What is the cheapest way of sending large sums overseas? (Like $1m to buy a property in US?) has anyone used OFX?

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Open a Transfer Wise account. AUD —> USD is ~0.37% total fees. I used to use OFX but Wise is considerably cheaper

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Good to know, thanks. I’m a little worried about sending so much money through transferwise (who do you go to / contact if there are issues?) but definitely worth looking into

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Are u seeing property prices drop over there?

Got it! Good luck with the move!

I’m using a no foreign transaction fee US credit card to move money for an Aussie down payment from USD to AUD. I’m putting as much of my Australian expenses on that US credit card, paying that credit card bill from my US bank account, and moving the corresponding AUD from my Aussie salary into my Aussie savings account. So it’s costing me $0 and I’m also earning lots of travel perks from my US credit card.

But I think I have a much longer time horizon than you have though, OP. And I don’t know of any Aussie credit cards that have no foreign transactions fees in addition to travel earning benefits.

Yeah American credit card rewards are incredible while Aussie CCs are useless that I might even use my US credit cards on a regular basis in Australia if I had cash/income in US to pay them (my parents still don’t believe / understand how I can get ~3-5% cash back on most purchases). Unfortunately I don’t think that’ll work for me the other way around…

If there was some way of securely doing so, I’d send you AUD in exchange for USD though 😊

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