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Checklist 3:

Transferring finances to Australia

Finances-transferOne of the first things to consider when planning to migrate to Australia is how to transfer your cash and other investments.  Remember, you should close all accounts that will not be active in your home country in order to save on bank fees.  Here are some further suggestions:

 

  • Before you depart open an Australian bank account online. It is easy to do, and takes minutes! To activate the account, you simply need to go to any bank branch and show your passport. Have some money in your account the minute you arrive!
  • International money transfers can be made using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system. All banks in Australia are able to receive overseas transfers. International transfers can take up to 10 days.
  • Convert some cash into Australian dollars for immediate needs when you arrive.
  • Buy a pre-paid travel credit card or travellers' cheques in Australian dollars for security and immediate access to funds.
  • Bring your international credit cards for immediate expenses and identification. Remember that transaction fees will be higher when you use them in Australia.
     
  • Talk to your banker in your home country about your options.