What is the best way of transferring my money to Australia for migration?

[laura21]

Whats the best way to have access money in australia once I get there?

I do not feel comfortable carrying money on myself and depositing the money into a bank once there.

Forex account? Western union?

Much appreciated for the help.

Edit:
Thanks for the suggestions. The prospective methods Ive found to be the most cost effective are:
1. Wise (1% premium)
2. Foreign exchange acct w HSBC(2-3% premium)
3. Western union (5% premium)
4. USD stablecoin (may run into problems so idk)

 

[resjudicata]

@laura21 wise (formerly transferwise)? i've never transferred anything overseas before but i heard about it through my friends, you can check it out

 

[laura21]

@resjudicata Looked it up. Looking like the most cost effective way of transferring overseas.
Appreciate the input.

 

[laura21]

@resjudicata Alright. Will do. Thanks!

 

[ncc70]

@laura21 I used wise to transfer money to Europe. Pretty easy and intuitive UI. Would recommend.

You can use my link below to waive transfer fee for up to RM2500.

https://wise.com/invite/asd/justin-l1

 

[laura21]

@ncc70 Appreciate the discount. I hope it helps you get the bonus.

 

[ncc70]

@laura21 No problem my dude. And thanks.

 

[sonas]

@laura21 BigPay... first transfer is free

Monday - Friday

Transfer before 2pm: 1 working day

Transfer after 2pm: 2 working days

Saturday/Sunday/Public Holiday: 1 working day

 

[laura21]

@sonas Thanks. Ive heard of it, will look into it.

 

[dasadler]

@sonas Transfer SGD is the smoothest thing. Very fast can receive in seconds

 

[smissy]

@laura21 Can I ask what your path to migration is?

 

[laura21]

@smissy I studied in an Australian university in Malaysia and am using the medical degree and got a job as a doctor there.

 

[kghpilotskydive]

@laura21 My best bet is Western Union considering how ubiquitous the service is. Though personally I have never use it before.

Back when I’m still in Japan and planning to move back to Malaysia, I have converted all of my money into a USDT crypto stablecoin due to the time constraints to got to the bank and send my money. Although it work well for me, you definitely should do your own research before doing it.

 

[laura21]

@kghpilotskydive Thanks. I was considering USDC with the same method but am afraid of anti money laundering implications.

I have about 2 months to figure it out and will research more about:
1. Western union
2. Forex account with hsbc/standard chartered
3. Usdc. Personally try to avoid this as implications arent clear.

 

[kghpilotskydive]

@laura21 That is a good list imo. Crypto should be your last option because the hassle of converting/sending the the money back to Australian dollar. Who know, maybe the bank will flag the transfer as money laundering and block the transaction. This is my biggest fear when converting/sending my money to my Malaysian bank account.

 

[laura21]

@kghpilotskydive Yeah that would be a bummer. The fees of converting thru crypto will probably cost about as much as other methods anyways.

Out of curiosity, howmany percent did you save by using USDT conpared to western union?

 

[kghpilotskydive]

@laura21 I don’t remember how much I saved because 1 year have passed. Furthermore, due to the time constraint, I’m unable to check on the Western Union rate at that time.

I believe the only part where I’m actually losing some of the money is when using Binance P2P service to convert the USDT to RM. The conversion rate depend on the seller itself, not on the live conversion price.

 

[laura21]

@kghpilotskydive I see. Thanks for sharing

 

[kenniel]

@laura21 have not tried transferring to AUD but I use Transferwise / wise to transfer myr to gbp occasionally. The fastest way and best rates I can find.

 

[laura21]

@kenniel Wow theyre promising! Looking at it, theres a premium of 1% over the forex prices.

In comparison western union costs 5%, Standard chartered 3%, HSBC 2-3%.

I will look further into it.