On a working holiday you move money in both directions: savings from home when you arrive, and wages back home or on to your next destination. This guide covers what a transfer really costs, the ways to move money, and how to keep a transfer safe. Opening a local bank account is covered in the banking guide for each destination, linked further down this page.
A transfer has up to three costs:
To compare two options, work out how much arrives in the destination currency for the same amount sent. That single figure includes the fee and the rate.
| Option | How it works | What to check |
|---|---|---|
| Your home bank's international transfer | Your bank sends money from your home account to an account overseas. | The fee, the exchange rate margin and any intermediary charges. |
| A money transfer provider | A specialist provider converts and sends money from your home account to your local account. | The fee shown upfront, the rate against mid-market, and how long it takes. |
| A multi-currency account | An account that holds balances in several currencies, with a card for spending. | Check whether the account gives you local details in your destination's currency, and check its card and conversion fees. |
| Your home card, abroad | Spending or withdrawing cash with a debit or credit card from home. | Foreign transaction fees, cash withdrawal fees and the ATM operator's own fee. |
It depends on how you are paid. If your employer pays only into a domestic account, check whether the account gives you local details in your destination's currency. Check with your employer before relying on it. The banking guide for your destination covers opening a local account.
Before you send money through a provider, check that it is registered in the country you are sending from:
For every other country, check your home country's financial regulator.
Registration shows a business has met the legal requirement to register. It is not an endorsement.
A registered remittance provider in Australia will ask for ID when you send money. If you are not asked, treat that as a warning sign.
Opening a local account, the documents banks ask for and how you get paid are covered in the guide for where you are going.
It is the midpoint between the rates banks use to buy and sell a currency. Transfer providers and banks usually add a margin to it, so the rate you are offered is a way to see how much that margin is.
Not necessarily. A transfer with no fee can still cost you through the exchange rate. Compare how much arrives in the destination currency for the same amount sent.
If your employer pays only into a domestic account, yes. The banking guide for your destination covers opening one and the documents banks ask for.
Check it is registered with the regulator in the country you are sending from, and only send money through the provider's own app or website. Registration is not an endorsement.
Sources: online.apps.austrac.gov.au · register.fca.org.uk · fintrac-canafe.canada.ca · scamwatch.gov.au · ccpc.ie. How we verify →