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How to Transfer Money from Australia to the UK

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The GoCardless content team comprises a group of subject-matter experts in multiple fields from across GoCardless. The authors and reviewers work in the sales, marketing, legal, and finance departments. All have in-depth knowledge and experience in various aspects of payment scheme technology and the operating rules applicable to each. The team holds expertise in the well-established payment schemes such as UK Direct Debit, the European SEPA scheme, and the US ACH scheme, as well as in schemes operating in Scandinavia, Australia, and New Zealand. See full bio

Last editedNov 20213 min read

If you need to send money to a UK-based supplier, how can you ensure you’re getting the best exchange rate? The best way to transfer money from Australia to the UK will depend on the size and speed of the transaction, among other factors. Here’s a closer look at your options when it comes to international money transfer providers.

The cost of sending money overseas

There are two main costs involved with sending money overseas:

1. Transfer fees

Whether you decide to use an online money transfer service or international bank, you can expect to pay some form of upfront fee. There are different structures and methods of calculation, from flat fees to percentages of the transfer value.

2. Currency exchange rates

It’s normal for currency values to fluctuate along with market fluctuations. In this case, you’ll need to keep an eye on how the British pound sterling tracks against the Australian dollar. Look up both the historic and current currency exchange rate to determine if your transfer service is offering you a fair deal.

3 ways to send a money transfer to UK from Australia

When you’re looking at sending money from Australia to the UK, your options boil down to three main categories.

1. Bank transfer

It’s highly likely that your bank will be able to facilitate a money transfer to the UK, as British pound sterling is carried by most Australian banks. Going directly to your local bank is convenient if you are already an account holder. However, the downside of an international bank transfer is the cost. The bank will convert AUD into GBP at the exchange rate they determine, with most covering their own costs with high transfer fees.

2. Cash transfer

Another option is to use a cash or wire transfer service like MoneyGram or Western Union. With this type of service, you send money from a local branch or online. It will be available for pickup from the UK-based branch in short order – sometimes as quickly as within minutes. Although it’s fast, this is not the cheapest way to transfer money to Europe. You’ll pay even higher fees than you would with your local bank.

3. Online money transfers

The third option is to use an online money transfer service, such as PayPal, Wise, or GoCardless. Fintech companies like these offer international money transfers at far lower rates when compared to traditional cash transfer services like Western Union. However, rates and reputations can vary widely so it’s important to shop around.

How to choose international money transfer providers

It’s clear that international money transfer providers offer the cheapest way to transfer money to Europe, the UK, and elsewhere. However, it’s important to compare your options carefully. Here are a few factors to consider when looking for the best way to transfer money from Australia to the UK:

Transfer speed – How long will your transfer take?
Security – Which online safety measures are in place to protect your transfer?
Legitimacy – Is the service regulated by the Australian Securities and Investments Commission (ASIC)?
Exchange rates – AUD and GBP rates fluctuate frequently, so are the rates mid-market or better?
Transfer fees – Is there a flat rate or percentage charged for the service?
Transfer limits – How much are you allowed to send at once?
Recurring payments – Can you set up recurring international payments?

Best way to transfer money from Australia to the UK

Here’s how to set up a money transfer to the UK from Australia using an online specialist:

Pick a provider and sign up for a free account. You’ll need proof of ID, contact details, and your payment method.
Choose your currency, the amount you wish to transfer, and provide transfer details including the recipient’s contact information and UK bank account number or IBAN.
Confirm the transfer details before submitting. Verify that your money is going to the correct destination and account.
Save your receipt to track your transfer as it moves from Australia to the UK. Most online services will automatically send you updates, including confirmation when the funds have been received.

Ultimately, online money transfers offer the best exchange rates and transaction fees. With GoCardless, you can send money directly to a UK bank account from Australia at low cost.

We can help

GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.