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Discussion Starter · #1 ·
I'm an American and will be moving to Brisbane where my wife (an Australian citizen) has just started a new job.

The Problem: I have school loans in the U.S. that I must continue to pay while in Australia. I will maintain my U.S. bank account and I have my loan payments automatically drawn from my account.

The Question: What is the cheapest way for me to send Australian money to my U.S. bank account?

Many thanks!
Jon
 
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Using a forex currency trader. Dont use the bank, they charge way to much and the exchange rate is never good.

Couldnt advise one as the one I used was UK based. You'll be needing an Australian based one. Some charge fees, some dont, some exchange small amounts, some only in the thousands but most will have much better exchange rates than any bank.
 

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Discussion Starter · #3 ·
Thank You!

Thanks for your help, Shel. Excellent suggestion and much appreciated!



Using a forex currency trader. Dont use the bank, they charge way to much and the exchange rate is never good.

Couldnt advise one as the one I used was UK based. You'll be needing an Australian based one. Some charge fees, some dont, some exchange small amounts, some only in the thousands but most will have much better exchange rates than any bank.
 

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We opened an account with HSBC and they let you transfer between accounts in separate countries for free. You need to pay a premier acc fee or have $100k nzd then it's free but having the ability to switch money internationally instantly at no charge is great. Plus the staff are incredibly helpful in getting you setup once you arrive. We have opened an nz, Aussie and uk account which you can link together and transfer between online - highly recommend them:)
 

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Money transfers overseas

I'm an American and will be moving to Brisbane where my wife (an Australian citizen) has just started a new job.

The Problem: I have school loans in the U.S. that I must continue to pay while in Australia. I will maintain my U.S. bank account and I have my loan payments automatically drawn from my account.

The Question: What is the cheapest way for me to send Australian money to my U.S. bank account?

Many thanks!
Jon

I found this problem vexing as well. There are two issues that BOTH must be looked at. 1) Fees 2) Exchange rates. I found many organizations advertising low fees but gave abysmal FX rates. If you are transferring very small amounts, fees matter more. For larger amounts, exhange rates matter more.

I found the best solution was Oanda, a forex trading service that also does money transfers. It takes some set up, but they are saving me a ton of money.

Other background - I looked into taking delivery in the futures market, which would be good for large amounts, but no broker seems to do that without making it very hard for you. Wire transfers gave me terrible FX rates, and the fee was small compared to the loss in FX. Bank to same bank wires may have given better rates, but I found Oanda to be very tight on rates and low fees.

Hope that helps! :D
 
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