Banks and transfer businesses
Moneysmart explains that banks send international payments over the SWIFT network, while money transfer businesses are separate firms that can be faster and cheaper. Its page is written for people sending money out of Australia, but the comparison points it lists apply to any cross-border transfer:
- the exchange rate, which each provider sets for itself
- transfer fees and commissions
- the payment method you use
- how long the transfer takes
- the size of the transfer
Before using a transfer business, Moneysmart says to check that it appears on the AUSTRAC Remittance Sector Register. It also warns that if a payment goes to a scammer it is almost impossible to get the money back.
Get your loan roadmap
Answer a few questions and see the documents, cash, timeline and tax points that apply to your situation, worked out on screen straight away. Free, about two minutes.
What the exchange rate does to a deposit
Compare providers on the rate you actually receive, not only the fee. The figures below are made up to show the arithmetic. They are not quotes and not a forecast.
Suppose AUD 100,000 still has to arrive in Australia and you hold US dollars. The amount you need is the AUD figure multiplied by the rate in US dollars per Australian dollar.
| Rate (USD per AUD) | USD needed for AUD 100,000 |
|---|---|
| 0.62 | 62,000 |
| 0.65 | 65,000 |
| 0.68 | 68,000 |
Each 0.01 change in the rate moves the cost by USD 1,000 on this amount. A provider whose rate is 0.01 worse than another's costs you USD 1,000 more even if both charge the same fee.
Timing around the contract and settlement
Money usually moves twice. NSW says a deposit is required at the time of exchange, and that settlement usually takes place around six weeks later. NSW's off-the-plan guidance says finance may be needed "several months or even years" after you agree to buy. A rate that was fine at exchange can be different when the balance is due.
Questions to put to a provider or your broker before the first transfer:
- Is the rate quoted for the amount and the day, or only indicative?
- How long will the money take to arrive, and what happens if it is late?
- Can the rate be set in advance for a later transfer?
- Will your lender need to see the full path of the money? (See below.)
The signing and settlement guide explains who holds the funds. PEXA says money for settlement sits in the practitioner's trust account or a PEXA source account before settlement, so the transfer needs to arrive there in time.
Records of where the money came from
Lenders and conveyancers commonly ask where a deposit came from. A broker page (Home Loan Experts, a secondary source) lists "savings history" among the supporting documents non-resident applicants provide, alongside foreign income and asset statements. Keep the statements for the account the money left and for any account it passed through, plus anything that explains a large one-off amount, such as a sale or a gift. The deposit guide covers how much lenders want.
Some countries limit how much residents can send abroad or ask for a stated purpose. Those rules belong to your country, not to Australia, so check them early. The country pages start with the points brokers raise for each.
Scams that target a deposit
Scamwatch describes business email compromise scams, where a criminal pretends to be a business you deal with and sends an invoice with new payee details. Its example involves a homebuyer asked to transfer the deposit for a new home into an account belonging to a scammer posing as the conveyancer. Scamwatch's advice is to stop and check any change to payee details and to phone the business on a number you sourced independently. It also says to watch for email addresses with one extra letter or number.
PEXA promotes an app called PEXA Key as a secure way for buyers to share and receive bank details with their lawyer or conveyancer. Ask your practitioner whether they use it.
Keep reading
- Signing a contract and settling on an Australian property from overseas
- Stamp duty for expats and non-residents buying in Australia
- Lenders mortgage insurance for non-residents and expats
- How long an expat home loan takes, step by step
- Buying off the plan in Australia from overseas
- Australian credit score and credit file for expats and new arrivals
Frequently asked questions
Is a bank or a money transfer business cheaper?
Moneysmart says money transfer businesses can be faster and cheaper than banks, but prices vary a lot. Compare the exchange rate, fees and transfer time for your amount and route. Check any business you consider is on the AUSTRAC Remittance Sector Register.
How do I check a transfer provider is legitimate?
Moneysmart says money transfer services in Australia must be registered with AUSTRAC and tells people to check the AUSTRAC Remittance Sector Register before using one. Banks are regulated separately. Registration does not tell you the provider's rate or fees.
When is the deposit due?
NSW says a deposit is required at the time contracts are exchanged. The amount and any cooling-off rules depend on the contract and the state, so your funds need to be in place before exchange. See the signing guide.
What if an email says the conveyancer's bank details have changed?
Treat it as a warning sign. Scamwatch advises phoning the business on a number you found independently before paying, and checking the sender's address for a small change. Moneysmart notes that money sent to a scammer is almost impossible to recover.
Will the lender ask where my deposit came from?
Brokers say lenders ask for savings history and asset statements from overseas applicants. Each lender sets its own requirements, so ask your broker what yours needs.
Sources
- Sending money overseas, Moneysmart (ASIC)
- Business email compromise scams, Scamwatch (ACCC)
- Contracts and deposits when buying property in NSW, NSW Government
- Buying property off the plan, NSW Government
- Your quick guide to representing a purchaser in PEXA, PEXA
- Secure property settlement solutions for buyers and sellers, PEXA
- Non-resident mortgages, Home Loan Experts (broker, secondary source)
Checked 7 October 2026.
Expat Finance is an independent guide. It is not a lender, mortgage broker or credit provider, it does not hold an Australian credit licence, and it does not give credit, legal, tax or migration advice. It is not affiliated with any bank, the ATO or the Foreign Investment Review Board. General information only, not legal, tax, migration or financial advice.