Repatriation of Funds | Definition, How to Find the Best Exchange Rate and FAQs

Information verified correct on December 5th, 2016

Moving funds back to Australia from overseas does not have to be time-consuming and costly. Learn how you can find cost-effective and fast ways to repatriate funds.

If you make regular overseas payments, it helps to have a service provider with money transfer services that are cost-effective and reliable. Transferring your pension, wages, tuition fees or even loan payments to another country can be a daunting and time-consuming process, especially if you make the payments on a regular basis. However, using a service provider who can offer you great customer service, competitive rates and low transfer fees can be very beneficial while making regular international money transfers.

Rates last updated December 5th, 2016
Description Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
TorFX International Money Transfers
TorFX guarantee to beat any competitor's exchange rate for a transaction
Conditions apply
AUD 200 1 day Online, Phone, Agent Go to site More
Exclusive: World First Foreign Exchange
Exclusive: World First Foreign Exchange
Exclusive offer: $0 transfer fee
Transfer money into a range of currencies online and over the phone.
AUD 500 2 days Online, Phone Go to site More
Exclusive: CurrencyFair International Money Transfers
Exclusive: CurrencyFair International Money Transfers
Exclusive offer: 3 Free transfers (after your first transfer).
A peer-to-peer transfer service with a large range of currencies on offer.
EUR 8 2 days Online Go to site More
FC Exchange International Money Transfers
FC Exchange International Money Transfers
No transfer fee via online, branch or phone when transferring more than £10,000 or equivalent. GBP 10 1 day Online, Phone, Bank Account to Bank Account Go to site More
Exclusive: OFX (Ozforex) International Money Transfers
Exclusive: OFX (Ozforex) International Money Transfers
Exclusive offer: Special exchange rates and $0 transfer fee
OFX is currently offering finder.com.au exclusive exchange rates and $0 transfer fee on all transfers.
AUD 250 1 day Online, Phone, Agent Go to site More
Currency Online International Money Transfers
Currency Online International Money Transfers
Enjoy regular scheduled transfers, one off transfers and a range of currencies. Also enjoy your first transfer for free. AUD 0 2 days Online, Phone Go to site More
Compass Global Markets International Money Transfers
Compass Global Markets International Money Transfers
Send money in as little as 24-48 hours to a range of countries with Compass Global Markets. AUD 1,000 2 days Online, Phone Go to site More
1st Contact International Money Transfer
1st Contact International Money Transfer
$0 online fee without any minimum limit on money transfers. AUD 0 2 days Online, Phone, Bank Account to Bank Account Go to site More
Currency Solutions International Money Transfers
Currency Solutions International Money Transfers
Send money overseas for a range of reasons, including regular payments and buying overseas property. 97% Trustpilot score. AUD 3,000 2 days Online, Phone, Bank Account to Bank Account Go to site More
Rates last updated December 5th, 2016
Description Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
TorFX International Money Transfers
TorFX can assist your business with forward contracts, different order types, currency analysis and competitive exchange rates. AUD 200 1 day Online, Phone, Agent Go to site More
Exclusive: World First Foreign Exchange
Exclusive: World First Foreign Exchange
Cheaper and faster international money transfers for your business. AUD 500 2 days Online, Phone Go to site More
Exclusive: OFX (Ozforex) International Money Transfers
Exclusive: OFX (Ozforex) International Money Transfers
OzForex offers their business clients with competitive exchange rates, fee-free transactions with 24/7 customer service. AUD 250 1 day Online, Phone, Agent Go to site More
Currency Online International Money Transfers
Currency Online International Money Transfers
Protect your business against market fluctuations. AUD 0 2 days Online, Phone Go to site More
Compass Global Markets International Money Transfers
Compass Global Markets International Money Transfers
Hedge your foreign exchange risks by becoming a client. AUD 1,000 2 days Online, Phone Go to site More
Currency Solutions International Money Transfers
Currency Solutions International Money Transfers
You can increase your profit margins and mitigate currency risk with Currency Solutions. AUD 3,000 2 days Online, Phone, Bank Account to Bank Account Go to site More
World First Foreign Exchange for Online Sellers
World First Foreign Exchange for Online Sellers
Open bank accounts in the UK, US, Canada and Eurozone and sell on more marketplaces while reducing the cost of repatriating earnings. Buy goods from China and sell them in the USA. AUD 250 2 days Online, Phone, Agent Go to site More

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Repatriation of funds

If you regularly pay bills, send school fees or make mortgage payments from overseas, it’s important to have a simple and cost-effective way to do so in order to ensure money gets to the required account in time and that you don’t end up paying outrageous amounts each month on transfer fees and commissions. Since banks charge up to $50 per transfer, you can look for smart ways to beat bank transfer fees and hidden charges using an international money transfer service provider.

How does repatriation of funds work?

Repatriation of funds basically gives you the ability to have money without borders, allowing you to transfer funds back to Australia from overseas. There are many Australians living and working overseas who retain close investment, family and business connections in their home country, thus needing the capability to move money back home regularly. However, it is not always easy to move your investment funds or other funds from one country to another as there may be restrictions as to how much you move and requirements for you to prove that your money is from a legitimate source. A repatriation service provider can help you get your money to Australia fast and ensure that you make a substantial profit by offering you a competitive exchange rate and low transfer fees.

Examples of repatriation of funds

  • Investment. Purchasing property overseas is a significant investment. Although property may be cheaper abroad than in Australia, you will still need to move a huge sum of money and will therefore need a currency provider who offers you a competitive foreign exchange rate.
  • Foreign pensions. If you hold your pension in an overseas account and are planning to retire back home, you will need to move your pension fund to Australia with the help of a currency provider who can save you money on fees, give you a good exchange rate and help you come up with a retirement plan.
  • Wealth management. Converting assets held overseas into foreign currency can be confusing, especially due to the many laws regulating international transfers of investment funds and occasional currency exchange fluctuations. Wealth management and conversion of assets is part of the repatriation services offered by banks and other currency providers.

How do I compare international money transfer services?

  • Fees. A currency provider that charges you competitive fees for international money transfers can help you save a huge sum of money. While banks may end up charging up to 1% of the transfer amount in fees, you can save by using a currency provider who has little or no transfer and commission fees.
  • Accessibility. If you regularly transfer money internationally, you need a service provider with wide coverage in many countries. Most main international money transfer banks and companies have an international presence, with multiple branches, agents and offices in Australia and abroad that make it easy to send and access funds from almost anywhere globally.
  • Exchange rates. Transferring funds from one country to another at the right time can make you a substantial amount in profits. Since foreign exchange rates are always fluctuating, you need a currency provider who can advise you on the right time to convert your funds overseas and provide a competitive exchange rate.
  • Reputation. With so many currency providers in the market today, you need to protect your investments overseas by only trusting a well-known provider or bank to handle your international money transfers.

What are the pros and cons to repatriating funds?

Pros

  • Easy and fast overseas payments. Whether you are making a one-off overseas payment or are regularly transferring money back to Australia for family, investment or business needs, you can now easily do so using international money transfer services offered by banks and other service providers.
  • Easier emigration. Moving to another country can pose many challenges, the biggest of which may be converting all your assets to foreign currency for use in your new country. With repatriation of funds, you can easily convert all your offshore assets to cash and move it from an overseas country back to Australia in an easy and convenient process.
  • Competitive international transfers. There are many new currency providers who are moving away from the old ways of transferring funds internationally and who can now save you a whole lot by waiving all fees and commissions on transfers when repatriating funds.

Cons

  • Laws and regulations. Repatriating funds can be complex due to the many laws governing the process. You can face restrictions in some markets on the amount you can send or on the method of sending funds back to Australia.

Frequently asked questions

Is it possible to fix your exchange rate in advance?

Yes. If you are planning to repatriate funds in the future, you can talk to your currency provider about the right time to do this. If exchange rates are extremely volatile at the moment, you have the option of fixing your exchange rate up to one year in advance.

How can I make profits when repatriating funds?

Moving money when foreign exchange rates are high is a sure way to make substantial profits on international money transfers. A foreign exchange broker can offer you advice on the right time to convert your foreign funds.

International Money Transfer Offers

Learn about our information service
TorFX International Money Transfers

TorFX guarantee to beat any competitor's exchange rate for a transaction
Conditions apply

Exclusive: World First Foreign Exchange

Exclusive offer: $0 transfer fee
Transfer money into a range of currencies online and over the phone.

Exclusive: CurrencyFair International Money Transfers

Exclusive offer: 3 Free transfers (after your first transfer).
A peer-to-peer transfer service with a large range of currencies on offer.

FC Exchange International Money Transfers

No transfer fee via online, branch or phone when transferring more than £10,000 or equivalent.

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10 Responses to Repatriation of Funds | Definition, How to Find the Best Exchange Rate and FAQs

  1. Default Gravatar
    daryl | January 20, 2016

    hi,

    similar to Arthur ( above ) I also have a large sum of THB in Thailand ( from salary ) and am looking to send it back to Australia.

    Can you advise if it is best to convert the THB to AUD in Thailand, then TT AUD back to Australia or to send a THB TT ( with THB conversion to AUD occurring in Australia )…

    I have done both in the past, and been burned both times by getting it wrong. Is there any way to check the FX rates at departure country and country of receipt and or to lock the rates in ( if country of receipt has a better rate??

    thanks

    • Staff
      Shirley | January 21, 2016

      Hi Daryl,

      Thanks for your question.

      If you’re currently using banks to complete the telegraphic transfers, there’s a good chance that you’re not getting the best value.

      You may want to compare international money transfer services as they usually offer better rates and lower fees.

      Using this method, it generally doesn’t matter which country you exchange the money as it only goes through one channel.

      Cheers,
      Shirley

  2. Default Gravatar
    | March 25, 2015

    What are the criteria for listing the various banks/ exchange transfer companies in your comparison table? I was potentially interested in Currency Fair, now it is not listed any more – why not?

    • Staff
      Shirley | March 25, 2015

      Hi Ellen,

      Thanks for your question.

      Unfortunately Currency Fair is not part of our panel of providers at this current point in time. If you would like to read our review of other international transfer products, please have a look at our page.

      Cheers,
      Shirley

  3. Default Gravatar
    Ellen | March 11, 2015

    Can I transfer funds from a German bank account to an Australian Bank account using Currency Fair International Transfers? How does it work ?

    • Staff
      Shirley | March 12, 2015

      Hi Ellen,

      Thanks for your question.

      Yes you can transfer funds from a German bank account to an Australian bank account using CurrencyFair. First you’ll need to set up an account with Currency Fair and provide supporting documentation for your account.

      You can then follow the prompts to complete your transfer, you’ll need to provide the details of both of your accounts.

      Cheers,
      Shirley

  4. Default Gravatar
    Arthur | August 26, 2014

    Hi,
    I have a substantial amount of Thai Baht in an account in Thailand and wish to have them back here in Australia, Can you direct me to where I can find the Informatin on recovering these funds and what the fees might be to have them back in my Australian Bank Account.
    Thank You,
    Arthur

    • Staff
      Elizabeth | August 26, 2014

      Hi Arthur,

      Thanks for your question.

      You can use the table on this page to compare providers who will be able to offer you international transfer services. To learn more about these individual providers, you can click the ‘more’ button, which will take you through to a page that will show you what’s involved with the transfer, including a breakdown of fees (for most providers). You can then click the ‘apply’ button to start the transfer.

      Hope this has helped.

      Thanks,

      Elizabeth

  5. Default Gravatar
    Tejas | July 11, 2014

    Looking for guidelines on Repatriation of fund FROM Australia to home country (for Non Australian Resident).
    Thanks.

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