Identifying the best way to transfer money from the UK to Australia is a priority for many, especially the estimated 1.2 million Britons who live Down Under and the 165,000 Australians residing in the UK.
Although 10,000 miles separate the countries, cultural ties are as close as ever, meaning many people have reason to transfer money from the UK to Australia. So, whether you plan to emigrate to Australia for the first time, purchase a property there or simply make regular payments such as mortgage or pension instalments, it’s vital that your international money transfers are efficient and competitive.
For many people, an international payments specialist offers the best way to send money to Australia from the UK as it can provide both efficient service and good value for money.
While high-street banks can charge high fees of up to £30 per transaction, specialist foreign currency transfer companies are often able to minimise these costs because of the greater number of transfers they undertake. For a similar reason, they are also able to offer much more competitive exchange rates than many other business types, such as banks.
For many, the simplest and most cost-effective way to transfer money from the UK to Australia is via an online international money transfer service.
To transfer online with these services, you will simply need to:
- Register for an account
- Add funds
- Select where you would like to send your payment
Alternatively, you can often also transfer money over the phone.
The Telegraph Media Group International Money Service, provided by Moneycorp, makes it even easier to send money from the UK to Australia. Moneycorp is an international payments provider that can help you move money to and from more than 190 countries around the world, including Australia.
- Send money to Australia today via the Telegraph Media Group International Money Transfer Service.
When you send money to Australia from the UK, you will need:
- Account name of the recipient (this can be in your name or someone else’s)
- Name of the recipient’s bank
- Their Bank SWIFT/BIC code
- Their Account number
TIP: Unlike the UK, Australia does not use IBANs (international bank account numbers).
Australia’s currency is the Australian dollar (AUD) and is represented by the symbol A$. There are 100 cents in each Australian dollar, which is the sixth most traded currency in the world. It is relatively stable, is tied to equity and commodity markets and, because of Australia’s close trading ties with China, its value is affected by the Chinese economy.
The exchange rate between the pound (GBP) and the Australian dollar (AUD) can vary depending on the current economic and political conditions. For example, currency rates across the globe have been recently affected by factors such as the war in Ukraine and the Covid-19 pandemic.
Generally, a good GBP-to-AUD exchange rate would be around 1 GBP to 1.80 AUD.
However, it’s important to remember that your preferred exchange rate will be affected by the time period in which you need your transfer completed, and your appetite for risk. You can use additional currency tools including a forward contract to help navigate fluctuating exchange rates. If you choose to make your transfer via the TMG International Money Transfer service, one of Moneycorp’s dedicated team will be on hand to provide you with bespoke advice to help you with your transfer.
There are no limits when you transfer money from the UK to Australia with Moneycorp, so whether you are sending a small sum as a gesture to a friend, or a larger amount – e.g. to cover buying a property abroad or to make business-related transfers – your needs can be catered for.
Yes, you can send a cheque to Australia. However, you should be aware that the recipient may need to pay a fee to cash it. Additionally, it may take up to 14 days for the cheque to clear, so it is not the quickest way to send money to Australia. That’s not to mention the risk of the cheque getting lost during the long journey Down Under. It is usually more efficient and secure to organise your transfer either online or via phone.
Most international payments generally reach their intended destination account within 24-48 hours, though it is worth considering that other countries’ regulations and correspondent banks may delay this process.
You can set up your Moneycorp account online, add funds via debit card or bank transfer, and exchange up to 33 currencies (with more available over the phone) in just a few simple steps.
Many of these companies, including Moneycorp, also have a specialist app or secure online platform that enable users to manage transactions 24/7, making them a much more convenient platform to transfer money.
Whatever your reason for wanting to transfer money from the UK to Australia, you can make the process easy and good value via the Telegraph Media Group International Money Transfers, provided by currency specialists Moneycorp.
- Open an account today to send money to Australia with the Telegraph Media Group International Money Transfer Service.*
*Please note that UK residents can send international payments to and from Australia and New Zealand, but Moneycorp cannot facilitate international payments from residents of Australia and New Zealand.
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Moneycorp is a trading name of TTT Moneycorp Limited and is authorised by the Financial Conduct Authority under the Payment Service Regulation 2017 (firm reference number 308919) for the provision of payment
The above article was created for Telegraph Financial Solutions, a member of Telegraph Media Group. For more information on Telegraph Financial Solutions, click here.
Information correct at date of publication.