What's the best (reliable and cheapest fees) method to transfer a large sum (over $100k) from Canada to Australia?
Best (Reliable and Cheapest Fees) Method to Transfer $100K+ from Canada to Australia?
aoeueoa on 24/08/2021 - 22:51
Last edited 25/08/2021 - 09:18 by 1 other user
Last edited 25/08/2021 - 09:18 by 1 other user
Comments
Another post, with a lot of blanks…
It is $100k afterall… not $100.
If it's Canadian bank to AU bank, banks can transfer via swift.
Otherwise bikies, but risk of another post "Bikies scammed me of $100k".
What do you call a gang of Canadians on snowmobiles though? …Degens?
"Les Hiques" :)
I love fishing in Quebec!
"Really Friendly Canadian Bikies scammed me of $100k and said "Sorry, eh!" "
Use www.wise.com. I use it regularly for GBP -> AUD.
C$100,000 nets you AUD 108,739.64 at 1.093 exchange rate and C$520 fee. No bank will be cheaper than that.
This.
Do you do a test run first, say $100, then the rest?
I would suggest doing it in $10k chunks even after a test run. Costs only a little extra in fees but you'll have more piece of mind if something does go wrong.
Completely agree with this. Medium chunks is the way to go. You'll also find it gets processed much faster due to "security checks".
For 100k, I would do 20k batches over a week.
This thing looks very promising. Don't know about wise before. Thanks!
I happen to be in need to do $1500 to IDR, I see it gives out 15,582,952 to the recipient. Standard xchange rate is 15,665,165 - thus pretty much what's the fees $7.28 AUD is for - I don't think traditional bank can do this.
May be a better way to pay someone in the UK which I do regularly, asking the person for the 3% paypal fees discount and do wise instead.
Interactive Brokers
Binance P2P.
Both parties have to KYC and then they can Tx directly with each other in real-time with no/low fees.
I’ve used OFX (formerly OzForex) as they have an office in Toronto. Currently will give you $109,429.08.
Last time I used them they gave me a spread of 0.1%. My overseas bank was giving me 0.75%. Australia bank is 5%-7%.
OFX has certainly been the quickest and more reliable of all the money transfers I’ve tried.
They don’t always give the bestest rate - but looks like it might in this case - but they provide 24/7 service which can give peace of mind for large amounts.
TT??
Exactly. Why not use SWIFT transfer from bank to bank? $50 fee altogether.
You can get Citi global currency account to keep money in CAD and convert it to AUD when the exchange rate is the most beneficial. There is speculation that AUD is on a downward trend so in my opinion in may be worthwhile to wait with converting CAD to AUD by now.
$50 is pretty expensive for a Tx.
It's 2021. It shouldn't cost more than $1 to send an unlimited amount to anyone in the world at any time. They should also be able to receive it in less than 1 to 10 minutes.
Exchange rate is probably horrible compared to OFX.
Canada Post, only cost is shipping. Don't forget to apply for the insurance
revolut or wise for best rate.
XLM / NANO / ALGO / XRP?
Underpants?
Bitcoin.