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Top 3 Money Transfer Providers for Australia to UK

Provider Amount Received Fee Exchange Rate Speed
TorFX TorFX GBP £5,430.58 No Fee 0.5431 1-3 days more...
OFX (prev. OzForex) OFX (prev. OzForex) GBP £5,416.90 No Fee 0.5417 1-3 days more...
WorldFirst WorldFirst GBP £5,444.26 No Fee 0.5444 1-3 days more...
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AUSTRALIA
The central bank does not target a specific value for the AUD Read More
UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
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Send money from Australia to UK

Top 10 Money Transfer Providers

Latest prices for transferring money from Australia to UK
Exchange Rates as of 23 October 2020, 21:00

TorFX

Est. 2004

Excellent exchange rates | No transfer fees | Thousands of 5 star reviews 

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FXcompared Rating
Amount Received
GBP £5,430.58
AUD $458.64
saved vs. banks

OFX (prev. OzForex)

Est. 1998
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.
More InfoLess Info
Amount Received
GBP £5,416.90
AUD $433.64
saved vs. banks

WorldFirst

Est. 2004

Transparency and security | Great customer feedback rating from Feefo

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Amount Received
GBP £5,444.26
AUD $483.64
saved vs. banks

Moneycorp

Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

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Amount Received
GBP £5,373.13
AUD $353.64
saved vs. banks

Currency Solutions

Est. 2003

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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Amount Received
GBP £5,421.83
AUD $442.64
saved vs. banks

Smart Currency Exchange

Est. 2004
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
More InfoLess Info
Amount Received
GBP £5,416.90
AUD $433.64
saved vs. banks

Currencies Direct

Est. 1996

Great exchange rates | Specialist services | No added fees, 24/7 transfers | Safe and secure

More InfoLess Info
Amount Received
GBP £5,430.58
AUD $458.64
saved vs. banks

Average Australia Bank

Est. 1800

Average of the top 9 Australian Banks costs as compiled by our own FXC Intelligence group

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Amount Received
GBP £5,195.85
AUD $29.64
saved vs. banks

RationalFX

Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
More InfoLess Info
Amount Received
GBP £5,422.37
AUD $443.64
saved vs. banks

Global Reach (formerly FC Exchange)

Est. 2005

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

More InfoLess Info
Amount Received
GBP £5,422.37
AUD $443.64
saved vs. banks

How to Transfer Money from Australia to UK

What is in this guide

Australia to UK Guide

Summary

There are no money transfer regulations when sending money from Australia to the UK. The UK has traditionally been a very popular country for Australians to emigrate to. Popular cities with Australian expat communities include London, Manchester and Edinburgh. Below, we cover some issues that relate to moving to the UK and sending money from Australia, whether in the early days of a move, for example, or to support children at university. Australia is also the number one destination for UK expats: research by the UK’s Department of Work and Pensions and the Institute of Public Policy Research put the number of British expats living in Australia in 2012 in the region of 1,062,000 (of whom 251,000 were retired). This is likely to increase if the freedom of movement within the EU is limited after Brexit.

Visas and immigration

If you are moving to the UK from Australia, you will need to obtain the relevant visa. The most common reasons that Australians move to the UK are employment, to join up with their family or with their spouse, or to study at university. There are a number 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 Tier 2 visas, whereby people are transferred by their company or qualifying professionals take up a new job offer. For the latter, there is a limit on the number of non-EU nationals who can secure such a visa each year. The Tier 1 visa is aimed at a small number of “high-value migrants” such as entrepreneurs and investors. Entrepreneurs are required to have access to and transfer to the UK at least £50,000 in capital, while investors are required to have at least £1,000,000 of disposable funds. 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.

Studying in the UK

While the UK is popular with Australians as a place to work, relatively few come to study. That said, there were 1,880 students from Australia in the UK in the 2012/13 academic year, according to the UK government. According to a 2013 study by HSBC, the average annual cost per year of study in the UK for international students is £18,759 (around A$34,000) – there are £11,933 of fees, and the cost of living is £6,825. Fees for foreign students can often be higher than those for UK nationals, reaching as high as £38,532 per year for a taught clinical postgraduate degree at a leading university in London, for example. The number of Australian students coming to the UK has actually fallen over the last seven years though, and in fact Australia is close to overtaking the UK as the second most popular overseas destination in terms of studying.

Given that Australia is outside the European Economic Area, Australian students will need to obtain a Tier 4 (General) 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 in 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 Tier 4 visa, but you must be able to show that you have sufficient savings to cover them too.

Banking, money and taxes

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.

There are several commercial 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.

Different tax years in the UK and Australia

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. 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. It is essential 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.

Moving with your pet

Australia has strict rules laid out by the Department of Agriculture (formerly under the Australian Quarantine and Inspection Service) governing whether you can bring your pet over when you move. Typically, cats and dogs can be brought into Australia as long as strict quarantine rules are adhered to. These rules include your pet being up to date with its shots as well as being fitted with a microchip. The quarantine period for a dog or cat entering Australia is 190 days, but 180 of these days can be completed in the country of origin. There is a mandatory ten-day quarantine for all animals entering the country. While it is unlikely, there is also a possibility that any EU-enforced rules regarding transporting pets may be abolished after the UK leaves the EU.

Frequently Asked Questions

Are the money transfer companies shown above safe to use?

Yes, all the companies are safe and fully-regulated money transfer services. Each are authorised and regulated by the relevant authority such as the Financial Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.

How long does an international money transfer take?

The speed of delivery will depend on where the money is being from and to and how you are sending and receiving the money. Transfers sent using bank to bank transfers can depend take anywhere from minutes to days and you should check the time estimates from the relevant provider. Debit and credit card payments sometimes allow for faster transfers for smaller amounts.

How do I use FXcompared?

First review the comparison results (such as for a table above) for a given amount of money sending from Australia to UK. Then select a provider based on factors such as price, speed, their rating and click the green button to be taken to their website. From there, you can register and sign up for an account. Once you have done that and the provider has verified your identity to ensure the money can be send safely, you will be ready to transfer money.

What payments methods can I use to send money overseas?

The results shown above are typically for bank to bank transfers. It is possible via some providers to pay in your funds for the transfer via cash, debit or credit cards as well but this is usually reserved for smaller amounts. Some providers also give you different options for how the money will be received - to a bank account (most common), to a debit card, to cash or to a digital or mobile wallet.

What if the price shown above isn’t exactly what I am offered when I try to transfer money?

There can be a number of reasons why the final price you are offered may be different to that shown in the table above. Exchange rates between two currencies change all the time and is the most common reason. Additionally, some providers offer different pricing depending what method you are using to send funds or how the funds will be received. Others may offer you a premium service for faster payments. In some cases FXcompared has a special rate with a provider and this is reserved for first time customers who sign up to the provider starting from FXcompared’s website. As prices do change often, be sure to confirm the total cost with the provider before transferring money.

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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.