Learn How to Bank and Transfer Money to Australia Before You Leave the US

If you plan to move to Australia from the United States, there are several things to consider first. Many of the major changes deal with the different financial system, which may take some adjustment. You will not only have to get used to a new currency, but also a new banking system. Before you transfer money to Australia while making the move, you should learn what to expect financially.

Australia allows new residents to open a bank account before they enter the country, so you should take advantage of this. Some let you open it online, such as Commonwealth Bank, ANZ Bank, and Westpac. Others require papers to be mailed to them before you get an account.

A few banks prefer you to wait until you arrive, but since the majority let you do it beforehand, finding a bank that will let you transfer money to Australia before you officially move can be beneficial. Be aware that while moving your funds to an Australian bank before you arrive can make the transition smoother, you will need to present an ID at your selected bank before you can withdraw anything. Clearly, you should make sure you don't need the money that you are transferring while in the United States.

Know that $1 USD is equal to about 1.18741 Australian dollars, or AUD. Just remember that this changes everyday, so be sure to check the latest rates. Typically, your dollar will go further in Australia. However, you will need to declare your money to customs if you have more than 10,000 AUD, which translates to about $8422 USD. Also, remember that you will not have to pay U.S. tax on money you transfer to Australia. Once you become a resident, you will just pay Australian taxes, instead.