So you’ve overcome one of the biggest challenges in banking and opened a US bank account as a non-resident. Now, you want to use that account to send money to Australia from the USA.
In this article, we’re breaking down your options and helping you find the safest, cheapest, and most efficient path to sending funds.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Send Money to Australia From USA
- Ways to Send Money to Australia to the United States
- Factors to ConsiderBefore Sending Money to Australia From USA
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
Send Money to Australia From USA
Send money to Australia from the USA using one of the following options: (1) international bank transfer, (2) money order service, or (3) an international transfer service. Importantly, each option has different fees and timeframes, so you should compare all three options before deciding which is best for you. We’ll take a closer look at each option in the following section of the article.
Ways to Send Money to Australia From the United States
As mentioned, the available ways to send money to Australia from the United States include traditional banking, digital transfer services like Wise, and e-wallets. However, it’s important to remember that many e-wallets in the United States like Venmo are not international. However, each of these options has its own unique characteristics that could make it better for one client but not the other. With this in mind, let’s take a look at all of the available options.
Transfer Money Via a Wire Transfer
One of the most secure ways to send money to Australia from the United States is to send an international wire transfer. Wire transfers are secure and have basically no limit on the value of the transfer being sent.
However, depending on the banks involved, it is possible that it could take between three and five days. That said, this depends on whether the sending and receiving banks use correspondents or if they would be transacting directly with one another.
Another important consideration is the cost of sending a wire transfer. In most instances, wire transfers are the most expensive option to send money to Australia from the United States. So, if you are looking for the most cost-effective option, this may not be it.
International Money Transfer
International money transfer services like Wise have become more popular when sending money abroad. In addition to having easy onboarding, they also offer fast and low-cost international transfers.
In fact, one of the only downsides to using these international transfer services is that they can have limitations on the value of the transactions. So, if you are sending transfers that are larger, you may need to consider an alternative method.
Money Transfer Via PayPal
Another form of international money transfer is PayPal. While PayPal is a popular option, it’s important to note that the exchange fees charged by PayPal often make it very expensive when compared to alternatives. With this in mind, you should consider all of the other available options before you send money to Australia from the USA using PayPal.
Other Ways to Transfer Money to Australia From the US
Of course, there are other ways to send money to Australia from the USA, including sending money orders. Money orders offer more flexibility than other options, including allowing the recipients to pick up the transfer in cash. However, there are also other alternatives such as sending funds via crypto, though this requires a level of technical competency to ensure you are sending funds correctly and securely.
Factors to Consider Before Sending Money to Australia From USA
Before choosing which method you will use for sending money to Australia from the USA, there are a number of factors that you should consider.
That said, the two factors that often influence people’s decisions the most include the exchange rate and the transfer fees charged by banks. With this in mind, let’s look at these two factors in detail before exploring the other factors you should consider.
Exchange Rates on International Money Transfers
Exchange rates on international money transfers can be very high when compared to other available options. This is especially true when comparing the exchange rate between traditional options like banks and money order services with digital and technology-enabled options. In most cases, these digital options offer far better exchange rates to customers.
Bank Transfer Fee
When sending money to Australia from the USA through traditional brick-and-mortar banks, you can expect to pay high bank transfer fees. This is due to the cross-border transaction that has to take place for your money to arrive. When you compare this to the transfers that are facilitated through digital platforms like Wise, you will find that banks charge considerably more.
Other Factors to Consider Before You Send Money to Australia From the US
- What limits does each platform place on transfer amounts?
- How long will it take for the transfer to arrive?
- What is the exchange rate that will be applied?
- What are the transfer fees that you will have to pay?
- Are there any additional fees that you will need to pay?
- Is the recipient able to receive the funds via each method?
- How reliable is each service when sending money to India?
- Do you already have an account that supports each option?
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Frequently Asked Questions
Below are three of the most common questions that we receive from people looking to send money to Australia from the USA. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
How Much Does It Cost to Send Money From the US to Australia?
How much it will cost to send money from the US to Australia will depend on the specific method you use and the amount that you are sending. In fact, it is not possible to say how much it will cost to send money to Australia without knowing these two details first.
How Long Does It Take to Send Money to Australia?
How long it takes to send money to Australia from the USA will also depend on the method you decide to use. That said, digital transfer solutions like Wise can usually deliver funds within 24 to 48 hours. However traditional banking options can take between three and five business days, depending on how many banks are involved in the transaction.
What Are the Best Providers to Send Money From the USA to Australia?
The best providers to send money from the USA to Australia will depend on how much you are sending and whether you are price sensitive. However, in most cases, individuals seeking the most cost-effective and fastest option possible will choose to send funds via a digital transfer platform like Wise.
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