money moving

alansan

Apologies if this is the wrong category, wasn't sure where to put it.

I'm looking for advice based on experience about moving money from Australia to Ireland. I've been working there for a year and am returning home.

I currently have money (>15k AUD) in a bank account in Australia. What's the cheapest way for me to get this home?

- Anyone have any pros/cons about withdrawing money and converting it or electronic transfer to my Irish bank account or just withdrawing the money from Irish ATMs with my Ozzy acc card which is what I've done when home for Christmas etc.

Thanks

Nody

From experience cash in hand if possible (not worked with AUD but other currencies).

The reasons are:
1) Moving foreign currency here means usually:
1) Worse exchange rate
2) Hit for moving non euro currency to a euro account
3) % fee from the bank you're sending from (same goes for ATM card option with a % fee for using a non AUD ATM machine)

Hence cash in hand, minimized the fee and get a possability to pick the exchange rate (check if it is better to exchange in Australia or Ireland).

kmick

Look aorund over there are convert it to euro. Then find out the IBAN number of your account over here and get it wired directly. There is a small charge for IBAN transfer and whatever you get charged on the exchange. Never carry large amounts of cash around.

MOH

When I came back I just went into my bank over there and transferred it back to my Irish account. Possibly got hit a bit on the exchange rate though.

alansan

Thanks guys, some options there to think about. Although I did hear that whenever you send amounts greater than 10k outside Aus the bank has to flag it with the inland revenue.
:eek:

Nody

alansan wrote: »

Thanks guys, some options there to think about. Although I did hear that whenever you send amounts greater than 10k outside Aus the bank has to flag it with the inland revenue.
:eek:

Nothing odd there per say (spooky terrorists etc.), same goes if you're moving 10k euro around Europe as well. It is mainly to avoid money laundring, terrorist support, drug payments etc.

cooper38

try xe.com or transfermate
transfermate are in oz and ireland. AUD has strengthened off recently too

ircoha

alansan wrote: »

Thanks guys, some options there to think about. Although I did hear that whenever you send amounts greater than 10k outside Aus the bank has to flag it with the inland revenue.
:eek:

Hope not:)