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Buying a boat from overseas using a money transfer

Keep your overseas boat purchase a bargain by choosing the cheapest money transfer service.

There are many bargains to be had overseas, especially when it comes to boats.

To purchase anything overseas you'll need to convert your funds from Australian dollars to your target currency, and one of the easiest and cheapest ways of doing this is using an international money transfer in order to complete the transaction.

However, even if you’re saving money by buying the boat from overseas cheaply, the value of this could be greatly reduced if you use an expensive method of paying for your purchase. With this in mind, it makes good financial sense to consider using a dedicated money transfer service as opposed to your bank. Money transfer services typically offer better exchange rates and lower fees than banks, allowing you to save as much money as possible.

Compare money transfer services for buying a boat overseas

You can compare and use a money transfer service in the table below. Using the table headings you can sort through products, and if you want to read more about a particular product, can click "More". If you're ready to open an account, click "Go to Site" to be securely taken to the product website.

Rates last updated December 17th, 2018
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
AUD 200
1 day
Online, Phone, Bank Account to Bank Account
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in over 30 currencies. Once registered, you'll be assigned an account manager who can provide support and guidance.
WorldFirst International Money Transfers
AUD 2,000
1 day
Online, Phone, Bank Account to Bank Account
Use code FINDER20 for $20 credit towards your next transfer*. Conditions apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
*Offer valid for one-time use and only applies to transfers of AUD$10,000 or more.
OFX (Ozforex) International Money Transfers
AUD 250
1 - 2 days
Online, Phone, Bank Account to Bank Account
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
WorldRemit International Money Transfers
AUD 1
Within an hour
Online, Bank Account to Bank Account, Cash Transfer
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.
Global Reach (formerly FC Exchange) International Money Transfers
AUD 3,000
1 day
Online, Phone, Bank Account to Bank Account
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
XE International Money Transfers
AUD 10,000
1 day
Online, Bank Account to Bank Account
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees.
FlashFX International Money Transfers
AUD 200
1 day
Online, Bank Account to Bank Account
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees.
Exclusive: InstaReM International Money Transfers
AUD 200
1 - 2 days
Online, Phone, Bank Account to Bank Account
Exclusive: finder customers receive $15 off their first transaction. T&Cs apply.
InstaReM offers simple and quick international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction, plus finder customers receive $15 off first transfer (T&Cs apply).
TransferWise International Money Transfers
AUD 1
1 - 2 days
Online
Make online transfers with transparent exchange rates, low fees and low minimum amounts.
Remit2India International Money Transfers
AUD 50
Same day
Online, Bank Account to Bank Account
Instant transfers to India from anywhere in the world with $0 transfer fees.
New customers who create an account with Remit2India and make a transfer of AUD$500 or more for the first time will receive a complimentary $25 Coles/Myer e-voucher. Click 'Go to site' for T&Cs.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options. Our foreign exchange experts offer a best rate guarantee, are ASIC authorised and never charge transfer fees.

They can help you with all your needs including:

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The benefits of a money transfer service when buying a boat overseas

Traditionally, people had to go through their bank if they wanted to send money overseas. However, this isn't always a cost-effective way of doing things as banks typically offer poor exchange rates and eat big chunks out of your transfer sum with hidden fees.

In recent years, specialist money transfer companies have arrived on the scene and made it much easier to send money overseas. These services offer better exchange rates than the big banks, allowing you to get the most of your money. They also offer lower fees than banks, with some companies even waiving their transfer fee altogether when you send more than a certain minimum amount.

Finally, online money transfer services typically offer faster transfers than Australian banks, with funds regularly able to arrive at your chosen destination within 24 hours. To get a better idea of the benefits of using a money transfer service when buying a boat overseas, examine the case study below.

Barry buys a boat

Barry has found his dream yacht for sale in Miami in the United States, so he plans to buy it using an international money transfer of $50,000. Barry wants to save as much money as possible on the purchase, so he compares the services of his ‘big four’ bank and a specialist money transfer provider. As you’ll see from the table below, Barry will get much better value by using a money transfer service.

Money transfer service"Big Four" bank
Amount transferred$50,000$50,000
Exchange rateUSD$0.84USD$0.80
Transfer fee$4$25
Processing timeOne to two business daysTwo to five business days
Final amount$41,996.64$39,980

What providers allow me to send money overseas?

It’s possible to perform an international money transfer through your bank, with all major Australian banks offering this service. However, as the case study above shows, you can often save quite a lot of money by using the services of a money transfer provider.

These companies specialise in sending money overseas and can offer better exchange rates, lower fees and faster processing times than banks. Some of the companies that offer this service are CurrencyFair, OFX, TorFX, TransferWise and WorldRemit, and you can compare them above.

What features should I compare when looking to send money overseas?

When you’re looking to send money overseas to buy a boat, you’ll need to compare the following features of competing money transfer companies.

  • Exchange rates. As shown in the case study above, a higher exchange rate can make a big difference to the amount of funds that make it to your recipient. Look for the best exchange rate you can find, but remember that the fees a company charges can also affect your transaction.
  • Fees. The lower the fee the better, so compare the charges you will incur for sending money overseas. Some providers will not charge any fee at all when you transfer more than a certain amount.
  • Scheduled payments. If you need to make regular payments, does your provider allow you to schedule these in advance? Is there any extra fee attached for this kind of transfer?
  • Limit orders. A limit order is where you specify an exchange rate you are willing to accept for a transaction, and the transaction will then be completed when that rate becomes available. This allows you to save money and take advantage of changing rates, so check for a company that offers this feature.
  • Forward contracts. Forward contracts allow you to lock in an exchange rate now for a transaction that will be completed in the future. Check to see whether providers offer this feature.
  • Customer service. Consider each company’s customer service record and evidence of customer satisfaction. What methods of support are offered and during what hours?
  • Available currencies. Certain companies will allow you to transfer funds in a wider range of currencies than others.

Things to consider when buying a boat from overseas

While you can often save money by purchasing a boat from overseas, there are certain traps and pitfalls you need to be wary of. To start with, you’ll need to be able to get an accurate understanding of the condition and age of the boat.

Trying to do so online can be very risky, so you’ll typically be better off checking it out in person or hiring a local broker to give it the once-over. This will help ensure you do not fall victim to criminals or questionable operators.

Next, you’ll need to assess your boat’s dimensions, as well as consider any parts that can be removed to reduce its dimensions. Once you know your boat’s size, you can approach a specialist boat importing company for a quote.

However, be warned that your import may end up costing more than predicted because it’s often difficult to estimate the cost of quarantine. Ensuring your vessel is as clean as possible can reduce the risk of incurring extra quarantine charges.

Importing a boat from overseas

A general rate of duty of 5% applies to yachts based on their customs value (their customs value is typically the price paid). There is also a 10% GST calculated plus transport and insurance costs that you’ll need to consider.

Situations where the Australian Customs and Border Protection Service may use another method of valuation include:

  • When the owner constructed the yacht
  • When the yacht has gone through extensive modification
  • The buyer and seller are related parties and had a relationship that affect the sales price
  • The original purchase price can’t be determined through regular means

Frequently asked questions about using a money transfer for a boat purchase

Using a dedicated money transfer service can help you save a lot of money when buying a boat from overseas. Use finder.com.au’s comparison resources to help find the provider that offers the best deal for you.

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International Money Transfer Offers

Important Information*
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in over 30 currencies. Once registered, you'll be assigned an account manager who can provide support and guidance.

WorldFirst International Money Transfers

Use code FINDER20 for $20 credit towards your next transfer*. Conditions apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
*Offer valid for one-time use and only applies to transfers of AUD$10,000 or more.

OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers. $0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

WorldRemit International Money Transfers

An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.

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