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Best Way (Cheapest and Most Convenient) to Transfer Money

A resource forum for those interested in buying, selling, or developing a business; for questions about retirement plans; investing and basically any aspect of acquiring, keeping and increasing one's personal stash of filthy lucre.

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Re: Best Way (Cheapest and Most Convenient) to Transfer Money

Postby antarcticbeech » 28 Jun 2016, 12:46

I'll be moving back to Australia later this year and want to transfer Taiwan dollars to Australia. Anyone have any experience with this? Anything changed in the 8 years since this thread was opened?
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Re: Best Way (Cheapest and Most Convenient) to Transfer Money

Postby randomphil » 02 Jul 2016, 08:42

It's fairly simple. Go to the bank, ask them to exchange your money to AUD, then transfer. Do not transfer TWD, because your bank in Australia will likely give you a much worse rate on that.

You will need the SWIFT code of the bank and they will likely charge you something like $500 or $600 NTD transfer fees. Thus, minimise the number of transactions.
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Re: Best Way (Cheapest and Most Convenient) to Transfer Money

Postby flurbius » 12 Jul 2016, 20:51

I have sent money to Australia using my bank in the manner that randomphil described. I also asked for and got inmternet banking when i opened my account, I can use it for most things but overseas transfers are not enabled. When I asked at the bank they said I needed 12 months validity on my ARC to have that enabled - so I need to wait till I get that renewed, then I will try again.

Just wondering though there is a service associated with 7-11 in other countries called moneygram which isnt much good because they charge about the same as western union - however a while back I saw they were offering any first time users a $1 transfer of any amount, does anyone know anything about moneygram or any similar service.
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Re: Best Way (Cheapest and Most Convenient) to Transfer Money

Postby yuli » 19 Jul 2016, 04:52

Excerpted from a different thread:

meldrew wrote:I ... need to be with a bank that allows me to send money to my English account with relative ease. The preference would be being able to do it online with an English e-banking system but going into the branch to do it is not a deal breaker.

I've never needed this service and can't offer any advice - anybody with up-to-date info here? :-)
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