Jump to content

Depositing cash


lauradarlin

Recommended Posts

It seems to be quite expensive to transfer money from the UK to Aus. Can anyone offer any advice on carrying cash over and depositing it in an Australian bank account once in Australia? I'm not talking about large amounts, I'm aware that you can take in up to AUD10,000 without declaring it.

 

I'm planning on heading over for a year and will have some cash behind me but not a huge amount as I'm not going to sell my UK property so I'd ideally like not to have to pay a chunk out in transfer fees.

 

Are questions asked if you open an Aus bank account and deposit AUD10,000 in cash or is that an ok thing to do?

 

Cheers

 

:)

Link to comment
Share on other sites

Guest Guest31881

Use a specialist company to transfer your money, most will even set you up with a bank account. A lot of members on here have used Moneycorp (no fees for PIO members),

 

http://www.pomsinoz.com/forum/money-transfer-ask-moneycorp/

 

and also NAB bank who have their own thread on here.

 

http://www.pomsinoz.com/forum/banking-ask-nab/87528-open-australian-bank-account.html

 

Other members have used different companies so you can shop around to get the best deal

 

they will all be better than a bank charging you transfer and exchange fees.

Link to comment
Share on other sites

If you have a citibank account in the UK and one in Aus then it's free to transfer between the two. I transfer from my citibank account in aus to my nationwide account in the UK and it actually works out at a better rate than that being offered by money corp - there's a $25 fee with citibank but with a $10,000 transfer I end up about $10 ahead due to having a better exchange rate, and there's no fussing about with a third party. Just my two cents!

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...