Revolut
- Great rates and low fees to 150+ countries
- User-friendly app and easy sign-up process
- Get the real exchange rate during market hours
Find the best way to send money to the UK
Learn how to send money to the UK from Australia in five steps.
TorFX
- No transfer fees
- Dedicated account manager assigned to you
- Fix your exchange rate up to two years in advance
OFX
- No transfer fees above $10,000
- 25+ years’ experience in FX markets
- Send money to over 170 countries
Looking for a way to send money to family, friends or a business in the United Kingdom (or even to your own bank account overseas)? According to MoneySmart, you should avoid Australian banks and go with a money transfer specialist to get better GBP exchange rates and lower fees on international transfers.
Based on the providers we've compared, TorFX is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Xe Money Transfers can get money to your recipient in the United Kingdom within minutes.
Best ways to send money to the UK from Australia
The best way to send money to the UK depends on your payment method, how you want your money to be received and how fast you need it to arrive.- Online money transfer provider. When buying Australian dollars or British pounds money transfer specialists typically offer better rates and cheaper fees than a local bank. The top providers add a markup of less than 2% onto the mid-market rate.
- Bank transfer. Bank transfers are an easy way to send money to the UK but charge extra for the convenience and are often slower. Based on our research, ANZ adds a markup of 2.91% when exchanging AUD to GBP. In comparison, CBA adds a markup of around 4.18% to the mid-market rate.
- Cash pickup. If you need your money to arrive fast, doing a cash pickup with Western Union gives your recipient instant access to the money you've sent when they collect it at an agent location in the UK.
- PayPal. PayPal is more known for digital payments but also allows users to transfer money overseas. They charge a fee of 5% of the send amount (minimum $0.99 AUD and maximum $5.99 AUD charge), making them suitable only for sending small amounts.
- Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
Compare the best money transfer companies to send money to the UK
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How we picked theseFinder Score for money transfer
We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
Cheapest way to send money to the UK
As reported by the ACCC, bank transfers are typically the cheapest way to get your money to the United Kingdom. TorFX and Xe Money Transfers have some of the lowest bank transfer fees of the brands we've compared.
Remember, it's more important to look at the overall cost of your transfer to the United Kingdom and this has a couple of elements:- Transfer fees. While still cheaper than your Australian bank, money transfer services charge either a fixed or percentage-based fee for making your transfer.
- Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market AUD/GBP exchange rate.
Certain providers may give the mid-market rate but add fees on top and others will have low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many pounds your recipient will end up with.
Fastest way to send money to the UK
Actual transfer times from Australia to the United Kingdom can depend on several factors including transfer amount, payment method and currency.
Here are some of the fastest average transfer speeds to the United Kingdom:- Revolut — within minutes
- Xe Money Transfers — within minutes
- Wise — within minutes
Safest way to send money to the UK
The safest way to get your money to the United Kingdom is using a provider registered with Australia's industry regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Australia and the United Kingdom.
A great way to dive deeper is by reading our reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
Large money transfers to the UK
If you need to make a sizable money transfer to the United Kingdom, consider using a provider such as TorFX or OFX to secure a better GBP exchange rate and benefit from its expertise handling larger transactions.
Using a large transfer specialist can have the following advantages:- Tax guidance. Large transfers to the United Kingdom may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on the Australian Taxation Office's latest advice.
- Foreign exchange tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the GBP exchange rate you want.
- Account manager. Some money transfer providers assign a personal account manager who can offer advice and help facilitate transfers.
- Phone service. If you want to talk your transfer through with someone, providers such as TorFX and TorFX can provide support over the phone.
How to send money to the UK from Australia
To send money to the United Kingdom, you'll need the necessary documentation, your recipient's details and a way to pay.
- Compare your options.
Use our table to find a money transfer provider that sends funds to the United Kingdom. One may be better for cash pickups while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site". - Create an account.
You'll need to give your name, address, contact details, proof of ID and method of payment. - Provide your recipient's details.
Enter your recipient's name and contact information. If you're sending straight to their British bank account, you'll need the account number, SWIFT or IBAN number, plus their bank branch's address. - Enter your transfer amount.
Check you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total pounds your recipient gets. - Complete your transfer.
Send your money transfer to the United Kingdom. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.
Example: Oliver transfers money to the United Kingdom
Oliver is working in Australia as a doctor and he stays in regular contact with his elderly parents back home in the United Kingdom. His parents need some funds to help pay off a mortgage, so Oliver plans to send them $2,000 from Australia.
He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.
| Bank | Money transfer company | |
|---|---|---|
| Exchange rate | 1 AUD = 0.48 GBP | 1 AUD = 0.49 GBP |
| Transfer fee | $10 | $2.50 |
| Transfer method | Bank account deposit | Bank account deposit |
| Processing time | 2 - 5 working days | Next day |
| Amount received | 954.03 GBP | 970.30 GBP |
The money transfer company enables Oliver to send an extra £16.27, which is transferred straight to his parents' Lloyds Bank account.
How to choose a money transfer company for the UK
When selecting a provider to transfer money to the United Kingdom, here are the main factors to consider:
- Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. However, not every money transfer provider offers the mid-market rate so compare the GBP you're offered to the mid-market rate to calculate the margin.
- Transfer fees. Are you being charged a flat fee or a percentage of the transfer amount? A provider offering to transfer your money to the United Kingdom for a flat or low fee might work out better if you're sending a large amount.
- Transfer type. Does your recipient have a British bank account or is cash pickup a better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
- Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Companies such as WorldRemit offer instant cash pickups but may charge more. If you're not in a rush, online money transfer services offer the best value.
- Transfer limits. Find out how much you can send with each service. For example, Remitly has a transfer limit of $2,999 while OrbitRemit allows transfers up to Varies by destination.
- Discounts. Providers may offer you a free transfer simply for signing up. Others may give a discount for transferring more than a specific amount of pounds.
Is this a good time to send money to the UK?
Compared to a month ago, the Australian dollar is weaker against the pound. Currently, $5,000 is worth £2,441.00, whereas a month ago, $5,000 was equivalent to £2,615.00. That's a decrease of 6.65% over the past month.
But compared to a year ago, the Australian dollar is a little stronger against the pound. A year ago, $5,000 was equivalent to £2,430.50. That's an increase of 0.43% over 12 months.
What's more important, however, is the strength of the Australian dollar against the pound and where it goes from here – which is harder to call. But whichever way it goes, shopping around has the potential to get you more pounds for your Australian dollars and can help you get the best out of any market conditions.
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Our expert says
"My entire family are in the UK so I end up sending money there quite often. I didn't do any searching initially so just used my bank to send money over. Not only did it take a few days to arrive, it cost me so much in fees! It was something like a $22 flat fee plus a percentage of the amount I was sending. It would end up costing $25 to $30 extra each time. Then I switched to Wise. It arrives in seconds and costs maybe a dollar or 2, instead of 30. The app is also really easy to use: my mum finds it easy enough to use to send money back this way too!"
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