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.
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.
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.
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.