Transferring $50,000 from NZ to Australia

cinogirl on 07/12/2023 - 17:00

I've read old posts about the best/cheapest way to transfer money ftom NZ to Australia but is the best option still Ausforex/TorFX? I've used Wise in the past to transfer small amounts and had thought that was the best. Thanks in advance.

Financial

Comments

  • trapper on 07/12/2023 - 17:10
    +3

    I used wise recently, seemed fine.

  • jv on 07/12/2023 - 17:17
    +2

    boogie board…

    • elgrande on 07/12/2023 - 17:20
      +3

      That only works for Australia —-> Bali

      • Sye on 07/12/2023 - 17:49
        +2

        And only if you're transferring $420

  • Fredfloresjr on 07/12/2023 - 17:28

    wise

  • AustriaBargain on 07/12/2023 - 17:34

    Wise will tell you the fees upfront.

  • rumblytangara on 07/12/2023 - 18:06

    Wise. Transferred enough to buy property. Did it in chunks.

  • Warchest on 07/12/2023 - 18:55

    Last time I did it, I used xe.com (4 years ago). I'd like to see the difference in fees between them and Wise…

  • cashless on 07/12/2023 - 21:27

    You’d be Wise to follow the above advice

  • localhost on 07/12/2023 - 22:25

    Westpac?

  • b1nch1cken on 08/12/2023 - 10:17

    Wise. Banks charge you an arm and a leg (and sometimes a kidney too). I learnt that the hard way when I had to transfer about the same amount from a European bank. Fees were high, but they also had a lower exchange rate, which ended me losing about $1200 on the transfer.

  • simplystu on 08/12/2023 - 23:35
    -1

    Be aware of … AU TAX implications.

    "Gifts of money" over a certain amount are subject to tax.
    +++ with AI + bank a/c linked / etc …anything digital - even slightly dodgy will be checked by AFP.

    IMO … If you are intending on visiting AU anytime sometime soon … to take funds with you (think limit was $10,000 in cash ???) … Cash == king.

    Certainly $50,000 (as per OP) - would BOTH be subject to being taxed + flagged.by AFP (potential fraud soley due to amount).

    • cinogirl on 09/12/2023 - 01:14

      It's an inheritance and my financial advisor said it's not taxable. Hopefully she's right!
      Id prefer to just go over to NZ and return with the cash, but there's a $10,000 limit on bringing cash into Australia.
      I'm now looking at TorFX, it seems to have as good reviews as Wise and a better rate.

    • R-Man on 09/12/2023 - 19:24

      "Gifts of money" over a certain amount are subject to tax.

      Completely false. See here: https://community.ato.gov.au/s/article/a079s0000009GnFAAU/ta…

      Anti money laundering checks would happen, so certainly have proof that it's inheritance if asked

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