Fast and Secure Real Money Transfers in Australia

Technology has completely changed how real money transfers are carried out in Australia and the world at large. Today, millions of Australians can enjoy fast and secure local and international transfers with just a few taps on their mobile devices. With international transfers, the payment platforms provide competitive foreign exchange rates and charge minimal currency exchange fees. In addition, payment processing times have reduced drastically, allowing instant global transfers.

Whether you intend to send money within Australia or across its borders, there are several payment gateways that provide fast and secure real money transfers. Here at WhereGamble, we have provided you with a list of fast and secure transfer methods. Let’s dive into details.

E-wallets

Better known as digital wallets, these payment platforms enable users to transfer funds online and store money in a virtual wallet. You can load your e-wallets using credit cards and bank transfers. E-wallet examples include Skrill, PayPal, and Visa Checkout.

Prepaid cards

With this payment option, payments are made using a pre-loaded card. For online payments, ensure prepaid cards are listed on the payment options, and then select the method and key in your details.

Online bank transfers

This involves the transfer of funds from your bank account to another bank account or a nonbank payment provider. POLi is among the most preferred online bank transfer service providers in Australia.

Cryptocurrency

Also known as digital currencies, these are a form of virtual currency that secures transactions using cryptographic technology. The most popular cryptocurrencies include Bitcoin, Litecoin, Dogecoin, and Stellar.

Mobile transfers

Money transfers through are among the fastest and easiest ways to receive money. There are several mobile apps that offer this service to Australians. These are WorldRemit, Currency Fair, and the Wise App.

Benefits of real money transfer in Australia

The instant transfer of funds across Australia without any paperwork requirement has been of great help, especially at a time when online shopping and online gambling are booming. Major benefits of real money transfer include the following:

Fast and efficient transactions

Unlike traditional banking services that require physical presence, online money transfers can be done from the comfort of your home. In most cases, you will require an internet connection and a mobile application. From there on, you can easily make any transaction using features provided by your payment provider.

Secure transactions

Immediate money transfer offers secure transactions through two-step verification and the use of passwords. Upon completion of each transaction, users receive a notification that details all the relevant information that pertains to the transaction. Moreover, all transactions can be traced online.

Reliable customer support

Previously, users had to wait for working hours in order to have access to the bank’s customer care services. With online money transfer services, users get access to round-the-clock support through channels such as live chat, phone calls, or email.

Low service fees

Since online transfer service providers don’t incur high operational costs like banks do, they charge low payment fees. This spreads across deposit fees, withdrawal fees, and currency exchange fees.

How to make real money transfers in Australia

There are plenty of payment methods available to make local and international transfers in Australia. Each method comes with different payment fees, payment processing times, and identity verification requirements.

For e-wallets and bank transfers, you will need to be the account holder. To initiate the online transfer, key in the receiver’s details. In most cases, you need to verify your identity using a two-factor authentication method. For easy access, ensure to have the mobile app version.

Regulatory guidelines for real money transfers in Australia

The Australian Transactions Report and Analysis Centre (AUSTRAC) is the governing body that regulates financial transactions. Even though the country has no major laws to govern financial transactions, a few laws apply.

  • All transactions above $10,000 AUD should be reported to AUSTRAC within 10 days from the transfer date.
  • The tax requirements differ for all transactions and are dependent on several factors. To understand the tax implications, it’s best to consult with an accounting professional.
  • All business-related transfers have to be taxed.
  • You need documents to show the recipient’s proof of address when sending sizeable international transfers (over $10,000 AUD).

Frequently Asked Questions – Real money transfers

Here at WhereGamble, we have put together some of the most frequent questions for you.

When choosing a payment gateway, consider the payment security, the payment processing times, and the payment limits.

E-wallets and mobile transfers offer instant deposits, with withdrawals taking only a few minutes or hours to be successful.

Yes, in most cases, payment providers follow PCI compliance guidelines. In addition, the methods use encryption methods to keep transactions safe.

This depends on the payment provider in question. Different methods have differing transaction limits.
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