Travel

Transfer Canadian dollar into Australia bank account

  • Last Updated:
  • Feb 26th, 2020 11:03 am
[OP]
Sr. Member
Oct 22, 2016
545 posts
430 upvotes
Comox Valley

Transfer Canadian dollar into Australia bank account

I am going to Australia in May onwards for 6 weeks, and I want to know if anyone has an idea on best way to get a good exchange rate, for the funds I put in my bank account there (easy to open up online).

It will be approximately $10,000 CAD. Reason for that amount is I will be buying a vehicle there, to travel in the outback (I have done a lot of 4 by 4 in BC, use to it) and it will save me the $120 daily rental fee. Vehicle will be sold by me, when I leave Australia.

I have had a lot of dealing with exchange companies before because of doing business in the USA. I usually deal with VBCE, in Vancouver. If anyone has a better exchange company in mind, feel free to advise me.
6 replies
Deal Addict
Jul 7, 2017
4362 posts
1919 upvotes
SW corner of the cou…
Transferwise, once you set up a receiving account there. They match up buyers and sellers and just take a small cut.
Cream rises to the top. So does scum.
Deal Addict
Sep 3, 2005
3029 posts
675 upvotes
Vaughan
Just curious, how does insurance work for this, especially without a fixed Australian address? I'm assuming you'll be driving around and not staying in one place.

How much would insurance be approximately? And do they have access to your cdn driving record to figure out your insurance cost? Or do they just insure you as a new driver/beginner?

I've never done this, but this has intrigued me. Never thought about doing this, but yeah may be a consideration if the cost are cheaper than renting a car.
For Sale

Nothing at the moment
Deal Addict
Dec 7, 2011
2189 posts
626 upvotes
Whitehorse
When I was in Australia the last time in 2010, you had to buy a vehicle if you wanted to cross the border of Western Australia. I was unable to find a rental company that would allow for that.

My plan had been to drive from Melbourne to Perth. Couldn't do with a rental.

I understand it's common for tourists to buy vehicles for their trip and sell them to the next tourists at the end. At least I've seen that a lot in New Zealand.
Deal Addict
Jul 7, 2017
4362 posts
1919 upvotes
SW corner of the cou…
Probably less-strict insurance and registration requirements than here. Australians and those who've done this in Australia think they can do the same here.

In some places you see people camped out b their vehicles waiting for a buyer (there are known spots to buy and sell).
Cream rises to the top. So does scum.
[OP]
Sr. Member
Oct 22, 2016
545 posts
430 upvotes
Comox Valley
phuviano wrote: Just curious, how does insurance work for this, especially without a fixed Australian address? I'm assuming you'll be driving around and not staying in one place.

How much would insurance be approximately? And do they have access to your cdn driving record to figure out your insurance cost? Or do they just insure you as a new driver/beginner?

I've never done this, but this has intrigued me. Never thought about doing this, but yeah may be a consideration if the cost are cheaper than renting a car.
Good article on car insurance is here
https://www.canstar.com.au/car-insuranc ... insurance/
I do not forsee a problem with the insurance part. It has clicked in with your post, that I should bring a drivers abstract, with me. Thanks

Biggest concern I have at this time, is to make sure I buy a suitable vehicle for this. I feel it is best to hang around Sydney for a couple days, due to large selection, instead of flying into Alice Springs, where there is less vehicles to choose from.

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