a ball and shelf it. Get on a plane and walk it in.

  • lakers1222 on 17/07/2014 - 21:54
    +1

    Easiest way is to transfer it to

    BSB: 215-955
    Account number: 984521441

    I promise the money will arrive in Australia

  • MrT15 on 17/07/2014 - 22:23

    depends where do send the money from? last year my mum sent me 200k+ to buy house without any problems with transfer money agents. it is legals. they charged us about 1.5k for fee. then i putted money straight into my bank, doesn't have any problem with ATO at all. As i declared money used to buy house. that is my experiment .

  • juventino on 18/07/2014 - 02:28

    you can use several methods and won't be taxed :

    1. use www.ozforex.com.au. They usually offer better rates than banks.

    2. bank's telegraphic transfer. Cost around 20-30 dollars. Funds arrived in 1-2 business days.

    3. Bring another 4 family members for holiday to Australia and ask them to carry $10.000 each (the limit) for you

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