Popular payment platforms
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.
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.
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.
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.
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.
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.
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