Selling property abroad and bringing money to Australia
If you are about to sell property abroad, and need to bring the money back to Australia, you’ll want to weigh up a few options to get the cheapest, fastest and safest transfer for your specific needs. You’ll also need to make sure you’re clear on how your property sale should be treated for tax both in the country you’re selling the property in, and in Australia.
This guide walks through the basics looking at what to think about when selling a property overseas, and how to repatriate the funds back to Australia once the sale has closed. In particular, we’ll look at how international money transfer providers like Wise and OFX can help with cost-effective money transfers – even when sending a very large amount.
Selling houses abroad: Step-by-step guide for Australian residents
The exact process you follow to sell your overseas property will depend a little on the country your property is located in, but the basic steps are likely to look like this:
- Choose a real estate agent to value and list your property, and to support the sale process – you’ll also need a solicitor
- Market the property through your agent and agree a sale price with a buyer, often by negotiation
- The buyer will pay a deposit which is held while they carry out due diligence checks through their legal advisors liaising with yours
- Once all checks are complete you’ll agree a close date on which the remaining sale price, along with the deposit, is transferred to you – and you sign over the property deeds to the new owner
- Pay any legal fees and any taxes due on the sale in the country you sold in – your lawyer can help to advise on this point
- Arrange to transfer your funds from the country of sale back to Australia – this can be with a bank or specialist service but additional documents are likely to be required for legal verification checks
- Your funds are deposited into your AUD bank account once processed
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Learn more about international money transfers
Save money when bringing money from abroad to Australia
When you bring money from overseas to Australia, it’s important to compare different options to understand the overall costs involved. Comparing providers can be a bit tricky, as it’s common to find several fees are involved in any one payment. This means that the best way to look at which provider is cheapest is often to compare the amount the recipient gets in the end.
Here we’ve taken an example payment of 50,000 USD being sent from the US to be received in AUD in Australia. As you can see, although Wise has a higher transfer fee compared to OFX, you actually receive more in the end with Wise in AUD because the exchange rate used is the mid-market rate. This means there’s no fee added to the rate – while OFX uses a small fee on the rate, which adds up on a high value payment pretty quickly.
| Sending money with Wise | Sending money with OFX | |
|---|---|---|
| Amount sent in USD | 50,000 USD | 50,000 USD |
| Send money fees | 123.81 USD | No fee |
| Exchange rate | Mid-market rate | Rate includes a small markup |
| Total received in AUD | 77,658.72 AUD | 77,166.18 AUD |
*Details correct at time of research – 20th May 2025 – data from the Wise comparison site
To decide which service you want to repatriate your money from your property sale, compare the final amount received to take into account the transfer fee and also the exchange rate offered on a payment. This helps to make sure you’re getting the best available deal in the end.
Legal requirements for selling property abroad as a resident in Australia
The legal requirements for selling property abroad depend on the country the property is located in. Local laws can apply which you’ll need to learn about – make sure you have a good lawyer or solicitor on hand early on in the sale process to support you.
From the Australian side, you might need to declare your sale to the ATO and pay tax on it. We’ll cover that in a moment. First let’s look at the documents usually needed when selling a property.
What are the documents needed?
The legal documents required for the sale of your property can vary a bit depending on the country. Commonly you’ll need:
- Proof of the identity of the seller or sellers
- Deeds to the property proving your ownership
- Proof any property taxes are paid up to the point of the sale
- Sales contract confirming the agreed price and sale information
- Disclosure documents which cover any known issues with the property, which you’re legally bound to inform the buyer of
Other requirements may include an energy certificate in some countries, or a survey for example. These depend on the norms in the country the property is located in – your real estate agent can help you navigate this.
Is it necessary to issue a power of attorney?
Whether it’s necessary to issue a power of attorney depends on the details of the sale. You may need to give power of attorney if someone else is acting on your behalf in the sale. This allows them to act in your interests and represent you in a legal manner. Check the rules in the country you’re selling in to understand if this is needed there.
Tax implications for Australian resident selling overseas property
Let’s say you’re selling a property in the UK, to move back to Australia after a period of time working overseas. Once the sale closes you’re going to have a big chunk of money that you need to get transferred back to Australia. You’ll also need to make sure you’ve followed all relevant local and Australian requirements for paying taxes and costs associated with the sale. This will vary a lot depending on the country you’re selling a property in and your own tax residency.
You may need to pay capital gains tax (CGT) in the country you sell your property in, or in Australia for example. Tax treaties between Australia and the country in question could influence who you need to pay tax to – and the amount. Your tax residency might also change the CGT you pay.
Generally if you are an Australian resident you must pay tax on capital gains on overseas assets – like on the sale of an overseas property.
As this is a complex area, getting professional advice early on is essential to make sure you don’t run into any problems with the ATO, the authorities in the country the property is in, or any other authorities.
Once everything is settled up, you’ll need to get the money back home. Transferring money after the sale of a property is no small undertaking. Given the size of the transfer, the exchange rate you get on it is extremely important to the overall cost. Compare some options – like Wise, OFX and Xe Money transfer to see if any can help you move your funds with minimal fees.
This information is general in nature and does not constitute tax advice. Tax laws are complex and may change. Consult with a qualified tax professional for advice specific to your situation.
Foreign tax considerations
Sellers may need to pay tax such as CGT in the country where the property is located. This might change the amount of tax you need to pay in Australia – but the country involved is important. Check if there’s a double taxation agreement between the country you’re selling your property in and Australia. If there is, you might be able to claim foreign tax credits in Australia if you have already paid tax on the sale of your property. To be eligible for a foreign income tax offset, you must have paid the tax on the income overseas already and have records to prove that the tax has been paid.
You’ll need to process your claim through the ATO – getting the help of a professional tax advisor is a smart plan to ensure you manage the taxation on your overseas property sale as efficiently as possible.
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Learn more about tax implications of receiving money from overseas
Inheritance of property from abroad for Australian
Some inherited property in Australia is exempt from CGT – but this is a complex area so do get legal advice. The property itself must meet some criteria, including having a dwelling which you sell along with any land or other buildings. If you or the deceased person are foreign residents the exemption may not apply, so get professional support to understand your rights and responsibilities.
Bringing large amounts of money to Australia
If you send or receive a payment worth over the equivalent of 10,000 AUD across international borders, the payment is reported to AUSTRAC by the bank or payment provider which processes it. This is required to comply with laws to prevent financial crime and money laundering. As the sender or recipient of the payment there’s usually nothing you need to do to report the transfer, but you’re likely to find that the provider processing the payment asks for extra documents and information to allow them to verify the payment and the source of the funds.
The exact documents you need depend on the details of the payment, but some examples can include –
For transferring funds from a property sale:
- Final sales contract signed by both parties
- Letter from a solicitor, auditor or regulated accountant
- Bank statements showing you received the money
- Extracts from the property register
For transferring funds from an inheritance involving property:
- Signed copy of the will
- Grant of probate or court document
- Letter from a solicitor
- Bank statements showing you received the money
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Learn more about transferring large sums of money in Australia
Best transfer method
There’s no single best option for sending your payment back to Australia after selling a property overseas. The right one will depend on your personal preference and the details of the transfer. Here we’ve looked at 3 specialist providers and a couple of banks – we’ve used US banks as an example – to consider the options for sending an international transfer in USD to Australia.
| Fees and features | Exchange rate | International transfer fees | International transfer speed | International transfer limit (from USD) |
|---|---|---|---|---|
| Wise | Mid-market rate | Low fees based on the currency being sent | 60% of transfers are instant (completed under 20 seconds), 80% are delivered in less than 1 hour* | Usually up to 1 million USD per transfer |
| OFX | Exchange rates are likely to include a markup | No transfer fee from the US | 1 – 2 days | Unlimited |
| Xe | Exchange rates are likely to include a markup | Variable fees | Variable delivery times | 500,000 USD per payment |
| Bank of America | Exchange rates are likely to include a markup | No fee when sending in a currency other than USD | Variable delivery times – SWIFT payments can take several days | 1,000 USD maximum digital payment – to send more visit a branch |
| Chase | Exchange rates are likely to include a markup | No fee for digital payments, 50 USD in a branch | Variable delivery times – SWIFT payments can take several days | Variable digital limits you can see in your app – to send more visit a branch |
*Details correct at time of research – 20th May 2025
*The speed of transaction claims depends on individual circumstances and may not be available for all transactions
**Limits may vary based on account type, relationship status, and other factors.
Wise
Wise offers payments to 160+ countries, which you can arrange online and in the Wise app. Transfers are processed quickly and securely, and you’ll be able to track your payment by logging into the Wise app.
Currency exchange uses the mid-market exchange rate with no fee added, and a small, transparent transfer fee.
Wise offers high value payments, and has discounts on fees when you send 20,000 GBP or the equivalent in a single payment, or as a cumulative amount over the course of a month.
- Exchange rate: Mid-market rate
- Sending fees: Low variable fees based on the currencies involved.
- High amount transfers discounts: Up to 0.17% discount on payments of 20,000 GBP or the equivalent made within one month
OFX
OFX is a specialist in international payments and currency conversion, which offers high value international transfers with no upfront transfer fee.
You can arrange your payment online or in the OFX app, but the service the brand is best known for is offered by OFX brokers, who you can talk to on the phone 24/7.
There’s also no limit to the amount you can send with OFX – if your bank has a limit you can send in partial payments to fund your transfer in stages. OFX exchange rates include a small fee.
- Exchange rate: Exchange rates may include a markup
- Sending fees: No fee from the US – in some countries lower value payments have a small fee, but transfers over about 10,000 AUD usually have no fee to pay
- High amount transfers discounts: Check directly with OFX to see if they can offer a better rate
Xe
XE Money Transfer supports payments to and from 200+ countries, with variable fees and exchange rates depending on where you’re sending to and the currencies involved.
You can arrange your payments online or in the XE app, for deposit to bank accounts globally.
The XE transfer limit depends on the country you’re sending from. From the US you can send 500,000 USD while the limit from Australia is set at 750,000 AUD, with different limits if you use the service from another country.
- Exchange rate: Exchange rates may include a markup
- Sending fees: Variable fees depending on the details of the payment
- High amount transfers discounts: XE may be able to offer preferential rates – contact them directly to ask about options
Bank of America
Bank of America supports transfers from the US to more or less any country globally, including Australia.
Bank of America has a very low digital wire transfer limit, so if you’re sending a high value payment to cover the costs of buying a property abroad, you’ll likely need to do so in a branch or BoA financial center. This has the advantage that you’ll be able to talk through your needs with a banker, but it can be inconvenient if you need to travel to sort out your transfer.
There’s no fee for a transfer sent in a foreign currency, but exchange rate fees do apply.
- Exchange rate: Exchange rates may include a markup
- Sending fees: No fee to send in a currency other than USD
- High amount transfers discounts: Check with the teller when you arrange your payment if a discount on fees can be arranged
Chase
Chase offers online and in person international transfers, but you’ll need to check in your own app to see the limits which apply for each transfer type. The fee you pay might depend on your account type, the way you send your money, the value and the currency. There’s often no fee for a digital transfer.
If you exceed your digital payment limit and need to send in a branch there’s a pretty high 50 USD fee to pay.
- Exchange rate: Exchange rates may include a markup
- Sending fees: 0 USD – 50 USD, but often no fee for a digital transfer
- High amount transfers discounts: Check with the teller when you arrange your payment, or call, to see if a discount on fees can be arranged
Tips when selling a property abroad while living in Australia
- Get legal advice in the country the property is located in, to ensure you understand the sales process – you may also need legal or tax advice in Australia to repatriate the funds
- Retain all documents relating to the sale and to any tax you pay in the foreign country, to help you when settling your tax matters with the ATO
- Compare providers carefully before you make high value transfers to ensure you get the lowest overall cost for your payment
- Track exchange rate fluctuations to get the best rate available – you may be able to set a rate alert or automatic payment request to make your transfer only once the rate hits a specified level for example
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You may also like: How to Receive Money from Overseas to Australia
Conclusion
If you’re selling a foreign property and repatriating the funds you’ve got a few options. Once you’ve settled any taxes or costs owed in the country you sell the property in, you can choose to repatriate the funds with a bank or a specialist provider. You’ll also need to check the reporting and tax payment requirements in Australia to make sure you stay on the right side of the law here as well.
Providers like Wise and OFX offer options to send money to Australia from abroad with varying fee structures and exchange rates.
- If you sell a property overseas you may owe tax on it in the foreign country and in Australia
- Overseas property sales should be reported to the ATO – get tax advice if you’re unsure of your obligations
- Check out providers like Wise and OFX for low cost international transfers with great exchange rates
FAQ
Do I need to pay tax in Australia if I’ve already paid tax abroad?
If you’re an Australian resident you may need to report or pay taxes on foreign income, even if you paid tax on it overseas. Where this happens you may be able to claim tax exemptions from the ATO – get tax advice if you’re unsure of your obligations
How long do I need to keep records of my abroad property sale?
Record keeping requirements vary from country to country – you’ll need to retain the information relating to the sale for at least 5 years, and often more, in case of queries from the authorities in Australia and also in the country the property is located in.
Are there any special considerations for inherited abroad property?
Some inherited property is exempt from capital gains taxes – but this may not apply if the deceased person or the recipient of the property is a foreign resident. Get legal advice if you inherit a foreign property so you know what to expect.
What’s the most cost-effective way to bring large sums of money to Australia?
Providers like Wise and OFX offer good ways to send money to Australia from abroad, with low or no fee, and great exchange rates. Compare a few options to see which is best for your specific payment.
Do you pay taxes in Australia if you sell a property abroad?
Property sold abroad may still be subject to capital gains tax in Australia. Get advice from a tax expert and also the ATO to understand the situation in your particular case.
How do I transfer large sums of money to Australia safely?
Choose a secure money transfer service or bank to send your payment – check out options like Wise and OFX for safe payments with great rates and low fees.
What happens if I don’t declare an overseas property sale in Australia?
Failing to report or pay tax on the sales of an overseas property may lead to penalties, fines and other legal implications. Get advice as soon as you can from a professional to ensure you’re complying with your duties.
