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.
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?
- 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.
- 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.