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Banking, saving, and sending money back to Latin America

Banking, saving, and sending money back to Latin America

Once you're working, the focus shifts: choosing where to save, sending money to family without losing it along the way, and understanding what superannuation is.

Wise is the cheapest way to send money to LATAM
Which bank is best for everyday use?

Commonwealth Bank (CBA): the biggest, with the widest ATM network. ING: no fees if you deposit at least $1,000/month. UP Bank: fully app-based, no fees.

What's the cheapest way to send money home?

Wise is usually the cheapest option for Colombia, Mexico and Argentina. Remitly is fast with a good exchange rate. Avoid sending directly from an Australian bank — they charge $20–$30 per transfer.

What is superannuation?

It's your Australian retirement fund. If you're an employee, your employer deposits 11.5% (2025) of your wage into it. You can't touch that money until you retire, except if you leave Australia permanently (DASP).

Which super fund should I pick?

Look for one with low fees: AustralianSuper, Hostplus and REST are well-known, well-rated options.

Related guides
Open your bank account before you travelFinding work as a newcomerThe government portals you'll use again and again

General information, not personalised migration advice. Always verify on the official Australian government websites. · Updated: Agosto 2026