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

[sophiaofthemoonlight]

@laura21 What I did was carried some cash to survive 2-3 months (just in case, I took account paying rent deposit as well), then I’ll set up my bank account once my immigration card is approved. Transfer via wise.

Since u don’t want to hold a lot of cash, and if u can afford it, just activate overseas withdrawals for your current malaysian account so u can withdraw whenever once in Australia

 

[laura21]

@sophiaofthemoonlight Sounds logical. I was planning to bring enough to survive 3 months too. The most cost effective way so far is to open up an account in australia and use wise to transfer the rest to it. (Enabling overseas withdrawal will be done incase i really need it)

Thanks for the suggestion

 

[sophiaofthemoonlight]

@laura21 paypal too but their currency conversion is bad, I do not recommend it. but our local banks like CIMB have this option but I've never activated it. need to go to the branch: Foreign Currency Current Account.S.

paypal too but their currency conversion is bad, I do not recommend. but our local banks like CIMB have this option but I've never activated it. need to go to the branch: Foreign Currency Current Account.

 

[bluesneakers]

@laura21 XLM? XRP? But converting back to fiat, not sure about the laws in Aus.

 

[laura21]

@bluesneakers Yeah ive got those too but im worried about the conversions. Using Luno, it works out to cost 0.5-1% depends if im using market maker or taker.

Wise fiat transfer costs about 1% so crypto savings doesnt justify the risk/ uncertainty

 

[danikah]

@laura21 what are those % ? The interests charged?

 

[laura21]

@danikah As in percentage of premium paid over market convertion rate.