RM Sotheby’s to auction off classic car collection
RM Sotheby's will soon present a selection of collectible cars at the Villa Erba auction on 20 May.
By Joe Baker | Monday, April 24, 2023
| Provider | Amount Received | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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Smart Currency Exchange | GBP £5,308.14 | No Fee | 0.5308 | 1-3 days | more... |
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TorFX | GBP £5,321.55 | No Fee | 0.5322 | 1-3 days | more... |
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OFX (prev. OzForex) | GBP £5,308.14 | No Fee | 0.5308 | 1-3 days | more... |
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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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WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.
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.
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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.