I will be moving to Australia from the US in a couple of months. I was wondering what would be the best way for me to transfer the money in the US bank account to Australia? Also what are some of the good banks that allow opening of accounts when the individual is not in Australia? Thank you for the help!

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OFX or transferwise good to transfer money

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App major big 4 banks in Australia (e.g. CBA, ANZ, Westpac) allow migrants to open an AUS account while they are still overseas. Only caveat is - you can’t ‘withdraw’ or ‘spend’ the money from that account until you walk into a branch physically after you arrive in AUS to complete your ID verification.

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^ this. Get yourself a “no foreign transaction fee” US credit card to tide you over.

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I waited til I got here to open a bank account - made an appointment at cba and had it sorted pretty quickly from memory. I had a revolut account which tided my over though (don't know if they exist in the US but essentially a card targeted at international spending, no fees, good rate etc). I loaded my gbp on there then spent in aud. I also used revolut to do my initial money transfer which wasn't huge but enough to sort a car, apartment rental etc. I now use currency fair to do a monthly transfer back from my AU account to my UK to cover a couple of ongoing bills.

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Thank you for the guidance !

Similar to SM1. Set up Wise account in the US and used that debit card / account to get set up. Free up to $23k AUD balance I think.

Once I got a job in Australia, set up online bank account and get salary direct deposited there. Note that not all banks here make it easy for Americans to sign up due to the IRS reporting obligations

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Remitly

Brokerage account works too like ibkr, after you set up a bank account

I opened an account online with Westpac while still in the US

Used transferwise (now wise) to transfer $ from US to this Westpac account

Continued using my US 0 foreign transaction fee credit card for the first couple weeks until I got a local credit card

Wise

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