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International Money Transfers

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What is an international money transfer?CANSTAR 2016 - Outstanding Value - International Money Transfers

An international money transfer is when you send money from your bank account in Australia to the bank account of someone you know in a different country.

International money transfers are popular for both large and small amounts. Globally, the World Bank estimates that in 2017 approximately $596 billion will be sent in remittances (people who send money as a gift to people they know overseas). In 2018, this number is expected to reach $616 billion.

When making a money transfer, you will usually need to know the other person’s full name, address, account number, and Branch Number or Bank Identifier Code (SWIFT BIC or IBAN).

To find out whether your Australian dollars will equate to much in the local currency of the country to which you’re transferring money, check our list of 10 currencies the Australian dollar has risen against.

 Who uses international money transfers?

International students studying in Australia:

The government’s Study In Australia website says Australia is the world’s third most popular destination for international students. And no wonder! We have more than 1,200 tertiary education institutions, with over 22,000 courses to choose from, and our university system ranking is ninth in the world, ahead of Japan, New Zealand, and Germany.

According to Australian Education International, there were over 577,353 international students in Australia by the end of August 2017, which represented a 14% increase on the same period for 2016.

Useful resources for students: 

Study in Australia

australia.gov.au

Education in Australia

Study Assist for International Students

Overseas Student Health Cover (OSHC)

 

Overseas workers:

There are two types of overseas workers: Australians working in a different country, and people from other countries working in Australia.

Australians are used to FIFO jobs (fly in, fly out) that require them to work in a different country to Australia. This can mean sending money back home to pay your expenses while you’re away working hard.

At any given time, there are several hundred thousand working holiday visa holders and temporary skilled (subclass 457) visa holders working in Australi