Review and compare offerings of the top companies that send money to Australia.
Select the best alternative according to your specific requirements. Personal or business.
Register by providing details from a valid identity document along with your contact details.
Look at the recent history of AUD exchange rates to help you determine if now is a good time to transfer money to Australia.
Let your service provider know of the desired transfer amount to receive a rate quote.
Confirm the transfer by accepting and locking the exchange rate.
Provide the recipient's bank account details.
Pay for your transfer using the available methods of your chosen service provider. This begins the transfer process of sending money to Australia.
Most companies let customers track their transfers' progress via notifications and online updates.
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.
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:
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. When transferring money from UK to Australia, or from Australia to the UK, the companies listed in the tables below are very well rated by their customers for the main reason that they save money.
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.