Receiving Large Amounts of Money From Overseas - Australia

Bank charges to receive funds from abroad are significant. When an overseas currency tries to credit your domestic bank account, banks charge even more in FX ... ReceivingLargeAmountsofMoneyFromOverseas Ifyouknowthatsoonyou’llbereceivingalargesumofmoneyfromoverseas,whetherforyourbusinessoryourself,thenit’stimetostartevaluatingyouroptions.Evenwhenyouaren’tmakingthepaymentyourself,it’simportanttorememberyoucanstilluseahighly-ratedmoneytransfercompanytosavemoneywhenreceivinglargesumsofmoneyinternationally.HereonSendMoneyAustralia,wehavereviewedforeignexchangecompanieswhoareexpertsinhelpingpeoplewhoarebothmakinginternationalpaymentsandreceivinglargesumsofmoneyfromabroad.Allwithnofees,greatFXrates,andaneasytransferprocess. #1 BestOnlinePaymentPlatform EditorialRating 95.6% GlobalApproachwith30+OfficesWorldwide 150,000+Clients ZeroFeesfromEverywhere ExtremelyEasySignUpfromAustralia Established 1996 Available Worldwide Currencies 39 Mintransfer £/€/$100 Tradingvia Offices +6more Spain France Portugal India SouthAfrica Canada FreeQuote #2 ForRelocationPurposes EditorialRating 92.4% Morethan100YearsofFXExperienceinTradingStaff Hassle-FreeTransferProcess NoFeesWorldwide FastandEasiestWebsite Established 2004 Available Worldwide Currencies 59 Mintransfer £/€/$100 Tradingvia Offices FreeQuote #3 LargestFXFirminAustralia EditorialRating 92.2% PubliclyTradedFirminASX 94%CustomerSatisfaction AustralianBornandBred 24/7CustomerSupport Established 1998 Available Worldwide Currencies 55 Mintransfer £/€/$100 Tradingvia Offices +3more NewZealand Canada Singapore FreeQuote #4 IncredibleRatesforCurrencyTransfersfromAustralia EditorialRating 90.2% VeryHighPositiveClientFeedback FixedMargins-AutoApplied,notBasedonNegotiation LargeandTrusted UnavailableintheUSA,andinQuebec Established 2004 Available ExeptUSA Currencies 130 Mintransfer £/€/$1000 Tradingvia Offices +4more Netherlands HongKong Singapore Japan FreeQuote WhoCanUseTheseServicesWhenReceivingLargeSumsofMoneyFromOverseas Solongasthesourceofmoneyislegitimateandoneofthebankaccountsinvolvedisinyourname,thenanyoneisabletouseaspecialistmoneytransfercompanytosavesignificantsumsintheprocess.Justafewexamplescouldinclude: AnexpatworkingabroadandlookingtorepatriatefundstoAustralia. AnindividualwhohassoldapropertyintheUKforexample,andisreceivinglargeamountsofmoneyfromoverseasfromtheUK,oranyothercountryforthatmatter. Apersonwhohasinheritedmoneyfromadeceasedfamilymemberorfriendfromabroadandneedstocompletearepatriationoffundsfrom/toAustralia. Anybusiness(includingsoletraders)whoarereceivinglargeamountsofmoneyfromoverseas.   ReceivingLargeSumsofMoneyFromAbroadWithaMoneyTransferFirm–HowDoesitWork? Theprocessisreallysimple,butit’sbesttogetthingspreparedaheadofwhenyouaresettoreceivemoneyfromoverseastoavoidanylatesnagsinthetransferprocess. Thefirststepistoestablishyouraccountwithamoneytransfercompany.AlloftheproviderswerecommendacceptclientsfromAustralia,aswellasmanyothermajorcountriesaroundtheworld.TheyareregisteredwiththeAFSandregulatedbyAUSTRAC–theAustralianTransactionReportsandAnalysisCentre.Therewillbevariousduediligencechecks,butprovidingyou’reonhandtosupplytheneededidentificationandverificationyouraccountshouldbesetupsame-day. Onceyouraccountissetupyoushouldinformthemoneytransferfirmoftheaccountdetailsthatyou’rereceivinglargesumofmoneyfromoverseas.Dependingonwhyitisyouarereceivingthemoney,thiscouldbeasolicitor,financialadviser,estateagent,oranycompany/personprovidingitisalegitimatetransaction.Asthefundsarenotcomingfromanaccountinyourname,themoneytransferfirmwilljustneedtoregistertheaccountasanapprovedthird-partysourceoffundsonyouraccount,andyou’llneedtoensurethefundsarebeingsenttoanaccountinyourname. Oncethisisdoneyoucaninstructtheremittertosendthemoneyyouareduetoyouraccountwiththemoneytransferprovider.If,forexample,youarereceivinglargeamountsofmoneyfromoverseas(UKtoAustralia),thenthemoneytransferfirmswehavelisted,allhavealocalGBPaccountintheUKandlocalAUDaccountinAustralia.Thusyoucanprovidetheremitterwithalocalaccountinthecurrencytheyrequire,theFXfirmwillconducttheforeignexchangefromGBPtoAUD,thenpaytheAUDtoyoulocallyinAustralia.Savingonintermediarybankfeesandensuringasmoothtransferprocess. Onethingtobeawareof,isthattheremitterwillwanttoensurethefundsarebeingsenttoanaccountinyourname,soifyouuseamoneytransferprovider,youcanworkwiththemtoshowyouhaveanaccountunderyournamewiththemoneytransferprovider. Withamoneytransferfirm,ifyoutakeourexampleofreceivinglargeamountsofmoneyfromoverseas(UKtoAustralia)thenyoucanexpecttopayamaximumof1-2%intheFXspread.SomecompanieslikeWorldFirstevenadvertiseapricingstructurebetween0.15%–0.5%,dependingonhowmuchyouarereceiving/sendingabroad.Thusa£100,000transferfromtheUKtoAustraliawouldcostyouamaximumof£500.GoingdownthebankroutewouldsimplyseeGBPtryingtocreditanAUDaccount,notonlywouldthiscauseadelayinreceivingfundsbutthebankcouldeasilyapplyaspreadofupto8%forconductingtheFX,or£8,000forthe£100,000youarereceiving.   TopTipsWhenReceivingLargeSumsofMoneyfromOverseas Inscenarioswhereyou’rereceivinglargeamountsofmoneyfromabroad–tensorhundredsofthousandsofAussiedollars(oranyothercurrency),youcannegotiatethepricing.Havingconductedmarket-wideresearchwebelieveWorldFirstoffersthelowestspreadstobeautomaticallyappliedtoyouraccount(between0.15%–0.5%).However,ifyou’rereceivingasignificantsum,youcouldgetanevenbetterdealifyounegotiatewithsomeoftheothertop-ratedmoneytransfercompanies. Itcanbeworthcomparingseveralcompanies(werecommendyoutry3ofthecompaniesfeaturedabove).Regardlessofthemoneytransfercompanyyouchoose,theirratesshouldrepresentsavingsofatleast50%whencomparedtobanks. It’sworthnotingmoneytransferfirmswillmostlikelyconductyouronboardingcheckstoyourcurrentaddress.Ifyou’rebasedintheUSA andreceivinglargesumsofmoneyinternationallyfromtheUSAtoAustraliathentheAustralianfoundedOFX(listedontheSydneyStockExchange)isnotonlyoneofthemostrespectedmoneytransferfirmsbutholdsindividualUSstatelicensestoofferFXservicesthroughoutAmerica. Ifyou’rereceivinglargesumsofmoneyfromtheUKtoAustraliathenallofthebrokerswehavehighlightedonSendMoneyAustraliacanprovideexceptionalservice.Perhapsyoumightprefer TorFXwhohasanofficeinAustraliawithlocalaccountmanagers.   SummaryofReceivingLargeAmountsofMoneyFromOverseas Ifyouhavereadthroughourguideonreceivinglargesumsofmoneyfromabroadyouwillhaverealisedthatquestionsyoumayhavehadinmindsuchas“what’sthebestprocessforreceivinglargesumsofmoneyinternationally”,“howcanIdothischeaper”,and“whoisthebestcompanytouse”canallbeeasilyaddressed.Bankchargestoreceivefundsfromabroadaresignificant.Whenanoverseascurrencytriestocredityourdomesticbankaccount,bankschargeevenmoreinFXspreadsthantheydoonoutboundpayments.Thespecialistproviderwilltakecareofyourneedsandensurenonastysurprises–ifyou’reabusinesstheywillguideyouonthebestwaytoreceiveaninternationalpaymentfromabroad,andifyou’reanindividualtheywillshowyouhowtoreceivemoneytoyourbankaccountinyourowncurrencyregardlessofthecurrencythetransferwasoriginatedin.