I get a lot of queries daily on my Facebook page, Irish Around Oz, from people who have moved or are moving to Australia; the majority of the time, they are looking for the cheapest and fastest way to transfer money to Australia.
Before you do or read anything – DO NOT USE BANKS! What you might not realise is banks actually charge you 4-6%+ on the exchange rate, plus many have “sending” or “receiving fees.”
I’ll go into my story of how I lost hundreds of dollars using bank-to-bank transfers later. But if you are looking for my recommendations to transfer money to Australia, then look below 👇
Cheapest Way To Transfer Money To Australia (0 – 2 days)
The following are my recommendations, and I have personally used all of them. I actually don’t recommend you use one money transfer company, but when you want to transfer money to Australia, compare all of these companies. This gives you the best rate and saves YOU the most money. Which is the most important thing at the end of the day.
- Currencyfair, Wise, and Revolut: These three are crowd favourites, and I personally used all of them. They outshine traditional banks or PayPal when it comes to sending money to or from Australia.
Grab ten free transfers with Currencyfair (proudly Irish!) by clicking here: Currencyfair Free Transfers.
And don’t miss out on your first €500 transfer for free with Wise – follow this link: Wise Free Transfer. - OFX: This is your go-to for larger transfers (over $5,000). With OFX, you’re not just moving money; you get the expertise of a dedicated broker and an exclusive rate through Irish Around Oz. Just make sure to sign up through this link: OFX Exclusive Offer.
- TorFX: Another superb choice for large money transfers, TorFX shines especially in scenarios like house sales where top-notch customer service is key. Register using this link, TorFX Special Rate, to access an exclusive rate crafted just for you.
You’ve just sorted out your travel insurance for Australia, got your working holiday visa and now need to send your hard-earned euros to your new Australian bank account.
And today, I am going to cover everything you need to know so you don’t need to pay crazy bank fees!
My Experience with Money Transfers from Ireland to Australia(losing over $150!) 😢💸
Here’s a tale from when I first touched down in Perth:
- I had €3,000, my hard-earned cash, ready to transfer to my new Aussie bank account (Commonwealth Bank, to be precise). The process seemed straightforward – a simple online transfer.
- Fast forward 3-4 days until the money lands in my account. Brilliant, right? Not quite.
- Here’s the kicker: due to bank charges and a less-than-stellar exchange rate, I ended up losing over AUD 150 in the transfer. That’s right, over 150 Aussie dollars down the drain! And the irony? I didn’t even think about this until months later when my mate Ian put me onto CurrencyFair and OFX.
This revelation was a game-changer for me, and I never made the same mistake in transferring money to Australia.
Securing Deals for Irish Around Oz Readers:
Fueled by my experience, I reached out to both CurrencyFair and OFX. Guess what? I’ve scored some cracking deals for all you Irish Around Oz readers:
- With CurrencyFair: Enjoy your very first transfer absolutely FREE. Here’s your link to financial happiness -> IrishAroundOz CurrencyFair Offer
- With OFX: Bag yourself free transfers for LIFE (yes, for life!) on amounts over $1000. Just sign up using this link -> IrishAroundOz OFX Offer
- With TorFX: Same as with OFX but ideal for large house sale transfers. They will find you the best rate. Sign up here -> IrishAroundOz TorFX Offer
So, before you make your next international money move, think of my story and save yourself a fair few quid! 💰🇮🇪🇦🇺
So here’s the deal on the best and fastest money to Australia:
So you might be thinking: Sure, I will transfer from my bank account to my new Australian one easily!
But what you might not realise is banks actually charge you 4-6%+ on the exchange rate, plus many have “sending” or “receiving fees.”
I have done many comparisons over the years. Just recently, I checked the Bank of Ireland calculator with Wise, and it was €140 more expensive to send just €2500 to Australia. That is literally an extra €100 you are throwing away for no additional benefit.
So before I go rambling on about my story of when I moved to Australia, I want to share my top 3 recommended money transfer companies. These are based on years of experience in Oz and hundreds of suggestions from others on a working holiday visa.
The following all take 0 – 3 days. There are faster options for sending money, such as using debit cars with Wise or Revolut. And you can also top these up instantly, typically from debit cards. But recently they have started charging a small fee. SEPA transfers are always the best, in my opinion(unless it’s a free instant top of course!)
Here are the facts for transferring money from Australia to Ireland
- I don’t recommend doing direct transfers between your bank accounts. Please… please don’t do direct bank transfers.
- Avoid PayPal, avoid banks. They will charge excessive fees for the transfer and rip you off with their forex rate.
- Especially if you have just arrived in Australia and are looking to transfer money from your Irish account.
- Why? It varies depending on how much you are looking to transfer, but you can expect to pay anywhere from AU$30 to $70+ in charges!
- Not only will you be paying this, but you will also get a very standard exchange rate, meaning that you will be losing out in even more $s or €s.
- Banks can take anywhere from 4%+-6% on the exchange rate(and they don’t even tell you this!).
- If you typically make five transfers over the course of your two-year stay, it will cost you easily over AU$400 – $500 in unnecessary extra charges(crazy!).
The extra costs go up or down depending on how much money you are sending to Ireland or Australia.
Here’s the bottom line on the best way to transfer money to Australia:
- Both CurrencyFair and OFX use local banks, so there is no fee at the receiving end. Or for sending it to Australia!
- CurrencyFair makes sending money to or from Australia simple, cheap and speedy.
- Banks charge upwards of 4-6%, whereas CurrencyFair and OFX charge less than ~0.35%.
- This means if you are sending money from Australia to Ireland, you can save up to 8 times as much!
- CurrencyFair is an Irish company regulated by the Central Bank of Ireland under the European Communities (Payments Services) Regulations 2009. So it is 100% safe, and we use them all the time.
- OFX(Ozforex) have been offering bank-beating rates since 1998! You also get a dedicated broker, so it’s great for those larger trades of $5k+.
- These two are some of the cheapest ways to transfer money from Australia to Ireland.
- Register here and reserve your first ten transfers for free with CurrencyFair
- Register here and reserve your free transfers for life with OFX over $1000
What companies are the cheapest way to send money to Ireland:
The following have been the most recommended time and time again:
- Currencyfair, Wise, and Revolut: These three are crowd favourites, and I personally used all of them. They outshine traditional banks or PayPal when it comes to sending money to or from Australia. Grab ten free transfers with Currencyfair (proudly Irish!) by clicking here: Currencyfair Free Transfers. And don’t miss out on your first €500 transfer for free with Wise – follow this link: Wise Free Transfer.
- OFX: This is your go-to for larger transfers (over $5,000). With OFX, you’re not just moving money; you get the expertise of a dedicated broker and an exclusive rate through Irish Around Oz. Plus, you can get an even lower rate than normal if you sign up through this link: OFX Exclusive Offer.
- TorFX: Another superb choice for large money transfers, TorFX shines especially in scenarios like house sales where top-notch customer service is key. Register using this link, TorFX Special Rate, to access an exclusive rate crafted just for you.
Finding the cheapest way to transfer money to Australia:
Daily on my Facebook groups, folks ask about the most cost-effective method for transferring money to Australia. Having navigated these waters myself, I hope my above tips have given you some insight and saved you money.
Finally, my top 3 Money Transfer Recommendations:
Once again, these are my top money transfer recommendations for when you want to transfer money to Australia. Don’t make the same mistake as me and lose 100’s of $ dollars on the exchange rate.
- Currencyfair, Wise, and Revolut: These platforms outperform traditional banks and PayPal, offering far better rates for transferring money. Currencyfair, a proud Irish company, offers ten free transfers, and Wise gives your first €500 transfer for free.
- OFX: Ideal for larger transfers (over $5,000), providing the expertise of a dedicated broker and exclusive rates through Irish Around Oz.
- TorFX: Another excellent option for substantial transfers, especially useful for large transactions like house sales.
Avoiding Unnecessary Costs: Direct bank transfers and using services like PayPal come with excessive fees and subpar forex rates. Over time, these costs add up significantly, especially for regular transfers. So please do not use Bank of Ireland, Commonwealth Bank or any of the big banks!
Final Tip: Even if you’re not transferring money right now, secure these offers to ensure savings in the future. Remember that the cheapest option may vary from one transfer to another, so it’s essential to compare your specific transfer needs to find the best deal for that particular transaction. Additionally, consider factors like transfer speed, convenience, and the provider’s reputation when making your decision.
In conclusion, whether it’s CurrencyFair, OFX, or another trusted service, the key is to choose wisely and avoid traditional banking pitfalls. For more resources and tips, be sure to visit my homepage on Irish Around Oz. Have a safe trip, and good luck with your money transfers!
There you have it, some of the cheapest ways to transfer money from Ireland to Australia.