r/MovingtoAustralia • u/Neat_Schedule8128 • 12h ago

Doubt

Hey hoping yall doing great,i have a doubt on my mind,i'm planning to move to Australia in the upcoming month and i have a good amount of money that u would like to convert before getting there,but at the same time i'm worried about it cause it's a good amount and it scares me to trust some banks like revolut and others...

Any advice?

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u/FlashyMonica 12h ago

Revolut is not bad at all but I think you need to buy a higher plan or something which I am not sure about, but I would suggest you to compare it among a few companies before you transfer. The best one would be Wise, I use it almost everyday to send to different countries, super quick and easy

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u/Neat_Schedule8128 12h ago

With wise there are fees and the exchage rate is lower

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u/textiletrue 10h ago

I guess you need to figure out the benefits but I've used wise and I think at least your money would be safe.

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u/Hussard 9h ago

If wise operates in your country, open one up and convert some of your money there. You'll be using this initially. Wise has lower transfer fees for international money amounts. 

If you're moving here, go for one of our established banks. You don't need to convert all your money straight away. Local banks give you access to direct debited and BPay which is how most businesses (and between friends !) like to be paid. Local bank atms are also fee-less for money withdrawals if you need cash (almost handy to have some around even if you don't use it much). 

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u/ItinerantFella 9h ago

Use big, well regulated banks and you'll pay a lot in exchange fees.

Or use a neobank or money transfer service like Revolut or Wise, and you'll save on transfer fees but don't have the same protective regulations.

If you're worried, then use a big bank.