Why transferring money to Australia?

When you first arrive to Australia, you need to have some money to eat and sleep until finding a job. Life in Australia is expensive, especially in big cities. Therefore, only a handful of cash would probably not be enough to survive in the first weeks there.
Some people ask themselves “why don’t I use the credit card of my home bank to withdraw money?” or “why not changing cash at an exchange office?”
Here are some of the reasons why we don’t advise you to do that:
Withdrawing money with your national credit card
There are several banks and different types of credit cards, but with all of them, you have to pay fees when withdrawing money from an ATM in Australia. Most of the banks apply fixed fees for each withdrawal plus a commission on the withdrawal amount (usually between 2% and 3,5%).
For example, if you withdraw 100£:
+ 4£ of fixed fees,
+ 3% commission,
+ 2£ to pay to the bank of the country you are withdrawing from
= 100 + 4 + 100 * 0,035 = 109,5£
Using your bank services, you already lose approximately 10£ on a 100£ withdrawal!
And even if your bank is promising you a free withdrawal, just think about the exchange rate! Since banks apply low exchange rates, you will definitely lose money.
Pay with your visa card
As for withdrawals, your bank applies a fixed rate for each payment. They are usually lower than rates applied when withdrawing money from an ATM. However, an exchange rate is applied by the Visa or Mastercard centre for each purchase. The rate is less good than the actual market rate for sure!
Exchange money in an exchange office
Exchange offices offer exchange rates lower than the market rate to obtain a commission on each exchange. Using those services is recommended for short trips or stop over in a country but it is not suitable for people intending to live in the same country for several months. Moreover, be sure to avoid offices in airports as they usually offer even lower exchange rates!
Western Union
Western Union allows you to withdraw cash overseas. Its services are quick, however its fee is pretty high. We recommend you to use this option only if you urgently need some cash.