Sending money abroad can be complicated. This guide will explain the easiest and cheapest ways for UK residents to send money to Australia.
We'll recommend the fastest services in case you need to send money to Australia today. We'll also recommend the cheapest providers to save money. Plus, the best mobile apps and important safety tips.
By the end, you'll understand all your options to get money to Australia quickly and safely. And you will avoid the (ridiculous) fees of high street banks.
Top Money Transfer Providers to Send Money to Australia
Wise (formerly TransferWise) is the best overall service for sending money to Australia from the United Kingdom.
This money transfer service has transferred over £90 billion worldwide for 10+ million customers. Their website and mobile apps make international money transfers simple. We think this is the top choice for anyone about to do their first transfer.
Wise charges much lower fees than banks while using the mid-market exchange rate to send money online. This provides up to 8% savings compared to banks. Wise is also up to 8x cheaper than providers like Western Union or MoneyGram.
Money transfers from the UK arrive at the destination country in 1-3 days on average. You can easily track your transfer and get email/SMS updates and Wise's customer support is available to help if any issues occur.
Wise has affordable fees, fast transfers, and an easy app. It is regarded as the world's top platform for international money transfers.
- The mobile app is super easy to use
- Transparent fees with no exchange rate markup
- Easily track your transfer with updates
- The transfer could take as long as 3 days
- Large transfers might need extra verification
OFX offers the fastest and best way to transfer money to Australia online.
While Wise takes 1-3 days on average, OFX offers same-day transfer options and delivers most UK bank account transfers in less than 24 hours.
OFX facilitates real-time/instant bank transfers in under one minute. New customers need to fill out an online order to fund your transfer. Then, your recipient can quickly withdraw funds online or from OFX locations across Australia.
OFX also provides competitive exchange rates and low fees starting from £0. This is particularly convenient since it means that speed comes at an affordable price and does not cost a fortune.
- Send money in less than a day
- Regulated with advanced security technology
- Get rate alerts and use forward contracts
- The verification process takes longer than some other apps
- OFX adds a margin to the midmarket exchange rate
When it comes to keeping costs down, Atlantic Money is the cheapest way to send money abroad for most routes - including from the United Kingdom to Australia.
They charge a flat fee of only £3 per transfer, regardless of the amount. Even sending £10,000 to the other side of the world costs just £3 with them.
On top of low fees, Atlantic Money provides the interbank exchange rate with no hidden fees or markups. This lets you save up to 90% compared to other providers and correspondent banks.
Atlantic Money is new. But, the UK Financial Conduct Authority (FCA) regulates it. The FCA does this to ensure safety and compliance.
If getting more Australian dollars for your pound is your priority, Atlantic Money is the cheapest provider for many popular routes. This includes the UK to Australia route. Just note that transfers take 2-4 business days on average. This is slightly longer than OFX and Wise offer.
- Benefit from midmarket rates
- Large transfers are super cost-effective
- Instant transfers are available for an extra fee
- Standard delivery takes a few days
- You'll have limited payment options
How to Send Money to Australia Using a Money Transfer Provider
Using an online money transfer provider to send money to Australia is a quick and simple process. To finish your transaction, take these three actions:
Step 1: Compare Providers
Step 2: Sign Up
Step 3: Transfer Funds
Fastest Ways to Transfer Money to Australia
OFX offers the fastest money transfers thanks to:
Real-time bank transfers: Funds are available in minutes when sent from OFX UK to OFX Australia
Bank partnerships: Direct bank relationships enable swift processing
Top technology: Blockchain and AI solutions accelerate transfers
Cash pickup: Recipients can collect bank transfers in cash within minutes
While Wise takes up to 3 days and banks can take over a week, OFX delivers faster thanks to their technology and banking integration.
When speed is critical, OFX facilitates the fastest transfers to Australia from the UK.
Cheapest Way to Send Money to Australia Online
Atlantic Money is the cheapest option with their £3 flat fee and real interbank exchange rates.
Most competitors have higher fees and add heavy markups when fees apply to the exchange rate - increasing costs further.
Even Wise would charge a 1.5% fee on a £1000 transfer, costing you £15 - five times more expensive than Atlantic Money!
To save the most money, use Atlantic Money for remittances and transfers to Australia. Their fees minimize costs and get you more Australian dollars for your pounds.
What Are the Best Apps to Send Money to Australia?
Wise, OFX, and Atlantic Money all offer iOS and Android apps to send money abroad.
Their apps allow you to:
Sign up and complete identity verification entirely on mobile
Instantly calculate transfer costs
Pay via bank transfer, debit/credit card
Track payments and receive status notifications
Wise is the most popular and highest-rated money transfer app. OFX and Atlantic Money also provide convenient mobile apps to send funds or check existing transfer status.
For international transfers via mobile, Wise, OFX and Atlantic Money offer the top apps.
Transfer Safety
When sending money overseas, use only regulated providers. Wise, OFX, and Atlantic Money are good choices.
Avoid illegal channels, like unauthorized agents or money mules. You have no protection or recourse if issues arise.
Check that your account or chosen provider is authorized by the UK Financial Conduct Authority (FCA). Atlantic Money, OFX and Wise are FCA-registered, meaning user funds are protected in ring-fenced accounts.
Finally, take precautions. Use secure internet connections. Never share passwords or PINs. Watch for suspicious communications.
By picking a regulated provider and following basic security steps, you can send money to loved ones abroad safely.
Things to Consider When Sending Money to Australia
Sending money abroad involves more than just entering an amount and recipient details. This guide will break down key factors about Australian money transfers. It will help you send funds safely, cheaply, and in compliance.
Local Authorities
The Australian Transaction Reports and Analysis Centre (AUSTRAC) monitors international money transfers to prevent financial crimes.
Banks must report all international transfers over $10,000 AUD to AUSTRAC. Transfers suspected of being tied to illegal activities can also be reported regardless of the amount.
Australia allows international remittances up to $10,000 AUD with no declarations. However, deliberately structuring transfers to avoid reporting is illegal.
If investigated, you may need to provide evidence confirming the source of funds. Inheritances and gifts under $10,000 AUD generally don't need reporting.
Use regulated money transfer providers. Also, be able to justify large or regular payments if audited.
How Much You Are Sending Abroad
Transfer amount affects costs and compliance requirements:
Smaller remittances under $750 AUD incur higher fees as a percentage.
Sums above $10,000 AUD trigger mandatory government reporting.
Large transfers also risk delays or cancellations from banks checking for suspected financial crimes.
Using regulated, mainstream money transfer companies can make compliance easier. This is true for recurring or bulk payments.
Methods of Sending Money
Method | Speed | Fees | Convenience | Safety |
|---|---|---|---|---|
Bank Wire Transfer | Slow (3-7 days) | High | Low | Medium |
Money Transfer Company | Fast (1-3 days) | Low | High | High |
Cash Pickup | Instant | High fees | Medium | Low |
We recommend using major money transfer companies.
Not only are these safe and provide online services, but they also cut fees offering lower costs compared to banks and services like Western Union or PayPal.
Platforms like Wise, OFX and Atlantic Money score highly across metrics for this destination country.
The Cost of Money Transfers
Costs vary depending on:
Transaction fees (fixed or percentage-based)
Foreign exchange fees
Potential wire transfer fees from your bank
Using specialised companies instead of banks for a money transfer to Australia avoids wire transfer fees too. Companies like Wise also use mid-market exchange rates for added savings.
However, some providers have hidden costs through wide spreads between currency buy and sell prices. Check the rate margin isn't over 1-1.5% on top of stated fees.
Payment Type and the Reason for the Transfer
You may be sending money to Australia for business, as a gift, or for other reasons. Costs and rules can vary.
For business transfers, a dedicated international money platform makes compliance easier. It also offers better foreign exchange rates and options like mass payments.
Personal transfers don't require tax declarations as long as they are under $10,000 AUD. Using the same mainstream money transfer providers can still save on fees and exchange rates regardless of reason.
Tax Regulations in Australia
Personal money transfers to Australia under $10,000 AUD don't require tax declarations or payments as long as the source of funds is legal.
Businesses may need to pay goods and services taxes (GST) on payments from Australian sources. This depends on whether they are registered.
There are no specific taxes on the act of sending or receiving international transfers under $10,000 AUD. But double-check tax implications if transferring large investment sums.
Conclusion
Choose regulated money transfer providers. Be aware of reporting requirements. Also, consider exchange rates and fees. Then, you can safely send money from the UK to Australia.
Mainstream fintech platforms now have better foreign exchange rates. They also have lower fees than traditional wire transfers. Opting for these services ensures online money transfers are smooth, cheap, and compliant.
