Who may want to transfer income?

Over the previous 2 generations, several nations in the globe have turn out to be international citizens. Technological advancement, rising incomes, the reduction of trade barriers and the opening of geographic borders has revolutionized life for the citizens in many countries.

It has also necessitated the cross-border transfer of money for several men and women, with The Globe Bank estimating that in 2012, around $ 534 billion worldwide was remitted overseas. So who may well need to transfer money?

Overseas Students

Australia provides a diverse range of study alternatives for international students, with far more than 1,200 institutions and more than 22,000 courses to select from. According to Australian Education International there had been 379,214 enrollments by complete charge paying students in Australia on a student visa as at year-to-date June 2013.

Helpful resources for students: 

http://www.studyinaustralia.gov.au

http://australia.gov.au

Overseas workers

The number of working holiday maker visa holders in Australia on 30 June 2013 was 160 500, and the number of Temporary skilled (subclass 457) visa holders was 191,220.

The 5 nations with the largest quantity of short-term skilled visa holders in Australia on 30 June 2013 had been:

United Kingdom	45 410 visa holders
India	30 910 visa holders
Ireland	18 500 visa holders
Philippines	12 890 visa holders
United States of America	10 270 visa holders

Source: Department of Immigration and Citizenship

Helpful resources for overseas workers: 

http://www.immi.gov.au/skilled/

http://australia.gov.au

Returning Expats

Moving overseas, temporarily or permanently, is a well-liked selection for many Australians. For several it is quick term alternative though, with Australian Bureau of Statistics Social Trends obtaining that In 2010, 80% of these who had planned to leave Australia permanently, did not remain overseas for 12 months or far more, and instead returned to Australia.

Returning might mean leaving behind investments and savings though, necessitating a standard transfer of funds overseas.

Valuable sources for returning expats: 

http://www.humanservices.gov.au

These with household members who are travelling

In the year ended June 2013, Australian residents took 8.4 million quick-term overseas trips. When loved ones members travel even though, there is constantly the risk that they may run into difficulty – or out of funds. A quick and effective money transfer service can become vital!

Useful sources for these with family members travelling: 

http://www.smartraveller.gov.au

http://www.dfat.gov.au/embassies.html

Firms

As commerce goes international, organizations may discover an rising number of their transactions are being conducted overseas.

Valuable resources for firms

http://www.enterprise.gov.au/Pages/default.aspx

http://www.austrade.gov.au

Back to International Income Transfers…

Who may want to transfer income?