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An old saying tells us that money makes the world go 'round, and that tenet holds true down under. Locum tenens working in Australia may want to follow these guidelines as they move their funds to an Aussie bank.
Before moving to Australia, doctors will likely want to open a local bank account, as this can help them get paid more easily and avoid large international ATM fees. Most financial institutions in Australia will be happy to help open accounts before locum tenens arrive, facilitating the process of moving overseas.
Typically, transferring money into an Australian bank account means that emigrants will receive the standard exchange rate. If doctors plan to transfer larger sums of money, however, some banks will be able to provide them with a more favorable rate, giving them more bang for their buck.
To save on transfer fees, locum tenens may want to consider hiring a reputable currency exchange specialist. These professionals can help emigrants find better rates, allowing them to begin their time in Australia with a larger pool of local funds.
New residents of Australia should be warned, however, that those who take more than A$10,000 into the country must declare it on their customs forms. Luckily, this money is not subject to Australian taxes.