We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
{"menuItems":[{"label":"Receiving an international money transfer from overseas","anchorName":"#receiving-an-international-money-transfer-from-overseas"},{"label":"Why you should use an international money transfer company","anchorName":"#why-you-should-use-an-international-money-transfer-company"},{"label":"What to look for in an international money transfer company","anchorName":"#what-to-look-for-in-an-international-money-transfer-company"},{"label":"Which international money transfer companies offer a best rate guarantee?","anchorName":"#which-international-money-transfer-companies-offer-a-best-rate-guarantee"},{"label":"What about capital gains tax?","anchorName":"#what-about-capital-gains-tax"}]}
Selling property can be stressful enough without the worry of how you are going to get the money into your Australian bank account. There are a couple of ways you can transfer money back to Australia after you sell a house overseas. Read on to find out your best option for overseas money transfers.
Send money overseas with TorFX
TorFX guarantees to match any competitor's exchange rate. Conditions apply. Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Receiving an international money transfer from overseas
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Why you should use an international money transfer company
A bank cheque or deposit can be convenient, but this convenience can cost you thousands, if not tens of thousands of dollars. When transferring international currency to Australia via your bank, your bank uses its own exchange rate to convert the funds into Australian dollars. This exchange rate is often less than ideal.
International money transfer companies provide bank-beating exchange rates, and some even give best rate guarantees. If you can find a better exchange rate, they’ll beat it, as long as it’s above the interbank rate.
Foreign exchange companies specialise in international currency transactions. When you’re dealing with the sale of a property, you must take the time to compare international money transfer companies and find the one that’s best for you. A small difference in the exchange rate could change your bottom line by thousands of dollars. Looking at a transfer of $500,000, a 0.01% change in the exchange rate makes a $500 difference to the final total.
What to look for in an international money transfer company
International offices. As you’re dealing with the sale of a foreign currency and the purchase of Australian dollars, it helps if the international money transfer company has offices overseas as well as in Australia.
Service and support. It’s a bonus if an account manager can be assigned to help you repatriate the funds to Australia. They will be able to help you get the best rate as well as identify any issues you may encounter with the money transfer.
The best exchange rate. Most international money transfer companies will give you a bank-beating rate. Some can guarantee you get the best rate on your international money transfer.
Which international money transfer companies offer a best rate guarantee?
TorFX. TorFX provides bank-beating exchange rates and also specialises in repatriating money to Australia. Part of this service includes a best rate guarantee, a personal account manager to help you with the international transfer and the ability to fix a rate two years in advance. To get the TorFX best rate guarantee, you need to show evidence of a competitor’s quote with the better rate before you agree to the transfer, and the foreign exchange rate has to be above the interbank rate.
Travelex. Travelex also give customers an international price promise. You must provide a like-for-like competitor’s quote with a better price to Travelex within 30 minutes.
What about capital gains tax?
You must pay capital gains tax (CGT) on the sale of overseas property, and you must include the sale of the asset on your Australian tax return so the income can be assessed by the tax office.
If you’ve paid a foreign tax as well as CGT in Australia, you may be eligible for the government’s foreign income tax offset. This stops you from paying tax twice on an asset. You can also claim an amendment if you’ve paid foreign tax on the asset in the previous financial year.
Pay 0% interest on balance transfers for the first 22 months with no balance transfer fee. Plus, get a $50 Kogan.com Credit when you meet the spend requirement with this exclusive offer for the Kogan Money Black credit card.
Get a long 30-month break from interest with this 0% balance transfer offer. Plus, a discounted annual fee for the first year and rewards perks with this Citi Rewards Credit Card offer.
TorFX guarantees to match any competitor's exchange rate. Conditions apply. TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
New customers get their first transaction for free with code FIRSTFREE. T&Cs apply.
Send money in minutes at competitive exchange rates with this Australian money transfer service.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
