No, bank money transfers are not recommended. Compared to OFX, local banks will charge you more expensive rates and higher transfer fees. This is because they pass on the cost of using a physical storefront to you.
Like all reputable money exchanges, we are registered with AUSTRAC and regulated by the Australian Securities and Investment Commission (ASIC).
S Money complies with the relevant laws pertaining to privacy, anti-money laundering and counter-terrorism finance. This means you are required to provide I.D. when you place an order. It also means the order must be paid for by the same person ordering the currency and you must show your identification again when receiving your order.
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