HOW TO TRANSFER MONEY FROM YOUR HOME COUNTRY TO TRANSFER PAYING LESS FEES
Updated: Apr 16, 2020
In the initial months of staying in Australia, many students end up needing financial assistance from their home country. "But how to transfer this money?", many wonder. Fees for transferring from your home country's bank to your Australian account are expensive and the student may have to pay a higher amount to complete the process.
HOW TO DO IT?
Today, the easiest way to save and send money securely, is to open a Commonwealth Bank account online. After you open the account, you can transfer the money through the Transferwise website (best exchange rate).
STEP 1
Open your Australian Bank account online at Commonwealth Bank
If you use this link the commonwealth Bank automatically recognises that you are a student and the account will be opened as "student account" (no monthly fees), and when you arrive in Australia, just bring your passport at the bank to verify your details and issue the account debit card. Before the card arrives (around 7 days), you can cash out directly at the bank service desk with your passport or at the ATM using the bank's mobile application. You must put the option "Cardless Cash" and the bank will send a password to your mobile phone to withdraw cash.
Step by Step:
Click the button BANK ACCOUNT (in yellow), in the next page click on OPEN ACCOUNT, and choose the option STUDENT EVERY DAY ACCOUNT, then click on GET STARTED.
STEP 2
Open your Transferwise account:
TransferWise is a website that allows users and companies to send money internationally in an easy and cheap way. This is because TransferWise operates through local bank accounts and makes transfers at these banks, so the money does not cross any borders. This means that when you send money from your home country to Australia, for example, you send the amount in your home country currency and they will send the money to your Australia account in Australian dollars.
CLICK HERE TO SIGUP FOR FREE.
The process is simple, have a look in this tutorial below showing on how to use the Transferwise website.