[sue]

Hi All,

When you transfer money to an Australian bank, does, or should the Australian government tax you on it? Or can you transfer as much money as you like, and it's a case of finding the best exchange rate?

Thanks, Sue

[Housewife]

No there is no tax to pay. You might want to consider HIFX or Ozforex rather than your bank, as you will get a better exchange rate.

[jimjams]

I always wonder why banks are so hopeless on competitive exchange rates. Do they use money transfer companies themselves an then charge a commission or fees on top of the fees the money exchange companies charge them? I reckon they lose a lot of retail business to foreign exchange cos, especially because people read on the internet that using foreign exchange brokers is a lot cheaper than using a bank.

[PamInPerth]

Hi All,

When you transfer money to an Australian bank, does, or should the Australian government tax you on it? Or can you transfer as much money as you like, and it's a case of finding the best exchange rate?

Thanks, Sue

There is no tax to pay. :) You could also think about instead using a credit card or debit card that has no commission or charges on overseas transactions.