In this article, we’re sharing how to send money to Australia from UK bank accounts.
Fortunately, there are a number of ways that you can transfer money between Australia and the UK, including four specific options we’ll explain below.
These range from traditional bank wires to connecting an international digital bank account with free transfer services, which you can learn more about here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Send Money to Australia From the UK
- How Do I Transfer Money From the UK to Australia?
- Factors to Consider Before Sending Money to Australia
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Send Money to Australia From the UK
To send money to Australia from the UK, you can choose from one of four transfer options. These options include international bank transfers, international transfer services, money transfer platforms, and money orders. However, each option has pros and cons when it comes to sending money to Australia from the UK. So, it’s important to consider all of the factors before choosing which is best for you.
Before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Non-Resident Banking Starter Guide. It’s designed to help non-residents open an international bank account in top banking hubs around the world.
How Do I Send Money From the UK to Australia?
To send money from the UK to Australia, you can consider one of the four following options:
- International bank transfers (e.g. HSBC)
- International transfer services (e.g. Wise)
- Money order services (e.g. Western Union)
- Money transfer services (e.g. PayPal)
We’ll take a closer look at a few of the pros and cons of these options below to help you decide which option is best for you.
Send Money via a Direct Bank Transfer
Best For: Individuals wanting to send large transfers and prefer added security and tracking that SWIFT transfers offer.
Consideration: When you send money via a direct bank transfer, whether you’re sending money to Canada from the UK, from Australia to the UK, or from the US to the UK, it’s important that you consider the transfer fees and exchange rates that your bank will charge. Importantly, if you are not sending funds to an account in the same currency, the receiving bank will typically exchange the currency for you, at a rate that they set. Not surprisingly, that rate is not usually in your best interest. So, it’s important to confirm the fees and exchange rate before sending.
Send Money via an International Money Transfer
Best For: Individuals looking for a fast and cost-effective transfer option.
Consideration: When you send money via Wise, an international money transfer service, whether it’s sending money from the USA to the UK or from elsewhere to the UK, it’s important that you consider the amount that you are sending. Most international transfer services have limits on the amount that you can send. And, even if they do not state specific limits, they may freeze (or close) your account if you send a transfer that is larger than your normal account activity.
Other Ways to Send Money to Australia
There are other ways to send money to Australia from the UK as well, including money orders and money transfer services like PayPal. However, in most cases, one of the two options above will better serve your needs.
That said, let’s take a look at how these two options compare:
Money Order
Money orders offer a fast solution for sending funds internationally. However, the fees charged by these businesses tend to be higher than the other options mentioned. In most cases, money orders are best for sending funds to individuals without a bank account or in remote locations.
Money Transfer Services
While money transfer services are often as convenient as international transfer services, they usually have higher fees and charge high commissions on foreign exchange. So, if you have an account with a money transfer service but not with an international transfer service, you should consider opening an account in order to save on fees and capture the same benefits.
Factors to Consider Before Sending Money to Australia
There are a few important factors to consider before sending money to Australia from the UK. Most of these are mentioned above, however, we’ll take a closer look at a few of them in this section of the article.
Important factors to consider include:
- Fees for sending transfers
- Foreign exchange rates that each method charges
- Speed that a transfer will arrive at the destination
- Security of a transfer after it is sent
- Ability to track a transfer after it is sent
- Availability of payment methods to fund a transfer
- Access to an applicable account for sending the transfer
Instead of discussing each of these factors, we’re going to explore the three factors that most people overlook when they send money to Australia from the UK.
Transfer Fees for Sending Money Internationally
When you send money to Australia from the UK, you need to be prepared for the bank or financial institution that you use to charge fees. This is true whether you are using a traditional bank to send a transfer or a digital alternative. That said, the amount that each platform charges can vary significantly. So, comparing the options that are available to you side by side is an important exercise if cost is something you want to control.
Exchange Rates
You’re probably aware that different financial institutions charge different exchange rates. But, did you know that the same financial institution can charge different exchange rates to different clients? The discrepancy commonly takes place when you compare preferential exchange rates to retail exchange rates.
While you may not have a preferred account, it’s important to know that the bank has some flexibility when it comes to the exchange rates that they charge clients. With this information, you can discuss the rate that will be applied to your transfer and can ask to get a better rate than the first one they offer.
Length of Time it Takes to Send Money to Australia
Not surprisingly, different transfer methods take different amounts of time to send money to Australia from the UK. So, if you want a transfer to arrive within a short period of time, you should look at options that offer fast delivery. These options typically include international transfer services, money transfer services, and money orders. Though it’s important to keep in mind that each of these services has other drawbacks that you should expect in exchange for faster delivery.
Frequently Asked Questions
Below are three of the most common questions that we receive from people looking to send money to Australia from the UK. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can I Transfer Money From a UK Account to an Australian Account?
You can transfer money from a UK account to an Australian account. To do so, you will either need to send an international wire transfer or connect your bank account to an international transfer service. Both of these options will allow you to send funds directly from a UK account to an Australian account.
However, the costs of transferring and the time it takes for the transfer to arrive may be higher and long if you choose to send through the bank. That said, international wire transfers will not have a cap and you can send as much money as you need.
What Is the Cheapest Money Transfer UK to Australia?
The cheapest money transfer from the UK to Australia is usually sending money through an international transfer service that specializes in cross-border transfers. These platforms often offer low fees for completing transfers and offer low foreign exchange rates on foreign currency conversions.
That said, these platforms typically have limits on the amount that you can send. And, if you do not already have an account (or residency in the country where you want to open an account), it can take time to navigate the requirements.
How Can I Send Money to a Friend in Australia?
If you want to send money to a friend in Australia, you can send money transfers directly from your bank. Alternatively, you can also use a money transfer service like PayPal or an international transfer service like Wise. Lastly, you can also consider sending funds through a money order if you would like to give your friend more flexibility in how they receive the funds.
Do You Want Help Opening Bank Accounts?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
You can learn more on the products page from the main menu above.
