Best Way to Bring > US$100K to Australia

GoogleFroogle on 07/11/2023 - 09:01
Last edited 07/11/2023 - 09:22

If I were looking to move money from a USA (or Costa Rica) account to Australia, what is the best way?

4-5 years ago the questions were asked and Wise seemed to be winning out.

Currently it seems like Wise is milking about $900 and OFX about $950ish (fees plus spread). Is there any wiggle room on prices amongst forex traders, or is that just what they charge and it's the pill I'll have to swallow?

I am not sure what margin and spread I'll walk into on crypto as a medium (I am quite ignorant of crypto), or if it will incur tax complications

Thanks in advance!

Financial

Comments

  • Jimothy Wongingtons on 07/11/2023 - 09:09
    +4

    I would prob not recommend crypto

    • KangaDrew on 07/11/2023 - 09:44
      +2

      And I would definitely not recommend crypto

      • Jimothy Wongingtons on 07/11/2023 - 10:03
        +1

        Idk if I could resist rolling the dice on a cheeky overnight gain (or devasting loss) though

        • Malik Nasser on 07/11/2023 - 13:41
          +2

          You could just convert it into USDT (Tether), then convert to AUD. Dont need to go into Bitcoin or other crypto.
          You are already in USD, so there is no further currency exchange rate risk.
          Just need to ensure the exchange you use has an AUD offramp.

  • bym on 07/11/2023 - 09:12
    +6

    Bikies.

    • BewareOfThe Dog on 07/11/2023 - 23:30

      Which ones?

      • JIMB0 on 08/11/2023 - 10:18

        Ones who want to move money from an Australian account to a USA (or Costa Rica) account. Just do a swap in each country.

  • Muzeeb on 07/11/2023 - 09:18
    +7

    Convert to Amazon gift cards and just spend as required on groceries in Australia for the next few months.

    • 87percent on 07/11/2023 - 09:28
      +7

      Few months? With inflation, Maybe the next few days

  • bobokingdom on 07/11/2023 - 09:20
    +2

    Do you mean 10,000 USD or 100,000 USD?

    • GoogleFroogle on 07/11/2023 - 09:23

      thank you, corrected it. I think with the title correction it might have got messed up (yeah, I'll go with that excuse) :)

  • localhost on 07/11/2023 - 09:22
    +1

    Check with local bank - usually their rates are something like 0.1%, but no more than $400.

    • GoogleFroogle on 07/11/2023 - 09:25

      I'll check it out, I remember back in the day when I lived in USA, cba was trying to charge about 5-7% spread. Maybe they've calmed down a little?

      • foxmulder on 07/11/2023 - 17:07

        Let us know how you go with local bank, I'm guessing it will be similar with the old days.

  • dtc on 07/11/2023 - 09:23

    have a look at some of the banks eg HSBC allows foreign currency accounts and then you transfer from that account into your regular account at standard FX rates no fees (although I dont know the spread for the FX rate)

    • GoogleFroogle on 07/11/2023 - 09:28

      excellent, I have a hsbc card, I'll see what they can do for me!

      • LFO on 08/11/2023 - 12:41

        Actually if you are with HSBC then you can open an Everyday Global Account in AUD and also in other foreign currencies including USD.
        You'll then transfer from the US, in USDs, to your Australian HSBC account in USD.

        I think there is a $20?$40??? FX transfer fee and then you can internally "move" your USD funds into AUD converted. FX rate is OK.

        Commonwealth bank also has Foreign accounts too but from memory the exchange rate is worse.

        Now, moving from USD to AUD now could be very wise.
        Exchange rate is high and the future of USD is … is into the "challenging" scale.

        Fringe benefit: HSBC EGA has a debit card with Pay-wave that gets 2% cashback. Several pre-conditions apply, of course.

    • bobokingdom on 07/11/2023 - 09:29

      Yes, but if anyone deposit over $10k into a bank account, it will trigger a report to Govt Agency. https://www.austrac.gov.au/business/core-guidance/reporting/…

    • pennypacker42069 on 07/11/2023 - 11:46
      +1

      HSBC foreign currency accounts have a very large spread, Wise is much cheaper

  • Dollar General on 07/11/2023 - 09:39
    -3

    Change to $AUD at the airport for best rates

    • pegaxs on 07/11/2023 - 10:03
      +3

      Yeh, best rates for the exchange operator…

      • Dollar General on 07/11/2023 - 11:26
        -1

        Downvotes shows people have no tolerance for sarcasm and humour these days. Too many people take life too seriously.

        Chill and smile

    • Jimothy Wongingtons on 07/11/2023 - 10:05

      Will be disappointed if op doesn’t rock up with 2 big ass cloth sacks of cash with green dollar signs on them to trade in

      • AustriaBargain on 07/11/2023 - 10:08

        Actually OP could probably fit it in a handbag https://youtu.be/rgXierxCLzI?t=119

        Still though, it'll show up pretty obviously on an x-ray.

        • GoogleFroogle on 07/11/2023 - 22:18

          what a let down 100k only looks like that, I remember we go our friends a wedding present, and a bunch of us went together and got all $1 us bills and it made it look huge. Albeit probably a giant pain in the ass for them, but it amused us (and helped them get setup for their new place) :)

      • Protractor on 07/11/2023 - 13:29

        with Beagle Boys mask?

  • Protractor on 07/11/2023 - 10:25
    +1

    Travel Tip: Make sure the ink's dry

  • furiousmango on 07/11/2023 - 10:44
    +2

    Interactive Brokers is best for large transfers - 20 basis points off the midmarket rate for that volume, about $200 give or take.

    • pennypacker42069 on 07/11/2023 - 11:48
      +1

      They will block your account if you only use them to convert and transfer money

      • furiousmango on 07/11/2023 - 14:03

        They're pretty competitive for USD brokerage and less of an issue if its a once off transaction

      • GoogleFroogle on 07/11/2023 - 22:08

        do they let the first transaction occur, though?

    • GoogleFroogle on 07/11/2023 - 22:08

      thanks! I hadn't heard of them, I will research it!

  • justdigi on 07/11/2023 - 10:55
    +1

    You should be able to negotiate a rate with OFX for that amount. I wouldn’t rely on their online calculator, I’d contact them for a better rate.

  • Warchest on 07/11/2023 - 11:05
    +1

    I've found xe.com pretty competitive when transferring internationally.

  • binscab on 07/11/2023 - 11:09
    +1

    yeah have done with OFX before, had them match Wise.
    Apparently the HSBC desk might also be able to do this on smaller amounts.

    Can you get HSBC premier?

  • DashCam AKA Rolts on 07/11/2023 - 21:28

    Just bring it all in inside headphone boxes, declared as wedding gifts.

    • BewareOfThe Dog on 07/11/2023 - 23:34

      Or on a yacht , hidden away with the white powder.

  • yeahyeah on 07/11/2023 - 23:06
    +1

    Next week on Border Security…

  • lgacb08 on 07/11/2023 - 23:52

    For that amount, if you don't have deadline for transfer then watching exchange rate movements within a month or two can easily cover for the fees. $900 for such work is trivial in the scheme of things.

  • footscrayvic on 08/11/2023 - 09:06

    I really don't know but can you do this sort of thing using a Wise card?

  • Ramrunner on 08/11/2023 - 15:21

    You're welcome to put it in my PayPal account.

    I'm looking to put money in an investment this Nigerian guy told me about.

  • cloudy on 11/11/2023 - 03:39
    +1

    Contact OFX for that amount, they can offer a better rate for large transfers. They’re probably the best for FX transactions like this

  • Dman2077 on 12/11/2023 - 20:31
    +1

    For large sums 100k to a few mil the cheapest option is Interactive Brokers, period.

    It's free to convert fx and you get close to interbank (think market making firms goldman, citi, hsbc etc) fx rates so barely any cost.

    Minimum account opening is something like 10k USD though. But you can open account, do your fx conversion and not trade any financial products with them, then close account.

  • dangerdanger on 14/11/2023 - 20:23

    Aldi bag and Crown Casinos

  • aretsa9 on 21/11/2023 - 14:06

    I've used OFX for years, found their rates competitive and their service outstanding. No, I'm not an OFX employee :D

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