Find the Best Way to Transfer Money From Australia to the UK

Sending money to the UK from Australia can be easy if you use your local bank, but it could also be expensive. International money transfers can often come with hidden fees, exchange rates with hidden margins and bank charges.

Alternatively, you can head into a store to transfer your money in person using a service like Western Union or Moneygram. These services often offer a quick service, but may not be the cheapest way to send money to the United Kingdom.

Online money transfer services can offer the best of both worlds. They offer a low cost way to transfer your cash without having to leave your house. Here are some of the best money transfer services in Australia:

 

Some of the best money transfer services to send money to the UK from Australia

Best Overall Online Service

TorFX

Popular with expats based in Australia, TorFX have a local office with excellent over the phone service and give better exchange rates for larger amounts.

In addition, they don't charge a flat transfer fee. TorFX was founded in 2004 and is a British company that has offices worldwide.

How much does it cost to transfer a large amount of money with TorFX?

Transfer Fee: Fee free transfers
Exchange Rate: TorFX offer competitive exchange rates when transferring large amounts overseas. To obtain a quote you need to sign up first.

How long does it take?

Your recipient will get the money in their local bank account within 2-5 business days.

Is TorFX safe?

Yes they are. Read our full review of TorFX.

Best features:

  • Very competitive rates, especially when you're transferring large sums of money
  • Assigned a dedicated account manager
  • Support for both individuals and businesses
  • Excellent customer support available via phone and email

How to transfer money with TorFX?

  • Register your details through the TorFX website. Choose the type of account you need, your details and the currencies you'll transfer.
  • Once you have a quote for your transfer, fill in the recipients details. If you're sending money overseas to your own international account, fill in your own details.
  • Pay TorFX via bank transfer.
  • Learn more about how to transfer money with TorFX in this step-by-step guide

Service details:

For Torfx help online.

OFX

OFX (formerly Ozforex) was founded in Australia and has grown into a well-respected global company. With headquarters in Sydney, it has a good track record for security.

They are a good option for Australians who don't mind transacting online, but still want local customer support over the phone.

How much does it cost?

Transfer Fee: OFX usually charge a flat fee for smaller amounts, but if you click on the link below, your transfers will be fee free.
Exchange Rate: OFX add a margin to the exchange rate when you convert your Australian dollars into pounds sterling.
Minimum Transfer Amount: AUD$250

How long does it take?

Your recipient will get the money into their account in 1-2 business days.

Is OFX safe?

Yes they are. See our full review of OFX for more information.

Best features:

  • Good exchange rates and lock-in rate for larger amounts
  • Local phone support
  • Mobile phone app

How to transfer money with OFX

XE Money Transfers

As a trusted and seasoned name in foreign exchange, XE could be a good option for online users who aren't under time pressure. They don't charge fixed fees and don't have any minimum amounts so are good for any sized transaction.

How much does it cost?

Transfer Fee: Free, but there can be hidden charges at the local bank.
Exchange Rate: The AUD/GBP exchange rate you receive, when you convert your Australian dollars into pounds sterling, will depend on the amount of your transfer.

How long does it take?

Your recipient will get the money into their account in 1-2 business days.

Is XE safe?

Yes they are. They are licensed as a Money Transmitter by the DFS in New York and registered with FINTRAC.

Best features:

  • No fees or minimum amounts for money transfers
  • Better exchange rates for larger amounts
  • Well known and trusted brand
  • Business and individual support, plus accessible customer service

How to transfer money with XE

Service details:

For help from XE click here or call  (02) 8270 4500 from within Australia

Best Overall Online Service

Wise (formerly known as TransferWise)

If you prefer to transfer money online, Wise is one of the easiest ways to do it. It's incredibly simple to set up an account or make a transfer using their app. They also have the best exchange rates, because they offer the same market rate you see on XE or Google and don't add any hidden exchange rate mark ups.

How much does it cost?

Transfer Fee: 0.66 AUD + 0.45%.
Exchange Rate: Wise gives you the best possible rate (google rate). They do not use a margin.
Payment methods: Bank transfer, debit card and credit card.

How long does it take?

Your recipient will get the money in Euros from Wise's local account within seconds.

Is Wise safe?

Yes they are. Click here to see our full review of Wise.

Best features:

  • Quick online set-up
  • Transparent fees and offer the best rates online
  • Very fast transfers to a bank account
  • Simple cell phone app

How to transfer money with Wise

Service details:

For Wise help online.

WorldRemit

WorldRemit specialise in remittances and smaller transfers. They're perfect for personal money transfers from Australia up to AUD10,000 to the United Kingdom. Their rates are usually better than Australian bank's like ANZ or Commonwealth Bank. They offer more flexible delivery options than companies like PayPal, Western Union or MoneyGram.

How much does it cost?

Transfer Fee: Starting from AUD2.99 for small amounts
Delivery: Bank transfer only
Maximum transfer amount: AUD 50,000

How long does it take?

Most transfers are completed on the same working day.

Is WorldRemit safe?

Yes they are. Learn more about how trustworthy WorldRemit are.

Best features:

  • Offers cash pick-up, bank deposits, Mobile Money and Airtime top-up in some countries
  • Easy online platform and cell phone app
  • Transparent costs with accurate calculator tool
  • 24/7 customer support

How to transfer money with WorldRemit

  • Enter how much you want to send overseas and your delivery method
  • Create an account by entering in your details
  • Make local payment to WorldRemit, using a bank transfer or your debit or credit card.

FAQs

How do I transfer money from Australia to the UK?

Send money from your bank account to another bank account in the UK using these steps:

  1. Login to internet banking or head into a branch.
  2. Go to the international money transfers section.
  3. Enter the amount and currency of your transfer.
  4. Enter the recipient’s bank details.
  5. Confirm all the details, fees, amounts and reference before finalising the transaction.

If you don't want to use your bank, compare money transfer services, set up and account and follow the same steps 2 through 5.

Can I send money internationally without fees?

If you want to transfer money overseas without a fee, you'll have to avoid banks. Each bank charge flat fees to send money abroad and add a margin to the exchange rate.

If you want to use a money transfer service, you will either be charged an upfront fee, an exchange rate margin or both.

Some money transfer companies like TorFX don't charge a fee but still add a margin to the exchange rate. Other services like XE or OFX, charge a small fee for smaller amounts but allow fee free transfers for larger transactions.

Alternatively, services like Wise or InstaReM don't charge any hidden fees in the exchange rate but charge an upfront fee.

What information do I need to transfer money to a British bank account from Australia?

To transfer money from Australia to a bank account in the UK, you will need the following information about the recipient's account:

  • The full name on the account and address.
  • Plus the 6-digit bank sort code (BSC) together with the 8-digit bank account number.
  • Alternatively, you can provide an IBAN, which in Europe is 14–34 alphanumeric characters long in this format: GBKK BBBB SSSS SSCC CCCC CC.

You can usually get these details by logging into your online banking or checking the bank statement.

What's the cheapest way to send money internationally?

The cheapest ways to send money overseas are usually online, have low fees and exchange rates close to the real exchange rate that you see on Google or XE.

To work it out, you need to calculate the total cost of your transfer including all the fees. Alternatively, if you are sending money in Australian dollars, the cheapest option is the the one that gives you (or the person you are paying) the most in their home currency.

Can I use an app to send money overseas from Australia?

Yes. When you have an account with any of the online money transfer services highlighted above, you can make transfers through their website, or via their iOS Apple and Android apps. However, some are easier to use than others.

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 these are sometimes as high as £1 million per transfer. Some money transfer services do not have maximum 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.

Your currency knowledge centre

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How International Money Transfers Work

When sending money overseas, you’ve got heaps of options. One of the most popular is through an “International Money Transfer”. This is a financial service offered by most banks that gives you a simple, safe and convenient way to send money overseas.

General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any financial decisions.

By Justin Rampono Updated July 22nd, 2021