Oceania · Money guide
Australia remains a leading long-haul destination for skilled workers and families from around the world. The money challenges are larger here: funding a points-based or sponsored visa, moving life savings across a volatile exchange rate, and deciding what to do with a foreign pension that generally cannot be transferred into an Australian super fund.
Written by Matt Woodley · Reviewed against official sources · Last reviewed 15 June 2026. Figures are indicative — confirm visa and tax thresholds with the official source linked below.
Currency
AUD $
Rent (1-bed, city)
A$1,700–A$3,100/mo
Living costs (ex-rent)
A$1,350–A$1,850/mo
Transfer time
1-2 days
Major cities (Sydney, Melbourne) are expensive, with high rents and groceries, though wages are correspondingly higher. Regional Australia is more affordable. Budgeting in Australian dollars is essential given how much the exchange rate moves against most major currencies.
Indicative monthly rent (1-bed, city centre)
A$1,700–A$3,100
Indicative monthly living costs (excl. rent)
A$1,350–A$1,850
Visa-dependent; skilled & partner routes need evidence of settlement funds
Australia's main routes are points-tested skilled visas (subclass 189/190/491), employer-sponsored visas and partner visas. There is no single fixed savings figure, but you must evidence funds to settle, plus visa application charges that run into the thousands of AUD per applicant. Skills assessment and health checks add further cost.
Official source: Australian Department of Home AffairsYou can open an Australian account before you arrive with the major banks (Commonwealth Bank, Westpac, NAB, ANZ) and activate it with ID on arrival. Australian accounts use a BSB (6 digits) and account number, not IBANs, and PayID enables instant domestic transfers.
Australia uses the Australian dollar (AUD), one of the more volatile major currencies because it tracks commodity prices and global risk sentiment. Pairs such as GBP/AUD, USD/AUD and EUR/AUD can swing 5% or more in a few months — on AUD 200,000 of savings that is a AUD 10,000 difference — so timing and tools like forward contracts matter more here than for most destinations.
The Australian dollar is one of the more volatile major currencies, so timing and a forward contract matter on large savings moves. Transfers go via SWIFT (Australia is not in SEPA), so use a regulated specialist to avoid bank margins of 2.5–4%. Note that foreign private pensions can rarely be transferred to Australian super (very few QROPS-style recognised funds remain for UK pensions, and other countries face similar limits), so most movers leave the pension at home and draw it down.
| Route | Typical cost |
|---|---|
| High-street bank | AUD 5,000–8,000 (2.5–4% margin + fees) |
| Regulated currency specialist | AUD 200–1,200 (0.1–0.6% margin) |
| Typical saving | AUD 5,000–7,000 |
Indicative: banks typically apply a 2.5–4% exchange-rate margin plus a transfer fee; regulated specialists typically apply 0.1–0.6% with no fee. Your actual cost depends on the provider, amount and timing.
Ready to compare AUD transfer providers?
See regulated specialists, live rates and fees for sending money to Australia.
You are generally an Australian tax resident if you reside there, and residents are taxed on worldwide income. Australia does not tax incoming transfers of your own capital as income, but AUSTRAC is notified of transfers over AUD 10,000. Non-residents selling Australian property face a 12.5% withholding. Australia's double-taxation treaties prevent the same income being taxed twice — check the treaty with your home country.
Cost the full visa
Budget for application charges, skills assessment and health checks — often several thousand AUD per person.
Open an Australian account
Set one up remotely with a major bank and activate on arrival with your BSB and account number.
Plan your pension
Check whether your home pension can move to an Australian fund — most cannot, so plan to draw down from home.
Manage the exchange rate
Use a forward contract or staged transfers to handle volatility on large savings moves.
Transfer via a specialist
Move funds by SWIFT through a regulated provider to avoid bank exchange margins.
There is no single figure — it depends on your visa. Beyond visa application charges (often several thousand AUD per applicant), you should evidence settlement funds and budget for shipping, initial rent and a deposit. Many families plan for AUD 40,000–AUD 80,000 of accessible funds plus visa costs, and budget in Australian dollars because of exchange-rate movement.
Usually not. Very few Australian super funds accept overseas pension transfers without a large tax charge, and transfers before preservation age are generally blocked. Most movers leave the pension in their home country and draw it down, transferring income as needed. Take regulated cross-border pension advice before doing anything.
Use a regulated currency specialist sending via SWIFT (Australia is not part of SEPA). Specialists charge 0.1–0.6% versus 2.5–4% at banks — a large saving on any sizeable transfer. Because the Australian dollar is volatile, consider a forward contract or staging the transfer to average out the rate.