This guide will explore all the options to find the most competitive rate when transferring money to Australia from the UK.
Finding the cheapest way to transfer money to Australia from the UK is the top priority for an estimated amount of 155,000+ Aussies living in the UK. If you have family members and friends in Australia, or a holiday home or summer plans upcoming in Australia, you might have to find the best way to send money to Australia from UK.
Sending money to Australia today is quite easy, but most of the options to transfer money to Australia from UK are expensive and slow – especially if you choose traditional banks to transfer money overseas.
As an alternative to high-street banks, Wise (formerly TransferWise) is a better option that offers a safe, quick, and affordable way to transfer money to Australia from the UK. Wise offers a mid-market exchange rate (the rates you see on Google) and a low transparent fee.
The Australian dollar (AUD) is one of the most popular currencies in the UK and one of the major currencies in the global FX market. The AUD is a very stable currency because of its strong trade deals and diplomatic ties in with the major markets in the world.
Securing a good GBP to AUD is one of the first factors that you have to consider when transferring money to Australia. But, there are various other factors that you may have to consider, such as transfer delivery time (transfer speed) and low international money transfer service fees.
In this guide, we will explain how to send money to Australia from the UK. And everything you need to know, such as money transfer costs, securing a good GBP to AUD exchange rate, and other useful tips to transfer money to Australia.
What is the Cheapest Way to Transfer Money to Australia from UK?
There are mainly 2 ways of sending money to Australia from the UK
- High-street UK banks: High fees, poor exchange rate and slow delivery
- Specialist money transfer provider: Fast, real exchange rates, and low transparent fees
The overall cost of sending money to Australia with a local UK bank can charge around 6% to 10% of the total transfer amount. Whereas specialist money transfer providers like Wise charge only 0.41% of the total transfer amount. Keep reading to see the price comparison.
Transferring money to Australia via UK Bank
One of the most transitional methods to transfer money to Australia from the UK is using your local UK banks. The banks mostly use the SWIFT network to make international transfers from bank to bank.
However, sending money to Australia via a high-street bank is a very expensive option (as high as 10% of the transferred amount).
It is because UK banks charge a high fixed fee on international transfers and on top of that banks offer poor exchange rates by adding hidden markups on GBP to AUD exchange rates (also known as the “profit margin”).
Some banks may attract customers by offering fee-free international money transfers, but the hidden markups on the exchange rate can usually go as high as 5-7% of the actual rate (also known as the mid-market rate that you see on Google)
Usually, on SWIFT transfer, the recipient banks (in Australia) also changed a fee to settle the amount to the recipient’s bank account. And in some cases, there is also corresponding bank fee involved (which is the intermediary bank that facilitates the transfer)
Here are the bank fees of top US and UK banks on international money transfers
| UK Bank | International transfer cost |
|---|---|
| Barclays | 4% – 10% (depending on the currency) |
| HSBC | 1.5% – 8% (depending on the currency) |
| Lloyds | 3.5% – 8% (depending on the currency) |
Read more: How to send money at mid-market exchange rates.
Sending Money to Australia with Money Transfer Providers
Over the past decade, online money transfer providers have changed the game of international, making it simpler, faster and affordable. A study by Daily Telegraph says that money transfer providers can be 6 times cheaper than UK banks.
Money transfer providers like Wise (formerly TransferWise) offer safe as low-cost services to transfer money to Australia from the UK along with mid-market exchange rates and fast delivery compared to traditional UK banks.
It is important to note that not all money providers are credible and provide safe money transfer services. It is important to choose the top-rated and most trusted money transfer provider to send money to Australia from the UK.
Wise is regulated by the FCA (Financial Conduct Authority) which guarantees the safety of your money. According to the guidelines of FCA, your money is protected in a separate bank (Barclays). Wise keeps the customers’ money separate from the business’ operational money.
This means that your money is totally safe and ringfenced in a separate bank and ensures the safe delivery of your money to the recipient account.
What is the Best Way to Send Money to Australia from the UK?
Wise (Formerly TransferWise)
Wise is an incredibly easy and cheapest way to transfer money to Australia from the UK. It is quite simple to make an account and make an international money transfer from the website or the app.
Wise offers a mid-market exchange rate to transfer GBP to AUD (the real exchange rate that you see on Google) and charges very low fees.
How much does it cost to send money to Australia with Wise?
Wise Transfer Fees: To convert GBP to AUD, Wise charges a flat fee of £0.27 + 0.37% of the transferring amount. If you want to transfer money to Australia over £100,000, Wise charges you a flat fee of 0.27 GBP + 0.27% of the amount.
Exchange Rate: Wise offers a mid-market exchange rate to transfer money overseas (including Australia) (the real exchange rate that you see on Google)
Payment method: Bank transfer, debit card and credit card.
How long does it take to transfer money to Australia from UK with Wise?
If you are transferring money to Australia to a local Australian bank account, it takes around 1 business day.
If you are using a Wise multi-currency account, transferring money from another currency to an AUD account is instant.
Read More: Wise 2023 Review: Is Wise safe?
How to Send Money to Australia from the UK?
No matter what option you pick, bank or online international money transfer service, you would the recipient’s bank details when transferring money to Australia.
When sending money to Australia from the UK, you will need:
- You would need your valid ID with your full name, address, date of birth
- Recipient’s bank details of a local Australian bank that includes
- Full name of the Australian account holder
- 5-9 digit Australian account number
- Australian branch address
- 6-digit BSB number
- The BSB (bank/state/branch code) number is in this format – XXY-ZZZ
- The first 2 digits (XX) are the bank’s unique code, the third digit (Y) represents the state in which the branch is located in Australia and the final 3 digits (ZZZ) represent the address of the branch.
- If you don’t have the Australian BSB number, you can also send money to Australia via the SWIFT code or BIC code.
- You would also need a payment method – such as cash (via banks or Western Union) or bank transfer, credit or debit card.
How to transfer money to Australia from UK with Wise (TransferWise)?
- Create a free Wise account.
- Enter how much you want to send in GBP or how much you want the recipient to receive in Australian Dollar (AUD).
- See both the exchange rate and the fee.
- Enter the recipient’s Australian bank details.
- Confirm the transfer.
- Select your preferred payment method.
- Once Wise gets your payment, it will send the money in AUD to your recipient.
How Much Does it Cost to Send Money to Australia?
The transfer cost is one of the most important factors that you look at when transferring money to Australia.
The overall cost of sending money to Australia with a local UK bank can be as high as 6% to 10% of the total transfer amount. Whereas specialist money transfer providers like Wise charge only 0.41% of the total transfer amount.
Banks notoriously charge high fixed money transfer fees (up to 30 GBP) along with a poor exchange rate (by adding a “profit margin” on the actual exchange rate). On top of that, the overseas transfer usually takes 3 to 4 business days if you send money to a bank.
This is why sending money to Australia via local UK bank is an expensive option.
This is one of the reasons people prefer specialist international money transfer services – like Wise (formerly TransferWise) for a cheap and fast.
Wise is one of the cheapest ways to transfer money to Australia. Here is a quick breakdown of Wise rates and fees for GBP to AUD transfer
| Amount | Cost (% of total amount)* | Recipient Gets** | Transfer Speed |
|---|---|---|---|
| 🇬🇧 1000 GBP | 4.35 GBP (0.43%) | 🇦🇺 1750 AUD | 9 hours |
| 🇬🇧 2000 GBP | 8.44 GBP (0.42%) | 🇦🇺 3500 AUD | 9 hours |
| 🇬🇧 5000 GBP | 20.69 GBP (0.41%) | 🇦🇺 8,752 AUD | 10 hours |
| 🇬🇧 10,000 GBP | 41.10 GBP (0.41%) | 🇦🇺 17,504 AUD | 10 hours |
** 1 GBP = 1.758 AUD
The average cost of sending GBP to AUD can be as low as 0.41% of the total transfer amount (if choose bank transfer as the payment option)
If you want to pay with your debit card or credit card, the cost to send money to Australia via Wise would be 0.73% of the total transfer amount.
Wise is one of the best way to send money to Australia from UK with a low transparent fee and offers mid-market exchange rates (which is the “real” exchange rate with no hidden markups).
How Much Money Can I Send to Australia?
Generally, there are no limits on how much money you can send to Australia. However, some online money providers may have certain limits to the amount of money you can send to Australia.
The money transfer limit to send money to Australia from the UK may vary from provider to provider.
How long it takes to transfer money to Australia from the UK?
Sending money to Australia via bank can be quite slow. Usually, a traditional UK bank may take up to 3 or 4 days to transfer the money to an Australian bank account.
Whereas, online money providers like Wise (ex TransferWise) take a few hours to 1 business day to transfer money to Australia from the United Kingdom.
If you want to open a local AUD account, you can try a Wise multi-currency account and get a local Australian account with bank details including an Australian account number, BSB code and SWIFT code.
What are the tax implications when transferring money to Australia?
Disclaimer: MoneyTransferStore does not provide any financial advice or tax-related advice. You should contact a tax advisor for detailed and professional consultation. The information provided on this blog is for the general understanding of the sender.
If you are sending money from the UK, there won’t be any tax on the transferring amount to Australia from the UK, although Australian tax would be a matter for the recipient in Australia.
Dan Allen, senior press officer at HMRC
We would also recommend consulting with a professional account, tax advisor, or HMRC, before sending money to Australia from the UK, if you want to remain fully compliant with the regulations.
FAQs on Transferring Money to Australia from the UK
❓ How do I transfer money from the UK to Australia?
Follow these steps to send money to Australia from your bank account to an Australian bank account
- Log in to your online banking/online money service account, or visit a local branch
- Select the amount you want to transfer
- Secure a rate and money transfer fees
- Recipient’s bank details of a local Australian bank that include the full name of the Australian account holder
- 5-9 digit Australian account number
- Australian branch address
- 6-digit BSB number or SWIFT/BIC code
- Confirm the details and complete the transaction
It takes around 3 – 4 days for the money to deliver to the Australian bank account. If you want a faster delivery, you may consider transferring money to Australia via an online money transfer provider like Wise (ex TransferWise) which takes 9 – 10 hours to send money to Australia from UK.
🚫 Are there any limits for foreign currency transfers to Australia?
Generally, there are no limits on how much money (in any currency) you can send to Australia. However, some online money providers may have certain limits to the amount of money you can send to Australia. The money transfer limit to send money to Australia may vary from currency-to-currency and provider-to-provider.
💰 How much does it cost to send money to Australia
If you are sending money to Australia via your local bank, the overall cost of the transfer can be as high as 6% to 10% of the total transfer amount because banks charge a high fixed fee on international transfers. And on top of that, offer poor an exchange rate by adding hidden markups (profit margins) on exchange rates.
Whereas specialist money transfer providers like Wise charge only 0.41% of the total transfer amount.
⌛ How long does it take to transfer money to Australia from UK?
The time it takes to send money to Australia via your local UK bank can be quite slow. Usually, a traditional UK bank may take up to 3 or 4 days to transfer the money to an Australian bank account.
If you are sending money to Australia via high-street bank, watch out for the hidden fees and bad GBP to AUD exchange rates (on top of high fixed fees to transfer the money to Australia)
Whereas, online money providers like Wise (ex TransferWise) take a 9 to 10 hours to transfer money to Australia from the United Kingdom at mid-market GBP to AUD exchange rate (the real rate that you see on Google) and low transparent fees.
🇦🇺 How much money can I bring to Australia?
If you are planning to visit Australia and planning to carry cash with you to cover your expenses, you can carry an unlimited amount of money – as much as you want (in cash and online).
However, If you are carrying cash over 10,000 AUD must be declared at the international borders. You won’t be charged any fees to declare your cash (any physical currency equivalent to >10,000 AUD.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) only requires you to declare the amount to prevent money laundering or any other fraudulent activities.
According to the AUSTRAC guidelines. It is mandatory to declare cash over 10,000 AUD (or equivalent) to AUSTRAC. If you are receiving the money in an Australian account or carrying an amount over 10,000 AUD in your bank account, you do not have to declare it to AUSTRAC.
💸 Can I send cash to Australia from the UK?
Yes, you can send cash to Australia from the UK. You can use popular providers such as MoneyGram or Western Union to send cash to Australia. Cash transfer services are expensive compared to online money transfer providers. But the cash transfer is almost instant and available for pickup in no time.
Western Union is a popular cash transfer provider with a huge network of branches across Australia. Whereas, MoneyGram is not such a popular option in Australia, mainly due to the dynamic fee structure which changes every time you use their service.
