| Provider | Amount To Send | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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TorFX | GBP £10,000.00 | No Fee | 2.0499 | 1-3 days | more... |
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Currencies Direct | GBP £10,000.00 | No Fee | 2.0499 | 1-3 days | more... |
 |
OFX (UK) | GBP £10,000.00 | No Fee | 2.0417 | 1-3 days | more... |
Thanks to the historic, cultural and political ties between Australia and the UK, there are very few barriers against UK to Australia money transfers. Australia is one of the most popular expatriate destinations for British citizens looking to work abroad, with the hot climate and English being the predominant language used making it an attractive option.
Similarly, the UK has been a very popular destination for Australians looking to work abroad. Due to this, there are significant overseas money transfer flows from the UK to Australia.
If you’re planning on money transfers from UK to Australia, be sure to check out the top money transfer providers to find the best service for you and save money in the process.
The AUD, also known as the ‘Aussie dollar’, is the official currency circulated in Australia and its external territories. Introduced in 1966, it was made to replace the Australian pound, which was the currency it inherited as a former British colony.
For many years, the AUD was pegged to the USD, although this was dropped in 1983 when it floated freely for the first time. Since then, the AUD has grown to be one of the most popular currencies traded on the live markets. It has a particularly strong presence in the Asia-Pacific market.
The economic, trading and political relations between Australia and the UK are incredibly deep, thanks, in part, to their status as a former colony of Britain. Although they are still a member of the commonwealth, the two countries remain very much separate in terms of their economies. Although trade links between the two countries have improved in recent years, Australia’s main trading partners are still found in the Asia-Pacific region.
With Brexit shaking up trading relationships for the UK, fortunately Australia and the UK have struck a new free trade agreement as of December 2021. Trade between the two countries remains healthy, with Australia importing $5.48bn from the UK in 2022, and exporting $2.06bn.
Excellent exchange rates | No transfer fees | Thousands of 5 star reviews
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Great exchange rates | Specialist services | No added fees, 24/7 transfers | Safe and secure
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OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates
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Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers
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One-off payments | Regular payments | Great rates | Safeguarded customer funds
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Banks are typically the most expensive way to do an international money transfer, and the quotes from the providers above show you the typical savings that can be made versus the average of a group of popular banks. All providers on FXcompared.com are regulated in the UK by the FCA, in the USA by FinCEN, In Canada by the SSC and Australia by the ASIC.
We check all rates regularly and this quote is an average from a group of major UK high street banks for this past month. It includes: Bank of Scotland, Barclays, Co-operative Bank, HSBC UK, Halifax, Lloyds Bank, NatWest, Nationwide and Santander GB – tracked every month. For more information on how the price comparisons are calculated, see our IMTI page.
Opening a bank account in Australia will become a necessity if moving there. In Australia, the main banks are the Australia and New Zealand banking Group (ANZ), Westpac, the Commonwealth Bank of Australia and the National Australia Bank. There are also numerous local banks with a smaller footprint than the main ones just set out. In terms of the UK banks with a presence in Australia, one of the largest would be HSBC, although its branch coverage is quite small. Opening a bank account in Australia is relatively straightforward to do and will require proof of address, proof of residence and a valid passport.
Banking in Australia is relatively easy and some UK-based banks also have operations in Australia, and you will be able to transfer pounds to Australian dollars when necessary. When making payments abroad though, familiarise yourself with the options available, as banking transfers can be costlier than going through a money transfer service.
Be sure to get financial advice when it comes to taxes as mistakes can be costly. Whereas the UK tax year runs from 6 April to 5 April, the Australian tax year runs from 1 July through to 30 June. Bear this in mind when planning your move and how it will impact your taxes. Australia and the UK have a double tax treaty, but not all items are covered, so be sure to check if any of your income streams may be affected. Taking advice in regard to your tax is always a good idea, as the potential crossover between the UK tax year and the Australian tax year can catch people out.
One of the most important items on the agenda when it comes to moving overseas: the visa.There are a number of visas that Britons can obtain to move to Australia either temporarily or permanently. Skilled Independent Migration visas are usually for professionals such as accountants, engineers and dentists; keep up to date as this tends to benefit people in sectors that Australia has a shortage of workers for.
The Employer Nomination Scheme is suitable if your employer is sponsoring your move out to Australia. Finally, if you are British and wish to either invest, set up a business or retire, there is an entrepreneurial visa category called Business Migration.
Due to the history between the UK and Australia, there are also certain schemes in place that allow Australians who have a parent who was born in the UK to move to England much more simply. There are certain requirements that must be met, but they are far less stringent than a typical visa.
Many UK nationals choose to study at universities in Australia, swapping the UK for sunnier weather and sandier beaches. Australian tuition fees for international students aren’t too much more than for UK nationals to study in the UK, with the average cost being around £10,885 per year.
On the other hand, for Australians looking to study higher education in the UK, course costs can range between around£10,000 and £38,000, so your choice of course can make a big difference for feasibility!
Accommodation may require a deposit too, so having a money transfer provider in place could save you money compared to making bank transfers.
Australia’s public healthcare system is known as Medicare, and all Australian citizens and permanent residents have access to it. As the UK has a Reciprocal Health Care Agreement with Australia, you will be able to have access to Medicare, even if you are on a temporary visa. However, you may have to pay a medical surcharge, and not all services are covered by Medicare.
For Australians in the UK, gaining access to the National Health Service will require paying the immigration health surcharge (though not all services, such as dentistry, are included free). Anyone planning to live and work in England will have to register with a general practitioner (doctor).
If you’re travelling, studying, or making purchases abroad, you could be overpaying through your bank. Take a look at the money transfer services around to find an easier, cheaper way to send money from the UK to Australia.
In addition to mainland Australia and Tasmania, the Australian dollar is also the official currency for the Pacific Island states of Nauru, Tuvalu and Kiribati.
The companies listed above are fully licensed to operate international money transfer services. As such, they offer a high degree of protection to customers opting to use their services.
There are a number of factors that will influence how long a money transfer will take. This includes the method chosen to send it, what country it is being sent to, and how the end user chooses to receive it. Transfers sent via bank will generally take between 1–2 days in total, although this may happen within the same day. Debit card and credit card transfers are also possible, which are generally much quicker. Although it should be noted that a GBP to AUD transfer made using this method will be limited to smaller amounts.
To get started making an international money transfer UK to Australia, you should first review the above comparison results to get a sense of who offers the most competitive rates. It is recommended that you choose a provider based on criteria such as price, speed and its overall rating. Once you have made a selection, click the link to get taken through to its website. From here, you will be able to register and set up an account. Once fully verified, you will then be able to transfer money from UK to Australia.
There are a number of different methods available to make money transfers. The rates provided above are for bank to bank transfers. Some providers will support transfers via cash, credit and debit cards, as well as digital wallets. Of these, bank transfers are probably the best way to transfer money from UK to Australia.
The quotes provided above reflect market rates at the time the quote was first displayed. As they reflect live market rates, they will change over time as the markets update. As such, the quotes displayed above may sometimes differ from the final price offered when the transfer is finalised. There may also be some slight variations depending on the provider used and whether they have any special agreements with FXCompared. As prices do change, make sure you confirm the total cost before choosing to transfer funds from UK to Australia.
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.
We welcome all suggestions for improvements. Send us an email at support@fxcompared.com.
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.
