Transfer money to AU through Bank to Bank EFT or Currency Exchange company?

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Transfer money to AU through Bank to Bank EFT or Currency Exchange company?


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Old 2nd January 2017, 12:40 PM
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Users Flag! Originally from philippines. Users Flag! Expat in australia.
Default 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!

Thank you.

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