When sending money to Australia, you have several options. Most people automatically think of an international bank transfer through their regular UK bank.
But is this the best way to send money to Australia?
Best Way to Send Money to Australia From UK: My Verdict
The best way to send money to Australia from the UK depends on factors like cost, speed, and convenience.
Typically, specialist money transfer services like Currencies Direct, TorFX, Wise or OFX are excellent options.
These services often offer competitive exchange rates and lower fees than traditional banks. You can conveniently transfer money online, and the recipient gets the funds quickly.
They also have transparent pricing structures, allowing you to know exactly how much they will pay in fees and how much the recipient will receive in Australian dollars.
Although requesting a transfer from your regular UK bank may be more familiar, international transfers to Australia often come with longer transfer times, higher fees and less favourable exchange rates.
Banks may also apply additional charges for international transfers, including intermediary bank fees, which can further reduce the amount the recipient receives in Australia.
What’s the Cheapest Way to Send Money to Australia?
| Provider | Transfer Fee for £100 | Exchange Rate for £100 | Transfer Fee for £2,000 | Exchange Rate for £2,000 | Learn More |
|---|---|---|---|---|---|
| TorFX | £0 | 1.9399 | £0 | 1.9398 | Visit TorFX |
| OFX | £0 | 1.9398 | £0 | 1.9399 | Visit OFX |
| Currencies Direct | £0 | 1.9329 | £0 | 1.9327 | Visit Currencies Direct |
| Wise | £1.10 | 1.94818 | £8.44 | 1.94803 | Visit Wise |
| XE | £1.99 | 1.94804 | £0 | 1.94804 | Visit XE |
| Remitly | £2.99 | 1.9261 (pay by card)1.9344 (pay by bank) | £2.99 | 1.9261 (pay by card) 1.9344 (pay by bank) | Visit Remitly |
| Atlantic | £3 | 1.947490 | £3 | 1.947490 | Visit Atlantic |
TorFX, Currencies Direct and OFX are the cheapest ways to send money to Australia.
All three providers don’t charge transfer fees but instead, mark up the quoted exchange rate.
An exchange rate markup is the difference between the rate at which the service provider can convert currency (known as the real-time, base or interbank exchange rate) and the exchange rate they quote you.
At the time of writing, the interbank exchange rate converting British pounds (GBP) to Australian dollars (AUD) is 1.9417.
The closer your quoted rate is to the interbank exchange rate, the better your deal is.
In some situations, paying a transfer fee to access a better exchange rate may be more cost-effective.
Whilst your transfer fees will be higher, the more favourable exchange rate will counteract your costs, potentially getting you more Australian dollars for your money.
For example, Wise offers the highest exchange rate for both a low transfer of £100 and a large transfer of £2000 but charges a fee of £1.10 and £8.44 respectfully.
Some providers also offer different exchange rates based on how you pay for your transfer.
For example, Remitly provides a better rate of 1.9344 for transactions paid by bank transfer than those paid by debit or credit card, with a rate of 1.9261.
What’s the Fastest Way to Send Money to Australia?
| Company | Delivery Timeframe |
|---|---|
| Remitly | Within minutes if paid by card or within 2 hours if paid by bank transfer |
| TorFX | Same day to 2 business days |
| Currencies Direct | 1 to 4 working days |
| OFX | 1 to 5 business days |
| Wise | 2 to 5 working days |
| XE | 3 to 6 business days |
| Atlantic | Standard delivery is around 4 business days, or Express delivery is 2 to 3 business days. |
Remitly is the fastest way to send money to Australia, claiming to offer a near-instant service if you pay by card or within 2 hours if you pay by bank transfer.
Generally, transfers funded by credit or debit cards tend to be faster than bank transfers, which may take longer to process.
TorFX state funds could be received the same day or up to 2 business days, depending on the time you initiate the transfer and the recipient bank’s policies.
Other factors influencing the time it takes to transfer money to Australia include verification procedures and the conversion process.
As you can see from the table, most providers state a similar transfer time, averaging around 2 to 5 working days.
Providers such as Atlantic offer an express delivery service for an additional fee. In Atlantic’s case, this is a 0.1% fee (e.g. 10p for a £100 transfer or £2 for a £2000 transfer).
What’s the Best Way to Send Large amounts of Money to Australia?
Generally, using online money transfer services, such as Atlantic, Wise and Remitly, is the best way to send large amounts of money to Australia.
When transferring large amounts to Australia, you should consider several factors, including
- Exchange Rates: Even slight differences can significantly impact the amount received in Australia.
- Transfer Fees: Some providers offer discounted fees for large transfers, increasing the amount received in Australia.
- Transfer Limits: Ensure the chosen provider can accommodate the large sum you intend to send without hitting any transfer limits.
- Security Measures: Opt for providers with strong security protocols to safeguard your financial information and protect against fraud or unauthorised access.
- Regulatory Compliance: Choose providers regulated by relevant financial authorities to ensure compliance with regulations and protect your rights as a consumer.
Customer Support: Many providers, such as Currencies Direct, TorFX and OFX, provide dedicated account managers for customers who make large transfers.
What’s the Safest Way to Send Money to Australia from the UK?
The safest way to send money to Australia from the UK is through a reputable and regulated money transfer service or bank.
Choose money transfer services or banks regulated by financial authorities in the UK and Australia. Regulation helps ensure the provider adheres to strict security, transparency, and customer protection standards.
Look for providers with strong security measures, such as encryption technology, transaction monitoring and identity verification processes, to protect your financial information during the transfer.
You should also consider how responsive a provider’s customer support channels are in addressing concerns or issues if they arise. You can do this by reading expert and customer reviews.
Can I Send Money to Australia Online?
Yes, you can send money to Australia online by several methods, including:
- Money Transfer Services: Providers like Wise, XE, Remitly, and OFX typically offer competitive exchange rates and lower fees than traditional banks.
- Bank Transfers: Many banks, such as Barclays, NatWest and RBS, offer online services that allow you to transfer money to Australia directly from your bank account.
- International Wire Transfers: Many international banks offer online platforms for initiating wire transfers to Australia. You can use these platforms to securely send large sums of money to Australian banks like CBA, HSBC Australia, and Bank of Queensland.
- Digital Wallets: Services, such as PayPal, Skrill, and Revolut, allow you to transfer money to Australia online using your linked bank account or debit/credit card.
- Online Payment Platforms: Certain payment providers, such as Payoneer and WorldRemit, offer services specifically designed for international money transfers.
- Prepaid Debit Cards: Some providers offer online services that allow you to load funds onto a card and send money to Australia electronically. These cards can be convenient for recurring transfers or sending money to family members.
- Cryptocurrency Transfers: You can use cryptocurrency exchanges to convert your digital assets into Australian dollars and send them to a recipient in Australia with a compatible cryptocurrency wallet.
Can I Set up Regular Payments to Australia?
Yes, you have several convenient options to send money regularly to an Australian bank from the UK.
First, consider using specialist money transfer services like Currencies Direct, Remitly, and OFX. These providers offer automated transfers with competitive exchange rates and minimal fees.
Alternatively, you can utilise foreign exchange brokers like TorFX to lock in favourable AUD exchange rates for future payments through currency forward contracts. However, this may be more complex than a specialist money transfer service.
Online payment platforms such as PayPal and Skrill also allow you to schedule automatic transfers at regular intervals but charge higher fees that will reduce the amount received in Australia.
Setting up a standing order with your UK bank is another straightforward method to regularly send a fixed amount of money to Australian banks, including National Australia Bank.
However, it usually takes longer for traditional banks to transfer money to Australia, so it wouldn’t be suitable if your funds need to be received urgently.
Finally, you can authorise third parties to take regular payments from your account through direct debit arrangements, simplifying the process of consistently sending money to Australia.
Whilst convenient, you may not get as favourable an exchange rate as you would with specialist money transfer services, reducing the amount of Australian dollars you will get for your money.
Sending Money to Businesses in Australia
Individuals can send money to businesses in Australia through various methods, including online money transfer services, bank transfers, payment platforms, foreign exchange brokers and standing orders.
Specialist money transfer services like XE, OFX, or Currencies Direct allow you to send money to Australian businesses quickly and securely.
UK businesses wishing to send money to another business (B2B) may use corporate banking solutions provided by banks and financial institutions to manage business payments to Australian banks such as Commonwealth Bank of Australia, ANZ Bendigo and Adelaide Bank.
Although reliable, these services often have less competitive exchange rates, longer processing times and higher fees than specialist money transfer services.
If you’re sending large amounts or need to lock in a favourable exchange rate, you can use foreign exchange brokers like TorFX or HiFX. These brokers offer personalised service and competitive rates for business transfers to Australia.
However, this may involve a more complex process than a money transfer service, including additional paperwork or compliance requirements.
How to Send Money to Australia From the UK
Sending money to Australia from the UK is relatively straightforward. Here’s a simple guide:
- Choose a Transfer Method: You can use your bank, specialist money transfer services, online payment platforms, or other options.
- Provide Recipient Details: This should include their full name, address, Australian bank account details (account number, BSB code), and any reference numbers they provide for the transaction.
- Select the Amount and Currency: Decide how much money you want to send and in which currency, such as Australian Dollars. Ensure you know any exchange rate fees or charges associated with the currency conversion.
- Initiate the Transfer: Log on to an online banking account, money transfer service or payment platform and follow the instructions to request the transfer.
- Confirm and Pay: Review the transfer details to ensure everything is correct. Confirm the transaction and proceed to make the payment.
- Track the Transfer: After completing the transaction, you may receive a confirmation email or notification with transfer details. Keep track of the transfer using any tracking features provided by your chosen service.
- Notify the Recipient: Once the transfer is complete, inform the recipient that the money is coming. To access the funds, provide them with relevant information, such as confirmation numbers or transaction details.
Ways to Pay for Your Money Transfer to Australia
| Money Transfer Service | Accepted Payment Methods |
|---|---|
| XE | Bank transfer, credit or debit card |
| Remitly | Bank transfer, credit or debit card |
| Currencies Direct | Debit card, bank transfer |
| OFX | Electronic funds transfer, debit card, business customers can pay by bank transfer |
| TorFX | CHAPS/TT wire transfer, SWIFT payment, BACS, Visa debit card, cheque |
| Wise | Bank transfer, Wise account, debit or credit card, SWIFT, Google or Apple Pay |
| Atlantic | Bank transfer |
How you pay for your money transfer to Australia depends on your chosen provider and transfer method.
Most providers accept payments by bank transfer and debit or credit cards.
You may also be able to use digital wallets like Apple Pay, cheques and payment platforms like PayPal.
It’s important to note that how you pay for your transfer can impact how long it will take for your money to be received in Australia.
Generally, transfers paid for using a debit or credit card are faster than those by bank transfer.
What Details Do I Need to Send Money to Australia?
Your Information
- Your name, address and other contact details
- Your payment details, such as card number, to fund the transfer to Australia
- Depending on the transfer size, identification documents, like a passport, to comply with regulation compliance.
Recipient’s Information
- Full name or registered business name of the recipient
- The full address of the recipient
- Details of where the transfer should go include the Australian bank account number, e-mail address, or phone number.
- If transferring to an Australian bank:
- 6-digit BSB (Bank-State-Branch) code to identify the bank and branch location
- 8- 11-character alphanumeric SWIFT/BIC code identifying the bank.
- Depending on the transfer size, identification documents, like a passport, to comply with regulation compliance.
Transfer Information
- The amount you want to transfer to Australia in GBP. Your transfer provider will convert it into Australian dollars for you.
- The reason for your transfer to Australia, such as personal, business or investment.
- A reference or invoice number to help the recipient identify the payment.
By providing these simple details accurately, you can initiate a smooth and successful money transfer to Australia.
How Much Does it Cost to Transfer Money to Australia?
The total cost of transferring money from the UK to Australia depends on various factors, including the amount you’re sending, the transfer method you choose, the exchange rate offered, and any additional fees involved.
The most common types of fees you can expect include:
- Transfer Fees: Charged by UK banks and money transfer services to cover their costs and make a profit. These fees can vary widely, ranging from a fixed amount of around £5 to £30 per transfer to a percentage of between 0.5% – 3% of the total amount being sent. Online transfers are often cheaper compared to in-branch transactions.
- Exchange Rate Markup: UK banks and money transfer services typically apply an exchange rate to convert your currency from British pounds (GBP) to Australian dollars (AUD). However, the exchange rate offered may differ from the real-time market rate, with a markup added, especially if the provider doesn’t charge transfer fees. This means you’ll receive fewer Australian dollars for your money.
- Additional Charges: Other charges may be associated with sending money internationally. For example, your bank may charge an intermediary fee if the transfer involves multiple banks. Some services also offer faster transfer options for an additional cost.
Recipient Fees: While you might incur costs sending money from the UK, the recipient could also face charges when receiving the funds in Australia. These fees vary depending on the recipient’s Australian bank and account type.
How Much Can I Send to Australia from the United Kingdom?
| Money Transfer Service | Transfer Limit |
|---|---|
| Currencies Direct | No limit |
| OFX | No limit |
| TorFX | No limit |
| Atlantic | No limit |
| Wise | Up to £5,000,000 per transfer, but varies depending on payment method |
| XE | £350,000 in a single transfer |
| Remitly | Tiered limits vary for each account. 24-hour limits: £5,000 – £25,00030-day limit: £15,000 – £25,000180-day limit: £50,000 – £150,000 |
When sending money to Australia from the UK, the amount you can send varies depending on your money transfer service.
Some services, like XE and Wise, may have specific limits per transfer, while others, such as Currencies Direct, OFX, TorFX, and Atlantic, may have no set limits.
Remitly sets tiered limits based on usage of 24 hours, 30 days, and 180 days. These limits ensure you know how much money you can transfer within specific periods.
It’s essential to check the limits of your chosen service to ensure it meets your transfer needs.
How Long Does it Take to Send Money to Australia?
The time it takes to send money to Australia can vary based on factors like the money transfer service you use, the payment method, and the processing times of banks. Generally:
- Specialist Money Transfer Services: Services like Wise and Remitly often offer faster transfers, with some completed within minutes to hours.
- Bank Transfers: Can take 3-5 business days or longer, depending on the banks involved and any international processing times.
- Online Payment Platforms: PayPal allows instant transfers if the sender and recipient have PayPal accounts.
- Cryptocurrency Transfers: Using cryptocurrencies like Bitcoin can result in near-instant transfers, typically within minutes.
- Cash Pickup Services: Services like Western Union or MoneyGram may allow for same-day transfers if the recipient opts for cash pickup.
Methodology
I explored a variety of ways to send money from the UK to Australia, including banks, online services, payment platforms, and cash pickup options, to suit different preferences.
For comparison, I looked at:
- Cost: This includes all expenses like fees, exchange rate markups, and other charges.
- Exchange Rate: How each service’s rates stack up against current market values from GBP to AUD.
- Speed: The time it takes for the money to arrive, factoring in processing and delivery.
- Convenience: How easy it is to start a transfer, the support available, and online access.
- Limits: Any caps on how much you can send at once or over a period.
- Security: What measures are in place to protect your details and money.
- Regulation: Whether services comply with financial laws in the UK and Australia.
I keep my article up-to-date, but be aware, details like rates and fees might change.
Please note, this article is for info only. It’s not financial advice. Make sure to do your own checks and maybe get independent advice. I’ve done my best to ensure accuracy, but I can’t cover everything or guarantee it’s all perfect.
FAQs about Money Transfers to Australia
What is the downside of international transfers to Australia with your bank?
The downside of using your UK bank to send money to Australia includes potentially higher fees than specialist money transfer services such as Atlantic, Wise and Currency Direct, less competitive exchange rates, and longer processing times.
Are there any alternatives to traditional bank transfers for sending money to Australia?
Yes, alternatives to traditional bank transfers for sending money to Australia include specialist money transfer services like Wise, Remitly, and OFX, which often offer lower fees and competitive exchange rates than banks. Online payment platforms such as PayPal and digital wallets like Revolut also provide convenient options for sending money internationally.
Do you need an IBAN to transfer money to Australia?
No, you don’t usually need an IBAN to transfer money to Australia, as they’re primarily used in European countries and some other regions, not in Australia. Instead, Australian bank transfers typically require a six-digit Bank-State-Branch (BSB). You may also need a SWIFT/BIC code to identify the recipient’s Australian bank.
Can I send money to Australia using a mobile app?
Yes, you can send money to Australia using mobile apps provided by companies like XE, Currency Direct, and TorFX. Additionally, some banks may have their own mobile banking apps that enable international money transfers to Australian bank accounts.
Do I need to consider time zone differences when sending money to Australia?
Yes, Australia has multiple time zones, with the Eastern Standard Time (EST) being the most common. The time difference between the UK and Australia can affect the timing of your transfer and when banks or money transfer services will process it. It’s advisable to check the business hours of the recipient’s Australian bank and the cut-off times for transfers to ensure your money is sent promptly and efficiently.
What are the options for sending money to Australia if I don’t have a UK bank account?
If you don’t have a bank account, you can use money transfer operators, such as Western Union or MoneyGram, to send cash for pickup at designated locations in Australia. Some online payment platforms and mobile wallet services may offer options for sending money to Australia without needing a bank account.
