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Inheriting money from overseas
Your options for transferring an inheritance to Australia.
Key takeaways
- Inherited money from overseas is generally not taxed in Australia, unless it generates income.
- Specialist money transfer services or foreign currency accounts often save thousands on exchange rates and fees.
- Compare specialist transfer services for faster processing and competitive fees, avoiding slow bank cheques.
Options for transferring an inheritance to Australia
Bank transfers are the usual way to receive an inheritance from overseas, and most Australian banks no longer accept foreign cheques. There are also options such as using an international money provider or a foreign currency account which can reduce your money transfer costs.
International money transfer service
One of the easiest ways to transfer money from overseas is using an international money transfer service. These specialist companies often provide a better exchange rate than your local bank and charge lower fees. Specialist providers such as TorFX and OFX have the potential to save you thousands of dollars if you're moving a large amount.
With most, you can set up a free account. Then you will be able to input your transfer details and see what rate and fees you will be charged. As with anything, it is best to compare a few quotes to make sure you are getting the best deal for you.
Foreign currency account
Another option is to open a foreign currency - or borderless account - and transfer the funds there. For example, Wise has a multi currency account that offers competitive exchange rates and low fees. These types of accounts often allow you to transfer money from one currency to another at a click of a button, as well as spend in your local currency with your card and set up direct debits with supported territories to pay bills and subscriptions.
Under Wise's current Australian pricing there is no fee to hold money in your account, but you pay a conversion fee each time you convert between currencies, so check what the conversion will cost before you move a large inheritance. Pricing checked September 2026.
Bank transfer
Alternatively, you could arrange for the estate executor to deposit your inheritance directly into your Australian bank account. This is a quicker process than waiting for a cheque to clear. But the money transfer will still be subject to the bank's fees and exchange rate which typically cost more than using a specialist international money transfer service.
Bank cheque
Most Australian banks no longer accept foreign cheques or international bank drafts, so this is rarely a workable option. CommBank, for example, states that it no longer accepts foreign cheques and no longer issues or accepts international bank drafts. Ask the executor to pay by electronic transfer instead - either a bank wire or a specialist international money transfer service. If you are sent a foreign cheque anyway, check with your bank before you count on being able to deposit it, and expect a long clearance time if it is accepted at all.
Finder survey: Would Australians be happy to pay a tax on their inheritence?
| Response | |
|---|---|
| No | 84.86% |
| Yes | 15.14% |
Source: Finder survey by Pure Profile of 1004 Australians, December 2023
Which international money transfer company should I use?
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
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We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
Is inherited money taxable in Australia?
Australia has no inheritance tax, estate tax or death duty, so an overseas inheritance is not assessable income and the inheritance itself is not something you declare. What can create a tax bill is what happens next: income the money earns once it is yours, capital gains tax when you later dispose of an inherited asset (the CGT event is the disposal, not the inheritance), and distributions from a foreign trust.
There are cases where the estate could continue to make an income after the individual's death from the asset sale capital gains or interest accrued on savings accounts. So there may be some capital gains tax liability in these circumstances. Similarly, if you decide to invest your inheritance, you may be required to pay tax on any capital gains under Australia's Capital Gains Tax (CGT) laws.
If you are in any doubt at all, it is best to talk to a professional tax advisor to understand your tax obligations.
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