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Top 3 Money Transfer Providers for UK to Australia

Provider Amount To Send Fee Exchange Rate Speed
Currencies Direct Currencies Direct GBP £10,000.00 No Fee 1.9125 1-3 days more...
OFX (UK) OFX (UK) GBP £10,000.00 No Fee 1.9048 1-3 days more...
TorFX TorFX GBP £10,000.00 No Fee 1.9125 1-3 days more...
FXcompared Country Guides
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
Australia
Australia has an open environment for sending money to Australia and to transfer money out of Australia Read More
 

Send money from UK to Australia

How to Transfer Money from UK to Australia

UK to Australia Guide

Summary

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.

GBP and AUD

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.

Economic, trading and political relations

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.

Top 8 Money Transfer Providers

Latest prices for transferring money from UK to Australia
Exchange Rates as of 12 April 2024, 12:17

Currencies Direct

Est. 1996

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

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Amount Received
AUD $19,124.65
GBP £263.60
saved vs. banks

OFX (UK)

Est. 1998

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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Amount Received
AUD $19,047.76
GBP £223.60
saved vs. banks

TorFX

Est. 2004

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

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FXcompared Rating
Amount Received
AUD $19,124.65
GBP £263.60
saved vs. banks

Corpay^

Est. 2005

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

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FXcompared Rating
Amount Received
AUD $19,047.76
GBP £223.60
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
AUD $19,028.54
GBP £213.60
saved vs. banks
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Top 8 Money Transfer Providers continued...

Smart Currency Exchange

Est. 2004
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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Amount Received
AUD $19,028.54
GBP £213.60
saved vs. banks

Rates From The Average UK High Street Bank

Est. 1934

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

More InfoLess Info
Amount Received
AUD $18,588.01
No saving vs. banks

Moneycorp

Est. 1979

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

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Amount Received
AUD $18,797.89
GBP £93.60
saved vs. banks

Banking, money and taxes

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.

Visas and immigration

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.

Study

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.

Healthcare

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.

Did you know?

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.

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Frequently Asked Questions

Are the money transfer companies shown above safe to use?

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.

How long does an international money transfer take?

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.

How do I use FXcompared?

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.

What payments methods can I use to send money overseas?

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.

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

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.

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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.