Inheriting money from overseas

Your options for transferring an inheritance to Australia.

Updated Jan 21, 2019

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If you’ve been left an inheritance from overseas, unless otherwise stated, you don’t need to pay any tax on it. Instead, you should focus on getting the best rate for the international money transfer. You have three options when transferring money to Australia.

Options for transferring an inheritance to Australia

Bank cheques and bank transfers are the most common ways to inherit money from overseas, but using an international money transfer company is another option to consider.

Bank cheque

Commonly, the executor of the overseas estate will give you a bank cheque that you can deposit in your Australian bank account. The cheque should be made out in the foreign currency and will be subject to the exchange rate your bank offers when you deposit the cheque.

Compared to the other international transfer methods discussed on this page, a bank cheque takes the longest time to clear.

Bank transfer

You can also arrange for the estate executor to deposit your inheritance directly into your Australian bank account.
An international bank transfer is quicker than waiting for a cheque to clear, but the money transfer will still be subject to the bank’s exchange rate.

International money transfer company

Another option is to use an international money transfer company. These companies specialise in foreign exchange and provide a bank-beating rate.

Although there are a few extra steps involved in setting up an account with an international money transfer company, depending on the amount being sent, you could save thousands of dollars.

Which international money transfer company should I use?

Use the comparison table to find out which international money transfer company is going to give you the best rate. You can enter the amount you’re set to inherit and select the currency you wish to convert.

Click the table heading to sort the international money transfer companies by features such as the exchange rate, transfer time and transfer fee.

I want to send

Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
AUD 2,000	1 day	AUD 0.00	0.708	USD 7,081	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.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
AUD 2,000	1 day	AUD 0.00	0.708	USD 7,081	SendFX guarantees to match any competitor's exchange rate. T&Cs apply. Fee-free transfers in 30+ currencies to over 200 countries.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments, Forward contracts Customer service Phone, Email Available currencies AED, AUD, BGN, BHD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, JPY, KES, KWD, MXN, MYR, NOK, NZD, OMR, PHP, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
AUD 2,000	1 day	AUD 0.00	0.708	USD 7,081	Better exchange rates for Finder customers. Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Chat, Email Available currencies AED, AUD, BBD, BGN, BHD, BWP, CAD, CHF, CLP, CNY, COP, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HRK, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KRW, KWD, LKR, MAD, MUR, MXN, MYR, NOK, NPR, NZD, OMR, PEN, PHP, PKR, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TND, TRY, TTD, TZS, UGX, USD, VND, XCD, ZAR Go to site Read the full review
AUD 250	1 - 2 days	AUD 0.00	0.708	USD 7,081	$0 transfer fees for Finder customers. No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 250.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, AZN, BGN, BND, CAD, CHF, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VEF, VND, VUV, WST, XOF, XPF, ZAR Go to site Read the full review
GBP 3,000	1 day	AUD 0.00	0.708	USD 7,081	Global Reach will match any competitor's exchange rates. Conditions apply. Get no fees for both business and personal transfers when you send your money overseas with Global Reach.	Go to site	Compare	Show details	Details Minimum transfer amount GBP 3,000.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Chat, Email, Branch Available currencies AED, AUD, BBD, BGN, BHD, BSD, CAD, CHF, CZK, DKK, EUR, GBP, GHS, HKD, HRK, HUF, ILS, JPY, KES, KWD, KYD, MUR, MXN, NOK, NZD, PLN, RON, RUB, SDG, SEK, THB, TRY, UGX, USD, XCD, ZAR Go to site Read the full review
AUD 1	1 day	N/A	N/A	N/A	Pay no fees on your first two transfers, up to $3,000. SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, EUR, GBP Go to site Read the full review
AUD 1	1 day	AUD 52.00	0.707	USD 7,037	Pay no fees on your first two transfers, up to $3,000. SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, CAD, EUR, GBP, HKD, IDR, INR, JPY, KRW, LKR, MYR, NPR, NZD, PHP, SGD, THB, USD, VND, ZAR Go to site Read the full review
AUD 0	Same day	AUD 2.99	0.703	USD 7,029	Special offers like free transfers and better exchange rates available for new customers. Affordable transfers around the world with both express and economy options. Express transfers delievered in as little as 10 minutes for an extra fee.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 0.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options N/A Customer service Phone, Chat, Email Available currencies ARS, AUD, BDT, BGN, BOB, BRL, CLP, CNY, COP, CRC, CZK, DOP, EGP, ETB, GHS, GTQ, GYD, HNL, HRK, HTG, HUF, IDR, INR, JMD, KES, KMF, KRW, LKR, MAD, MXN, MYR, NGN, NIO, NPR, PEN, PHP, PKR, PLN, PYG, RON, RWF, THB, TND, TRY, TZS, UGX, USD, UYU, VND, XAF, XOF, ZAR Go to site Read the full review
AUD 1	Same day	AUD 0.00	0.707	USD 7,074	Get fast transfers with no fees and a range of foreign currency tools.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account Transfer options One off payments, Market orders Customer service Phone, Email Available currencies AED, AMD, AUD, BAM, BBD, BDT, BGN, BHD, BND, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EUR, FJD, GBP, GEL, GTQ, HKD, HNL, HRK, HUF, ILS, JMD, JOD, JPY, KES, KRW, KWD, KZT, LKR, LSL, MAD, MKD, MUR, MWK, MXN, MYR, NAD, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SZL, THB, TND, TOP, TRY, TTD, TWD, TZS, UGX, USD, VUV, WST, XCD, XPF, ZAR Go to site Read the full review
AUD 200	1 - 2 days	AUD 50.00	0.711	USD 7,069	Exclusive: Use code FINDER10 to receive US$10 off your first transaction. Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 200.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, BDT, CAD, CNY, EUR, GBP, HKD, IDR, INR, KRW, LKR, MYR, NPR, PHP, PKR, SGD, THB, USD, VND Go to site Read the full review
AUD 5	1 - 2 days	EUR 3.00	0.704	USD 7,037	Special offer: Zero fees on your first 10 transfers. Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 5.00 Transfer methods Online Transfer options One off payments Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, NOK, NZD, PHP, PLN, SEK, SGD, THB, USD, ZAR Go to site Read the full review
AUD 1	Same day	AUD 3.99	0.702	USD 7,021	Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply. An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Email Available currencies AED, ALL, AMD, ANG, AOA, ARS, AUD, BAM, BBD, BDT, BGN, BHD, BIF, BOB, BRL, BWP, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, ISK, JMD, JOD, KES, KGS, KHR, KMF, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, MAD, MDL, MGA, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RUB, RWF, SCR, SEK, SGD, SLL, SOS, SRD, THB, TJS, TND, TOP, TRY, TZS, UAH, UGX, USD, UYU, VND, WST, XAF, XCD, XOF, ZAR, ZMW, BYN Go to site Read the full review

Compare up to 4 providers

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:

Buying property abroad
Emigrating
Regular overseas payments
Risk management
Forecasting

The steps to take when setting up an account with an international money transfer company

Receiving a bank cheque or bank account deposit is convenient, but your inheritance will go further if you use the services of a foreign exchange specialist.

You can set up an account in a couple of simple steps.

Once you fill in your personal details on the money transfer company’s website, you will be contacted by a customer service representative to confirm your identification and discuss your international money transfer needs.

Overseas inheritance and taxes

Unlike countries such as the United States and the United Kingdom, Australia does not have a gift or inheritance tax. You don’t need to pay tax on inheritances or gifts given to you from a person living overseas, or in Australia.

There’s an exception if the estate executor has told you that you’ll need to pay tax. It’s advisable to seek professional advice in this instance.

If there is a tax due in an overseas country, it will be paid from the estate and obligations will be settled before the money is transferred to your Australian account. For example, an estate can still generate an income after death.

The importance of keeping records for your tax return.

Investing inheritance in Australia

If you invest your inheritance in Australia, for example, in a savings account, property or shares, you’ll need to pay tax on any capital gains under Australia’s Capital Gains Tax (CGT) laws.

Did you know?

Austrac monitors international money transfers to Australian bank accounts from overseas.

Your guide to capital gains tax.

Thank you for your feedback!

Jacob Joseph

Jacob Joseph was a writer and video journalist for Finder.

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TorFX International Money Transfers

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.

More info

SendFX International Money Transfers

SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.

More info

WorldFirst International Money Transfers

Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.

More info

OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.

More info

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Inheriting money from overseas

Your options for transferring an inheritance to Australia.