Transfering Fund from Australian Bank to Overseas Account While Not in Australia

kt007 on 04/02/2015 - 12:03
Last edited 04/02/2015 - 12:10

I really need help of experienced fellow bargainers here. One of my friend is moving overseas for 1 year for work purposes & he is not expecting to be back to Australia in this one year, also it could be more than 1 year depends on his work. Now he wants to transfer money from his bank account here in Australia to his own bank account in the country he moving, while he will be in other country. Is it possible to transfer fund overseas from bank account in Australia while he will be outside Australia? He need to transfer as he will be getting back tax & some other money back after he will leave Australia. He asked for my advice & I really don't know best way to do this. So, if you all can input your ideas or best advice then it is really helpful. Thanks…

Financial

Comments

  • Hikey on 04/02/2015 - 12:18
    +2

    There is no problem transferring money overseas while not being in Australia. A few things to consider:

    • Set up online or phone banking before going overseas
    • Check the fees (usually around $20 per transaction) and conversion rates
    • It is sometimes cheaper to use a credit or debit card to take money from an ATM overseas and pay the cash into your local banking account, especially when transferring less than $1,000.
    • International Citibank to Citibank transactions are free. In case of regular transfers it makes sense to open two Citibank accounts
    • kt007 on 04/02/2015 - 14:38

      Thanks for good options

  • strikerzebra on 04/02/2015 - 12:20

    Every bank has the option of wire transfer with a fee but as Hikey mentione Citibank is free so go with them.

    • kt007 on 04/02/2015 - 14:40

      But will it work online from foreign country?

      • Hikey on 04/02/2015 - 17:07

        Yes

  • MiKaDo on 04/02/2015 - 12:39

    Have a look at currencyfair.

    You'd basically transfer the money within AUS to currencyfair (usually no fee), then convert into the currency you like (usually much better exchange rate than your bank is offering) and transfer the money out from the country of destination to the bank/account of your choice.

    Good luck.

    • kt007 on 04/02/2015 - 14:41

      Thanks, it is good as well.

  • holdenmg on 04/02/2015 - 14:10

    I suggest they make a Power of Attorney.

  • ilikeradiohead on 04/02/2015 - 16:26
    +1

    What's the value? Those international interbank transfers are a rort. If it's only a few thousand I'd go the ATM route. He can also draw it down when he needs it. If he is going the international transfer he should do it in one fell swoop to minimise fees.

    • kt007 on 05/02/2015 - 12:28

      That's right, he will need money at specific interval. I don't know the amount.

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