Send Money from Australia to UK: How To Find the Best and Cheapest Deals

Of the thousands of Australians looking to send their money overseas, a growing number are in search of a better deal, having grown frustrated from the high fees charged by mainstream banks.

Whether you’re sending money to a business, family member, or your own overseas account, you’d want to know the best way to transfer money from Australia to UK is through a dedicated money transfer service.

Below you can find a quick overview of cheapest ways to transfer money from Australia to UK. Compare the AUDGBP exchange rates, and read below on the best ways to send.

0 AUD -> NZD
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    This company uses individualised quotes that depend on many factors. To receive a quote specific to your requirements, you will need to sign up with the company and ask for it. The rate displayed is representative of what you can receive, but it is not guaranteed.
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    This company uses individualised quotes that depend on many factors. To receive a quote specific to your requirements, you will need to sign up with the company and ask for it. The rate displayed is representative of what you can receive, but it is not guaranteed.
    0.05% below the mid-market rate
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    This company uses individualised quotes that depend on many factors. To receive a quote specific to your requirements, you will need to sign up with the company and ask for it. The rate displayed is representative of what you can receive, but it is not guaranteed.
    4.12% below the mid-market rate
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    This company uses individualised quotes that depend on many factors. To receive a quote specific to your requirements, you will need to sign up with the company and ask for it. The rate displayed is representative of what you can receive, but it is not guaranteed.
    1.66% below the mid-market rate
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    This company uses individualised quotes that depend on many factors. To receive a quote specific to your requirements, you will need to sign up with the company and ask for it. The rate displayed is representative of what you can receive, but it is not guaranteed.
    2.97% below the mid-market rate
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Last updated: 19/06/2024

Choosing a provider

Different providers each have their own strengths. For example, some are cheaper but do not provide dedicated support. Others are more tailored towards businesses so their minimum transfer might be high.

Choosing the right provider can be chalked up to aligning your own specific requirements with the service provider that best meets those needs. Regardless, you’ll want to choose a provider and solution that is safe, fast, and cost effective. 

Generally speaking, we would swerve the big Australian banks. By doing so, you’ll avoid paying high fees, and receiving poor currency exchange rates with limited wrap-around services. Instead, consider choosing an online money transfer provider or currency broker. 

The companies recommended in this guide almost always beat Australian banks on speed, cost, and service. 

What options are available to transfer money abroad from Australia to the UK?

Australia to the UK is an extremely popular money corridor. In the four quarters to the end of Q1 2023, Australia spent more than 20 billion AUD on UK imports. Australia also hosts more than 1.2 million British migrants. No doubt this contributes to the huge demand for money transfers from Australia.

Unsurprisingly, there are a whole host of options to choose from. While it depends on your unique circumstances, by the end of this article, you should have the tools you need to determine the best way for you to send money from Australia to the UK.

There are many options depending how fast you need your money to arrive, as well as how your money can be collected or received.  

Australian banks

Whilst offering convenience (as you are likely already registered), choosing to transfer from a traditional Australian bank account to the UK is often a slow and costly option. 

The ‘big five’ Australian banks charge high fees and offer poor exchange rates, with a markup ranging from 2.5% to upwards of 4.3% above the mid market rate.

Paypal and e-wallets

Whilst Paypal is a very well known digital payment service that offers overseas payments, they are far from the cheapest. 

Similar to banks, if you already have a Paypal account, they may prove to be a convenient option, but you will be charged 4-5% of the transaction total. 

Sending money from Australia to the UK via Paypal is very costly.

Remittance companies

The likes of Western Union offer fast transfer options that allow recipients to collect their cash quickly but even some of the cheapest providers in this space like Remitly, still cannot compete on cost with our recommended money transfer providers. 

Thus, remittance companies should only be considered if there is a specific need for the beneficiary to receive their payment in cash.

Online money transfer providers

We recommend choosing a specialist provider for many reasons. 

The majority of these companies offer lower fees and better exchange rates than banks and other services (most top providers’ true cost equate to >2% of the transfer total). 

Currency brokers are also specialists in transferring large amounts of money from Australia to the UK. 

You can benefit from an experienced, dedicated account manager guiding you through the process, in addition to exploring additional services to help you get more out of your transfer. 

What is the cheapest way

There are multiple costs to consider when you transfer money from Australia to England, so having a basic understanding of these will help you to determine the best way to transfer AUD to GBP.

Transfer fees

With banks and many other providers, this is often a fixed fee determined by the amount of money you’re sending and where you wish to complete the transfer (in branch, online, or over the phone). 

Many of Australia’s ‘big five’ banks have waived these fees for online transactions, although they still charge anywhere between $9-$32 AUD for transfers completed in branch or over the phone.

Certain providers like Wise charge a small variable fee, which is based both on the total amount of funds you are sending, as well as the country of the beneficiary. 

Exchange rate markup

The majority of specialist providers and banks add a margin to the mid-market AUD/GBP exchange rate.

This is often a somewhat hidden cost to the customer, as the mid market rate is rarely advertised, making it difficult for the customer to calculate the cost of using a certain provider.

Generally speaking, Australian banks add a FX markup somewhere between 2.5%-4.5%, whereas our recommended providers in this article tend to equate to less than 2%, and are often even cheaper.

Cost Saving Example

Here we highlight the potential savings of choosing a money transfer provider, in this case ‘Wise’, over ANZ Bank who are one of Australia’s ‘big five’. 

ANZ BankWise
Amount sent10,000.00 AUD10,000.00 AUD
Transfer fees9.00 AUD48.31 AUD
Exchange rate markup3.62%0%
Total deductions370.52 AUD48.31 AUD
Amount received5,028.20 GBP5,201.45 GBP

You could save 322 AUD by making the smart decision to use one of our recommended providers for your AUDGBP transfer. 

Some of the ‘big five’ banks in Australia offer poorer exchange rates than ANZ, so using a bank for your international transfer could potentially cost you even more!

The cheapest way to send money to the UK from Australia often comes down to the total amount you’re looking to send. 

For larger transfers of $30,000 or more

We would recommend choosing one of our recommended currency brokers.

For larger sums, currency brokers will offer you great rates with zero fees, and as we’ve already mentioned, they will guide you through the whole process, helping you to best time your transfer to calculate on a favourable currency swing.

For smaller transfers of less than $30,000

The cheapest way to transfer money from Australia to the UK is likely using an app only money transfer provider.

While the onus is on you, and you’ll need to complete the transfer independently, in return, you’ll receive the best possible exchange rates for smaller value transfers, and avoid the high fees imposed by banks and other alternate providers like Paypal.

Fastest way 

Many app only providers like Paypal and skrill offer very fast transfers. However, if your transfer is held up for compliance or any other reason, you’re not at the front of the line with someone on hand to support. 

For this reason, we’d say that choosing a currency broker is likely your best bet. They can almost certainly make the transfer the same day (time zones permitting), and you can pick up the phone anytime to track your transfer with your account manager. Sending funds via an online money transfer app to a recipient with the same app is also one of the fastest routes. A ‘Wise account’ to ‘Wise account’ transfer is essentially instant.

Some other providers will offer faster options to complete a money transfer from Australia to the UK, but bear in mind these express services often come at an additional cost. 

How do I know my money is safe? 

One likely reason that banks remain a popular method for Australian money transfers is that people feel secure using a large and well established organisation, like any of Australia’s ‘big five’ banks.  

Thankfully, all of our recommended providers are highly regulated in Australia and well versed in transferring funds from Australia to the UK. Many comply with both stringent Australian and UK laws. 

These money transfer providers and currency brokers are also very well established, and have amassed tens of thousands of positive TrustPilot reviews. This is a great source for you to take a deeper dive into each company, to hear from satisfied customers first hand about their experience. 

4 step process to transfer money to the United Kingdom 

  1. Compare your options and choose your provider

    • You should by now have a better understanding of the options available.
    • Based on your individual requirements, create a shortlist of our recommended providers. 
    • From there, calculate who offers the best overall package for you to send money from Australia to the UK.
    • Pay close attention to any minimum or maximum transfer limits, as these may rule out certain providers from your list of choices. 
  2. Register a new account with your provider

    • This is most often a quick and pain free process, where you’ll need some form of ID on hand to complete a verification process often referred to as ‘Know Your Customer’.
  3. Format the details of your bank transfer from Australia to UK

    • It’s important to enter all of these details accurately, to avoid delays or sending your money to the wrong account.
    • You’ll need your recipient’s name, contact information, and UK bank details.
    • This will include the beneficiary’s account number, the bank’s address, as well as its SWIFT code.
    • You may also be asked to provide an IBAN (International Bank Account Number). 
    • Originally designed for transfers within the Eurozone, the UK is now one of 70+ countries across Europe, North Africa, and the Middle East that use IBANs to help secure international transfers.
    • All UK IBANs are made up of 22 digits and include the country code (GB), check digits, bank code, sort code, and bank account number. 
    • Seeing as IBANs are not used in Australia, we recommend using an online IBAN calculator to help ensure you’re formatting this number correctly. 
  4. Confirm your transfer total to settle your deal

    • Your final step is to confirm the total amount of AUD you want to convert to GBP, or alternatively, the amount of GBP you want your beneficiary to receive.
    • Once you have secured your exchange rate and locked in the trade, you have now entered a legal contract with your provider to complete your AUD-GBP transfer.
    • Your provider will supply their payment details for you to fund your transfer.

How to minimise costs for your international money transfer (AUD to GBP)

The first and most important component to minimising costs is choosing the best provider for your unique needs. 

As already highlighted, once you have a shortlist, reach out for comparative quotes so you have a clear and transparent view on the true cost of your transfer. 

Secondly, to secure the best AUD-GBP exchange rate, you should ask yourself â€˜is now a good time to send money to the UK?’

Currency exchange rates are constantly changing and the AUD-GBP pair can be quite volatile.

In the past 5 years the AUD-GBP rate has been as high as £0.63 and as low as £0.49, more than a 20% swing.

In 2023 alone, the rate dropped by 13% between February and August.

For larger transactions, this can amount to either a significant saving or loss, depending on whether you secure your trade during a favourable currency swing. 

This is another reason why we believe currency brokers are often the best way to transfer money from Australia to the UK.

They can advise on past trends, as well as political or other external factors that may impact your upcoming AUD to GBP money transfer. 

They also offer hedging services such as forward contracts, which you can use to secure a favourable exchange rate for a period in the future.