Find the Best Way to Transfer Money to the United Kingdom
To find the best way to transfer money to the United Kingdom, you should compare your options. Even before you do that, it's important to understand how it actually works.
How to transfer money from Australia to the United Kingdom
While each bank and money transfer service is different, you will always need to follow these steps to transfer your money safely and quickly:
- Setting up an account usually takes 5-10 minutes and make sure you have some I.D. on hand
- Enter the bank details of the person or company you are sending the money to
- Pay for your transfer using a card or bank transfer
Now that you know how to transfer money to the UK, you can compare your options. We understand, this isn't easy.
Every bank and money transfer company offer different exchange rates and transfer fees depending on how much you want to send.
That's why using our table compares the total cost of the transfer, based off the amount of your transfer.
How to find the cheapest way to transfer money to the UK
Banks and money transfer services will offer different foreign exchange rates and transfer fees depending on your amount. To find the cheapest option, you really need to compare the total cost of the transfer based on your amount.
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How much will it cost to make my international money transfer?
There are 3 fees you'll usually be charged to send money to the United Kingdom:
- Exchange rates - The better the exchange rate, the more British pound you get in the bank account in the UK. Money transfer services that offer better exchange rates will usually charge you a separate transfer fee.
- Transfer fees - These can range anywhere between $0 to $5. Some online transfer companies offer fee-free transfers for sending large amounts of money. These companies usually charge a slightly worse margin on their exchange rate, but are still better than bank fees.
- Hidden fees - You or the person you're sending money too will often get charged a bank receiving fee or banks intermediary fee of approximately $25 each.
What information do you need to transfer money to the United Kingdom?
You usually need to provide the following information to your bank or money transfer service:
Transfer details
- Transfer amount
- Currency - select GBP
- Reason for transfer
Your details
- Your full name
- Bank account number
- Personal address
- Phone number
Overseas Bank Account details
- Bank's name
- Branch address
- Bank sort code (BSC)
- Recipient international bank account number
- Recipient account full name
How long does it take to transfer money overseas?
Money Transfer Services can take 0 - 3 business days
When using a money transfer service like TransferWise, they tend to quote transfer time in hours not days. Unlike banks, they keep you updated on the movement of your funds.
Remittance Companies can take 0 - 5 business days
An instant transfer is available with remittance companies if you pay a higher transfer fee and the person can collect in cash. You can send money using a bank transfer and it can take up to 5 business days.
Bank to Bank Transfer can take 2 - 5 business days
Also known as a 'wire' or 'telegraphic transfer'. These transfers are slow, because the money may go through a network of correspondent banks before landing into the account in the UK.
What are the limits and tax implications on money transfers to the United Kingdom?
There are no limits on the amount of money you can transfer to an UK bank account. Your money transfer service or bank might have a restriction however sometimes these are as high as £1 million per transfer. Some money transfer services do not have limits.
Whether you pay tax is based on your residence status. If you are a non-resident (stayed less than 16 days in the UK from 6th April to 5th April) you will generally not pay tax on money transferred to a UK bank account.
A resident stays more than 183 days in the UK during the tax year and is subject to pay tax on money transferred to their UK bank account.
Non domiciled residents who reside in the UK but have their permanent home overseas may not have to pay tax on money transferred to the UK. Your domicile is the normally the place you father had his permanent home when you where born.
If you decide to claim the 'remittance basis', it's best to contact a tax professional for advise to make sure you qualify for the rules.
How can I transfer money to the United Kingdom with the big 4 banks in Australia?
While we have covered the benefits of using a money transfer provider, many people have bank accounts with NAB, CBA, Westpac and ANZ and these guides show you:
- How to transfer money overseas with Commonwealth Bank
- How to transfer money overseas with NAB
- How to transfer money overseas with Westpac
- How to transfer money overseas with ANZ
Keeping your money safe
One of the main questions people ask us is “will my money be safe online?" The answer is yes.
We've made sure that all the money transfer services and banks you compare are safe. Each company:
- Is regulated in Australia and the United Kingdom - AUSTRAC in Australia and by the Financial Conduct Authority (FCA) in the UK.
- Holds an appropriate financial services license - with the Australian Securities and Investments Commission (ASIC) in Australia
- Have strict privacy and verification policies - this is to ensure they fully identify all of their customers. They invest in identity protection, fraud prevention and encryption to create a secure connection with your browser when you register and login into their online services.
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FAQs about Sending Money from Australia to the United Kingdom
How can I pay for my money transfer to the United Kingdom?
Depending on your provider, there are several different ways to pay. Many providers accept direct bank transfers, wire transfers, or debit or credit card payments. They may charge a small additional fee, depending on how you decide to pay.
Is it safe to use The Currency Shop to compare?
Yes. The Currency Shop holds an Australian Financial Services Licence (462269) and is a member of the Financial Ombudsman Service. We closely vet our providers and only partner with the largest, safest and most trusted money transfer companies in the world. That just makes sense.
How does The Currency Shop make money?
The Currency Shop does not charge you. Instead, we receive a referral fee from the banks and money transfer companies that we are partnered with. This does not affect the price you pay.
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