| Provider | Amount Received | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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TorFX | GBP £4,764.66 | No Fee | 0.4765 | 1-3 days | more... |
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OFX (prev. OzForex) | GBP £4,755.05 | No Fee | 0.4755 | 1-3 days | more... |
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Currency Solutions | GBP £4,755.05 | No Fee | 0.4755 | 1-3 days | more... |
Founder & CEO, FXCompared
Daniel is one of the world experts on the money transfer sector. He is widely quoted across the industry with over 20 years of experience in the international finance world focused on international payments, technology, and the property sectors. More about Daniel.
Traditionally the UK has been a very popular country for Australians to emigrate to, with notable cities including London, Manchester and Edinburgh. With a milder climate but similar culture, many Australians find the UK a great fit. As more than 120,000 Australians are currently living in the UK, clearly many would agree.
Want to transfer money from Australia to UK for deposits before you move or send money to a family member abroad? Save on fees with a money transfer provider.
Some of the most common reasons that Australians move to the UK tend to be employment, to reconnect with their family or with their spouse, or to study at university. But it’s important to know that there are a number of different categories of visas required for moving to the UK, and eligibility will depend on your profession, who you are moving over with, or if you are studying.
Most work visas are Skilled Worker visas, whereby qualifying professionals take up a new job offer, although people being transferred by their company may be eligible for an Intra-company visa. Medical professionals, meanwhile, can apply for a Health and Care Worker visa.
Australians who are moving to the UK to live with family have the opportunity to apply for a UK ancestry visa. This allows Australians who have a parent who was born in the UK the opportunity to move to the country as long as they satisfy a certain number of criteria.
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Celebrated international money transfer service connecting our customers when it matters most. Best-in-class global payments provider for people and businesses for over 17 years.
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Average of the top 9 Australian Banks costs as compiled by our own FXC Intelligence group. For more details on how the bank price comparisons for Australia and New Zealand Banking Group, Bank of Western Australia, Bendigo Bank, Commonwealth Bank of Australia, National Australia Bank, St. George Bank, Suncorp Bank, Westpac Banking Corporation are calculated, see our IMTI page.
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While the UK is popular with Australians as a place to work, relatively few come to study. That said, there were 1,935 students from Australia in the UK in the 2020/21 academic year, according to the UK government.
According to the British Council, the annual cost per year of study in the UK for international students starts at around £22,200 (approximately A$41,300) – fees start from £11,400, and the cost of living is £12,200. Fees for foreign students are higher than those for UK nationals, reaching as high as £58,000 per year for a medical degree, for example.
Due to these high costs, it’s perhaps not surprising that the number of Australian students coming to the UK has actually fallen over the last decade, and in fact Australia is close to overtaking the UK as the second most popular overseas destination in terms of studying.
Most importantly, Australian students will need to obtain a Student visa. Once your place at an accredited institution is confirmed, the process of applying is simple, but you have to be able to demonstrate that you have sufficient savings to fund your course and cost of living.
It is, however, usually possible to work part-time for up to 20 hours a week during term time, full-time in a non-permanent role during term breaks, and pursue a sandwich course. Once your course ends, you can work full-time hours for up to four months. You can also bring dependents on a student visa, but you must be able to show that you have sufficient savings to cover them too.
To open a bank account in the UK, you will need proof of your income and employment, evidence of a local UK address, and a passport, which is pretty standard and doesn’t come with a lot of restrictions.
There are plenty of commercial high street banks in the UK, but none of the major Australian banks have a substantial UK network. It will be easiest to have a UK account set up before sending money from Australia to the UK either for general living expenses or for a major transfer, as payments in the UK can then be made out of that account.
The one drawback to using a bank to send money from Australia to UK is the added fees and potentially poor exchange rates, so finding a money transfer provider can be a smart option for frequent international payments.
The UK tax year runs from 6 April to 5 April of the following year, whereas the Australian tax year runs from 1 July to 30 June. This will have implications for tax planning, so be sure to consult an expert and get organised on this one.
You may be pleased to hear that Australia does have a double tax treaty with the UK, but you should still check which items may not fall under the treaty and may be taxed twice. The best thing to do is to familiarise yourself with relevant UK financial regulations in advance of moving from Australia to the UK, particularly if you are considering purchasing a property or making a large currency transfer from Australian dollars into pounds.
To send money from Australia to UK without being subjected to bank fees, browse our recommended money transfer providers for a great deal.
FXcompared is an independent, advertising-supported comparison service where we have commercial relationships with some of the providers listed. When you use us to sign up to a money transfer provider we have a commercial relationship with, we get either a flat fee or a commission from the provider you choose but this does not cost you anything extra and our site is free to use. The ability for companies to sign-up and retain customers may impact how and where these providers appear on this site, including, for example, the order in which they may appear within listing categories but you may reorder the listings. Other factors, such as our own proprietary website rules and the likelihood of a customer being on-boarded to a provider impact how and where products appear on this site. FXcompared does not include the entire universe of available international money transfer companies.
Exchange rates update frequently and the pricing shown in the comparison tables is indicative only and based on a first time transfer for a new customer signing up via FXcompared. The pricing does not reflect any special rates individual customers may be offered by a provider, either on sign up or rates for any repeat transfers and there may be other lower priced providers not listed on FXcompared. FXcompared is not an FX trading platform and should not be used to inform any FX trading decisions.
All reviews are prepared by FXcompared. Opinions expressed therein are solely those of the reviewer. The information presented in the review is accurate as of the date of the review. Check with the providers directly for the most current information.
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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
