Settlement Guide: How to send money overseas

Around the globe, more than 250 million people live outside their country of birth and many migrants choose to send money to families back home.

Dola za Australia zatumiwa katika biashara duniani Source: Getty Images

Australians are also transferring more money overseas than ever before, but the hidden costs can be hefty. Different transfer agencies have different limits on the amounts of money they allow customers to send overseas.

However, under current Federal legislation, all Australian financial institutions are required to report cash transactions of $10,000 or more, including details of the relevant account holders, to the regulator AUSTRAC.

The Australian Transaction Reports and Analysis Centre monitors financial transactions to identify instances of money laundering, organised crime and tax evasion.