Lyla Lindsey
There are several ways to transfer money from the UK to Australia. The best method depends on your circumstances and the nature of your transaction. Digital money transfers are often the fastest, with some providers offering transfers in seconds or the next working day. However, the time it takes can depend on the payment method chosen, such as bank transfer or credit card. High street money transfer services, such as Moneygram and Western Union, are an option if the sender or recipient does not have a bank account. However, these services can be expensive, with Western Union charging £44.90 for a cash transfer from the UK to Australia. Digital and app-based money transfer providers, such as Revolut, Wise, and Xe, offer low fees and fast transfers, but they may not have a UK banking licence, meaning your money won't be protected by the FSCS scheme.
| Characteristics | Values |
|---|---|
| Money transfer services | Wise, Xe Money Transfer, Ria Money Transfer, Moneygram, Western Union |
| Payment methods | Debit card, credit card, direct debit (ACH), bank transfer, card payments, cash |
| Transfer time | Seconds, minutes, 1-3 business days, 1-4 working days |
| Transfer fees | Vary based on provider, amount, and payment method |
| Exchange rates | Vary based on provider; some providers offer mid-market rates |
| Recipient requirements | Some services require the recipient to have a bank account or Wise account |
| Additional features | Mobile app, calculator, savings on transfers, lock-in exchange rate, tracking |
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What You'll Learn
Using a money transfer service
Money transfer services such as Moneygram and Western Union are a good option if you don't have a bank account to send money from, or if the recipient doesn't have a bank account to receive the funds. Cash can be handed over and picked up from designated physical collection points, such as shops and newsagents. However, sending cash via a high-street money transfer service can be expensive. For example, Western Union charges a fee of £44.90 for a cash transfer from the UK to Australia. If you make the payment online via Western Union, transfer fees start from as little as £2.99. Some providers offer promotions that enable new customers to send money abroad online without transfer fees.
Digital and app-based money transfer providers, such as Revolut and Wise, offer a digital calculator on their website or app, which allows you to view real-time exchange rates. All charges are factored into the calculation, which can make it easier to compare the overall costs of different providers. However, you will first need to open an account and download the app. Digital money transfers to Australia can arrive as fast as the next working day.
Specialist online currency brokers, such as Fair FX, Currencies Direct, and Corpay, offer more competitive exchange rates and lower fees compared to high-street banks and money transfer services. Transfers to Australia can arrive as soon as the next working day and maximum transfer limits tend to be high. However, be cautious of brokers that offer 'no-fee' or 'commission-free' transfers, as these deals may hide a poor currency exchange rate that could end up costing you more overall. It can be helpful to use a foreign currency exchange calculator to estimate how much your Australian dollar transfer will cost.
If you're transferring money to someone overseas, you'll need their full name, home address, account number, or International Bank Account Number (IBAN), and the SWIFT or Bank Identification Code (BIC) of their bank.
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Bank deposits
If you choose to use your bank to transfer money, you can do so online, by phone, or in-branch. Payments are sent from your bank account directly to the recipient’s account via the SWIFT network. This can take around two to five working days, as the process involves several intermediaries. It can also be relatively expensive.
When transferring money from the UK to Australia, you may need to provide the following:
- Your name and contact details
- The receiver's name and contact details
- The receiver's banking details, including their bank account number and SWIFT code
- The amount sent
It is important to note that any transfer above AUD $10,000 must comply with Australian laws, and certain details will be shared with the regulatory body AUSTRAC.
Some popular money transfer services for sending money from the UK to Australia include Western Union and Wise. Western Union allows you to transfer money online, via its app, or at one of its locations. Wise offers a similar service, allowing you to send money to any bank account or PayID account in Australia.
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Digital money transfers
Digital Money Transfer Providers
Providers such as Wise, Revolut, and Ria offer digital money transfer services with competitive exchange rates and low fees. Wise, for example, allows you to send money to any bank account or PayID account in Australia, and your recipient doesn't need to have a Wise account. You can pay in British pounds by bank transfer, card, or using funds already in your Wise account. Ria also offers a similar service, with a network of locations across Australia for cash pickup or bank deposit.
Mobile Wallets
With Xe, you can send money to mobile wallets in over 35 countries, including Australia. This option provides a simple and easy way to transfer funds electronically.
High Street Money Transfer Services
Services like Moneygram and Western Union offer an alternative for senders or recipients who don't have bank accounts. Cash can be handed over and picked up at designated physical collection points. However, these services can be more expensive, with Western Union charging £44.90 for a cash transfer from the UK to Australia. Online transfers through Western Union start at £2.99.
Bank Transfers
You can also use traditional banks to send money from the UK to Australia. This option may take longer, with transfers typically taking between minutes and up to three business days. It's important to consider the fees associated with bank transfers, as they can vary depending on the amount and payment method.
When choosing a digital money transfer option, it's essential to compare exchange rates, fees, transfer speeds, and security to ensure your funds arrive safely and cost-effectively.
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Currency exchange calculator
Several online tools are available to help you calculate the exchange rate and fees for sending money from the UK to Australia. These include:
- Wise App: This app allows you to send money from GBP to AUD with low fees and fast transfers. You can check the mid-market exchange rate, save your favourite currencies, and see how the exchange rate changes over time.
- XE Currency App: With over 30 years of experience, XE offers a simple, fast, and secure way to send money internationally. The app is free to use and provides transparent rates. You can send money via bank transfer, card, or using funds in your XE account.
- CommBank: CommBank offers a foreign exchange calculator and the ability to send money to over 200 countries using their NetBank and mobile app. They also offer a Travel Money Card that lets you lock in an exchange rate and load up to 13 currencies.
- Westpac: Westpac provides a currency converter and FX rates for sending money overseas. They also offer the Worldwide Wallet, a prepaid multi-currency card with no load, reload, or foreign transaction fees.
- ANZ: ANZ offers a foreign exchange calculator to view today's FX rates, convert currencies, and estimate any fees associated with your transaction.
Additional Considerations
When using a currency exchange calculator, it's important to note that the rates provided are usually indicative and subject to change. Overseas banks may also impose their own fees and charges, or they may convert the currency at an unfavourable exchange rate. It is recommended to check with your bank and the recipient's bank for any additional fees or charges that may apply.
By using a currency exchange calculator and understanding the associated fees, you can make informed decisions when sending money from the UK to Australia and ensure that your recipient receives the intended amount.
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High street money transfer services
High-street banks are a secure and convenient way to send money from the UK to Australia. Most high-street banks offer international money transfer services, allowing you to send money abroad. This option is secure because UK-regulated banks protect up to £85,000 per person, per banking institution through the Financial Service Compensation Scheme (FSCS). Additionally, there is no chance of money laundering with this method.
However, sending money overseas through your bank may not be the cheapest option, as high-street banks typically charge high fees for foreign currency transactions. For example, Halifax charges a £20 fee for transfers to 'zone two' countries, which includes Australia. Furthermore, it can take up to four or five working days for the funds to become available to the recipient in Australia.
High-street money transfer services, such as Moneygram and Western Union, are another option for sending money to Australia. These services are often favoured if the sender or recipient does not have a bank account, as cash can be handed over and picked up from designated physical collection points, such as shops and newsagents. While sending cash via these services can be expensive, making the payment online can result in lower transfer fees. For example, Western Union charges a fee of £44.90 for a cash transfer from the UK to Australia, while online transfer fees start from £2.99.
When choosing a high-street money transfer service, it is important to consider factors such as exchange rates, transfer limits, and any potential hidden fees. For example, Western Union has a maximum bank account transfer limit of £4,000 for Australia, while Moneygram's limit is around £5,600. These limits may change due to market trends and legal regulations. Additionally, while some providers offer promotions with no transfer fees for new customers, it is crucial to ensure that the currency exchange rate is competitive to maximise the value you get.
In summary, while high-street money transfer services offer convenience and security, they may come with high fees and slower transfer speeds compared to other options. It is important to carefully consider the available services and choose the one that best suits your needs and preferences.
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Frequently asked questions
You can send money from the UK to Australia using a money transfer service like Wise, OFX, Xe, or Ria.
To transfer money from the UK to Australia, you will typically need to provide the amount you want to send, your recipient's bank details, and your payment information.
The cost of transferring money from the UK to Australia varies depending on the service provider and payment method. Some providers charge a flat fee plus a percentage of the amount converted, while others charge a variable fee based on the transfer amount and payment method.
The time it takes to transfer money from the UK to Australia can range from a few minutes to several business days, depending on the service provider and payment method. Some providers offer instant or same-day transfers.
Some money transfer services may have limits on the amount you can transfer in a single transaction. For example, Xe allows users to send up to £350,000 GBP online, while OFX does not enforce any limits on the amount transferred.
