I really need help of experienced fellow bargainers here. One of my friend is moving overseas for 1 year for work purposes & he is not expecting to be back to Australia in this one year, also it could be more than 1 year depends on his work. Now he wants to transfer money from his bank account here in Australia to his own bank account in the country he moving, while he will be in other country. Is it possible to transfer fund overseas from bank account in Australia while he will be outside Australia? He need to transfer as he will be getting back tax & some other money back after he will leave Australia. He asked for my advice & I really don't know best way to do this. So, if you all can input your ideas or best advice then it is really helpful. Thanks…
Transfering Fund from Australian Bank to Overseas Account While Not in Australia
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Last edited 04/02/2015 - 12:10
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Thanks for good options
Every bank has the option of wire transfer with a fee but as Hikey mentione Citibank is free so go with them.
But will it work online from foreign country?
Yes
Have a look at currencyfair.
You'd basically transfer the money within AUS to currencyfair (usually no fee), then convert into the currency you like (usually much better exchange rate than your bank is offering) and transfer the money out from the country of destination to the bank/account of your choice.
Good luck.
Thanks, it is good as well.
I suggest they make a Power of Attorney.
What's the value? Those international interbank transfers are a rort. If it's only a few thousand I'd go the ATM route. He can also draw it down when he needs it. If he is going the international transfer he should do it in one fell swoop to minimise fees.
That's right, he will need money at specific interval. I don't know the amount.
There is no problem transferring money overseas while not being in Australia. A few things to consider: