Leslie Massey
There are several ways to transfer money from Australia to the UK. You can use a bank transfer, a money transfer specialist, or a high street money transfer service. Bank transfers can be done online, by phone, or in-branch. They typically take two to five working days and can be relatively expensive. Money transfer specialists, such as Wise, offer competitive rates and fast transfers, but they don't always have a UK banking licence. High street money transfer services, such as Moneygram and Western Union, are useful if either party does not have a bank account.
| Characteristics | Values |
|---|---|
| Time taken for transfer | 2-5 working days for bank transfers; instant or within 1 day for some digital providers |
| Cost of transfer | Varies by provider; bank transfers are generally more expensive than IMTs; some digital providers offer fee-free transfers |
| Exchange rate | Varies by provider; some providers offer the mid-market exchange rate |
| Transfer limits | Varies by provider; Western Union has a maximum bank account transfer limit of £4,000 for Australia, while at Moneygram it's around £5,600 |
| Information required | Recipient's bank code (BIC or SWIFT code), IBAN or account number, and bank address; sender's full name and home address |
| Tax implications | Only money transferred that will generate income, such as interest or dividends, is taxable |
| Reporting requirements | AUSTRAC requires individuals to report foreign currency transfers of more than $10,000 |
| Transfer methods | Bank transfer, credit/debit card, cash, mobile wallet, high street money transfer services, online currency brokers, IMT apps |
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What You'll Learn
Using a bank account
When transferring money from Australia to the UK, using a bank account is a reliable option. Most banks allow you to send money to the UK online, by phone, or in-branch. However, it's important to note that bank transfers are usually more expensive than international money transfer (IMT) apps. Additionally, the transfer times and the amount you can transfer may vary depending on the provider and payment method.
To initiate a bank transfer, you will need the recipient's bank details, including their bank code, which can be either the Business Identifier Code (BIC) or SWIFT code, their International Bank Account Number (IBAN) or account number, and their bank's address. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) network facilitates the transfer of funds directly from your bank account to the recipient's account. This process typically involves several intermediaries and can take around two to five working days.
It's worth mentioning that bank transfers can be costly. A report by the Australian Competition & Consumer Commission (ACCC) found that transferring $10,000 in US dollars through the most expensive bank resulted in a $400 higher fee compared to choosing the cheapest service. Therefore, it's essential to compare fees and exchange rates offered by different banks before initiating a transfer.
Another option for transferring money is through a money transfer specialist firm. These firms act as third-party intermediaries and often provide competitive rates compared to banks. They may offer online or in-app money transfers, and some even have physical branches where cash payments can be made. This option is particularly useful if the recipient does not have a bank account, as they can pick up the money in person at a branch in the UK.
It's important to note that there are no tax implications when transferring money from an Australian bank account to a UK bank account, as long as the money transferred will not generate income. Additionally, there is no cap on the amount of money you can send or receive from overseas, and you are not required to declare such transactions. However, anti-money laundering regulations require individuals to report foreign currency transfers over $10,000.
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Using a money transfer specialist
If you're looking for a cheap money transfer option, consider using a money transfer specialist, such as CurrencyFair, Wise, TorFX, or Fair FX, Currencies Direct, and Corpay. These firms work as third parties to provide services such as online or in-app money transfers, typically at competitive rates compared to using a bank. They may also operate branches where you can make a cash payment.
To use a money transfer specialist, you'll first need to verify your identity by setting up an online account. You'll then need to provide the amount you want to transfer, a reference (if you wish), and the recipient's details, including their full name, bank account number, branch code, and bank name. The recipient may also need to provide their bank's address.
Money transfer specialists offer a number of ways to make payments. One method is a bank transfer, which involves sending money to the specialist using its bank details. You may also have the option to pay by debit card or credit card, although paying by debit card is likely to be cheaper.
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$35.98 $69
Using a high-street money transfer service
High-street money transfer services, such as Moneygram and Western Union, are a good option if you don't have a bank account to transfer from, or if the recipient does not have a bank account to receive the funds. This is because the 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. But if you make the payment online via Western Union, the 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.
Check the transfer limits, too. For example, Western Union has a maximum bank account transfer limit of £4,000 for Australia, while at Moneygram it's around £5,600. These limits can be subject to change due to market trends and legal regulations.
In the absence of a bank account, it's also possible to send cash via high street money transfer services using a prepaid card. Or you can transfer money digitally through a mobile wallet that is linked to a mobile number rather than a bank account. The recipient of the money transfer will also need a mobile wallet with the same transfer service to receive the funds.
It's worth noting that high-street bank services are considered the most secure method of sending your money abroad. As they are protected by the FSSC, there is no chance of money laundering with this money transfer method.
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Using a mobile wallet
Transferring money from Australia to the UK can be done through a variety of methods, including mobile wallets. Mobile wallets are a simple and easy way to send money to the UK from Australia. Here are the steps you can follow to use a mobile wallet for your money transfer:
Step 1: Choose a Reputable Money Transfer Service
Select a reliable and secure money transfer provider that offers mobile wallet transfers to the UK. One example is Xe, which allows you to send money to mobile wallets in over 35 countries. Other options include Western Union and Wise, which also provide international money transfer services.
Step 2: Create an Account
Sign up for an account with your chosen money transfer service. This usually involves providing your personal information, such as your name, email address, and creating a password. You may also need to set up security measures, like two-factor authentication, for added protection.
Step 3: Link Your Payment Method
Link your Australian bank account, debit card, or credit card to your mobile wallet account. This will allow you to fund your transfers. Some services, like Wise, also allow you to use money already in your mobile wallet or a Wise balance, which can be cheaper and faster.
Step 4: Initiate the Transfer
Log in to your mobile wallet app and initiate the transfer process. Enter the amount you wish to send in Australian dollars, and select the 'Mobile wallet' delivery option. You will then be prompted to provide the recipient's details.
Step 5: Provide Recipient's Information
To send money to the UK using a mobile wallet, you will typically need the recipient's mobile phone number. In some cases, you may also need their name and address. Additionally, make sure to double-check that the recipient has a mobile wallet set up to receive the funds.
Step 6: Confirm and Fund the Transfer
Review the transfer details, including the amount, fees, and delivery time. Then, confirm the transfer and fund it using your chosen payment method. The money will then be sent to the recipient's mobile wallet, usually within a few minutes to a few business days, depending on the service.
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Using a specialist online currency broker
Specialist online currency brokers, also known as foreign exchange or FX brokers, offer a convenient and affordable way to transfer money from Australia to the UK. They can offer more competitive exchange rates and lower fees compared to traditional banks and high-street money transfer services.
When you use a broker to send an international transfer, they buy and sell currency on your behalf and then transfer the funds to your recipient's bank account. Because they specialise in moving money around the world and deal in large volumes of currency, they can access better exchange rates.
There are several reputable online currency brokers available in Australia, including:
- OFX: Offers international transfers in over 55 currencies, with no fees on transfers over $10,000. You can lock in your exchange rate for up to 12 months with a forward contract and take advantage of 24/7 customer support.
- TorFX: Supports over 40 currencies and offers tools like forward contracts, limit orders, and stop-loss orders to help you secure the desired exchange rate.
- WorldFirst: Provides a range of international payment solutions, including the ability to open multiple local currency accounts and make mass payments.
When choosing a currency broker, it is important to consider factors such as transfer fees, speed, limits, advanced tools, business tools, and customer service. Some brokers may also offer additional features like mobile apps or online platforms for convenient and secure money management.
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Frequently asked questions
There are several ways to transfer money from Australia to a UK bank account. You can use a high street money transfer service, such as Moneygram or Western Union, or a specialist online currency broker, such as Fair FX, Currencies Direct, or Corpay. You can also use a mobile app, such as Wise, which allows you to send money from your Australian bank account to a UK bank account.
To transfer money from Australia to a UK bank account, you will typically need the recipient's full name, home address, account number or International Bank Account Number (IBAN), and the SWIFT or Bank Identification Code (BIC) of their bank.
Yes, there are typically fees associated with transferring money from Australia to a UK bank account. These fees can vary depending on the service you use, so it is important to compare the fees and exchange rates offered by different providers before choosing one.
The time it takes to transfer money from Australia to a UK bank account can vary depending on the service you use and the payment method you choose. Bank transfers can take around two to five working days, while digital money transfers can arrive as fast as the next working day.
