Transfer money to AU through Bank to Bank EFT or Currency Exchange company?
I'm migrating to Australia next month and exploring how I can transfer my savings at lowest possible cost. I have already opened an account with NAB and looking to transfer money from my savings account in the USA and the Philippines. The sending banks have outright transfer fees (e.g. $30 per transaction) and from research it looks like currency exchange companies like OFX or TorFX offer better rates which would mean lots of savings for larger amounts of money. I was wondering whether anyone here has any recommendations between the two options: bank to bank EFT or use a currency exchange company. Also when using a currency exchange company, how does it exactly work? Do I make an EFT or pay them like a vendor using the source currency and they just do the deposit to my specified Australian bank account? Tips and help would be greatly appreciated!