Send Money To Australia

How Do I Compare Companies When Sending Money to Australia?

If you want to narrow down on the best way to send money to Australia, it is important that you compare your options well. Irrespective of whether you wish to transfer USD to AUD, EUR to AUD, GBP to AUD, or NZD to AUD, factors you need to consider remain the same.

• Exchange rate and fees. The exchange rate you get and the fee you need to pay have an effect on the cost of your transfer. While steep fees may offset a seemingly great exchange rate, the reverse holds true as well. An easy way to determine the cheapest way to transfer money to Australia is to look at how much money the recipient will receive.
• Processing time. If you wish to transfer money to Australia in a hurry, you may have to pay higher than usual fees. Factors such as the country of your residence and the service provider you select tend to affect turnaround times. A regular money transfer to an Australian bank account may take up to seven business days. Some companies offer expedited services with quicker turnaround times. You may also send money to a cash pickup location in Australia because these transfers tend to take place in real time.
• Payment methods. All prominent overseas money transfer companies that let you send money to Australia accept payments via bank account transfers. While not all companies allow payments via debit and credit cards, finding ones that do is easy. Some companies let you pay via region-specific methods as well.
• Customer service. Turning to online platforms such as Trustpilot and Feefo gives you easy means to determine how different overseas money transfer companies fare in this aspect. Some of the leading players in this field provide local phone support in different countries, as well as support via chat and email.

Best way to transfer money from the UK to Australia

There are two main ways to transfer money overseas, including to Australia. When transferring money from the UK to Australia, the two most common recommendations are:

1. Use inter-bank transfers using local banks or Telegraphic Transfers to send money to Australia. – Banks charging can be expensive and they may be a minimum transfer amount.
2. Use global money transfer providers. – Recommended.

The smart way to transfer money overseas is to use the second option. You will find out later in this article why it’s smarter, but first you can take a look at your best online money transfer alternatives including comparing transaction fees.

So, what is the best way to transfer money from the UK to Australia? There are many global money transfers companies with online platforms available all over the world that allow you to send money abroad. 

Transferring money from UK to Australian bank account? Or from Australia to the UK bank account? Use the comparison tables at the top of the page. The companies listed in the tables below are very well rated by their customers. iCompareFX would not let them appear on the tables unless they were safe and reliable while saving you money sending to Australia or the UK.

1. Select UK and Australia in the comparison calculator above.
2. Select personal or business transfers.
3. Click the Go To Site button to go to a money transfer company’s website.

Reasons for UK Money Transfer to Australia

Many expats, investors, and retirees need to transfer money from Australia to the UK or from the UK to Australia. Maybe your visa is up and you are sending money home, or you have just arrived and you are bringing some of your money with you. Many temporary residents tend to stay long-term. These can be Australians now living in London, or the British loving life down under.

Whether you are retiring abroad, investing, wanting to pay bills, a student loan or just moving to another country for a while, save some of your hard earned money by not wasting it on steep bank fees and terrible exchange rates. Send money between the UK and Australia the smart way. Choose a safe overseas money transfer alternative by selecting one of the trustworthy companies in the table above (look out for those that are regulated and authorised by the Financial Conduct Authority) which effectively allows you to compare international money transfer providers. Don't forget many of the money transfer companies allow you to send money to many other countries around the world including Saudi Arabia, South Africa, South Korea, United Arab Emirates, Hong Kong, Czech Republic and more.

Regulations When Transferring Money To and From Australia

The Australian Transaction Reports and Analysis Centre (AUSTRAC) is responsible for monitoring money moving in and out of the country. If you send or receive more than $10,000 or its equivalent in another currency, the bank or service provider you work with needs to disclose it to AUSTRAC. In such a scenario, you might need to verify your identity before moving forward with the transfer.

Due to sanctions imposed by the United Nations and Australia, you cannot transfer money to some countries such as Libya, Syria, Iran, and North Korea.

There are tax implications of moving money in or out of Australia. If you plan to make an investment in a foreign country, you will need to disclose it to the Australian Taxation Office (ATO). Receiving money from overseas, as income or inheritance, also needs to be disclosed to the ATO.