Find the best way to send money to the UK

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, Revolut 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

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. Revolut 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
• Instarem — 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 Xe Large Transfers 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 Xe Large Transfers can provide support over the phone.

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 = 0.51 GBP	1 AUD = 0.52 GBP
Transfer fee	$10	$2.50
Transfer method	Bank account deposit	Bank account deposit
Processing time	2 - 5 working days	Next day
Amount received	1,022.04 GBP	1,039.47 GBP

The money transfer company enables Oliver to send an extra £17.43, 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 Revolut allows unlimited transfers.
• 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 stronger against the pound. Currently, $5,000 is worth £2,615.00, whereas a month ago, $5,000 was equivalent to £2,586.50. That's an increase of 1.1% over the past month.

But compared to a year ago, the Australian dollar is weaker against the pound. A year ago, $5,000 was equivalent to £2,670.00. That's a decrease of 2.06% 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.

Frequently asked questions

• How can I pay for my transfer to the United Kingdom?

  The most common payment methods for money transfers to the United Kingdom include bank transfer, credit card and debit card. How you pay can influence how quickly your pounds arrive and the total cost of your transfer, so consider both when deciding.

• What details do I need to send money to the United Kingdom?

  • Photo identification: Most providers require a driver's license, passport or other Australian government-issued ID.
  • A way to pay: Your options depend on the provider's services. Popular methods include cash, debit or credit card and bank account transfers.
  • Recipient information: You'll need their name (matching their ID) plus contact details. If sending to a British bank account, you'll need their account number, SWIFT and branch details.

• What is required to receive money in the United Kingdom?

  • Transfer number: The reference number – sometimes called a PIN, MTCN or tracking number.
  • Government-issued ID: An official ID, such as a British passport or driver's license.
  • The transfer amount: To know how much has been sent, usually to within 10% of the total.
  • Sender information: The sender's name and address and the transfer's country of origin.

• How much money can I send online to the United Kingdom?

  Each provider has its own sending limit. For example, Revolut and Xe Money Transfers allow you to transfer as little as $1 while others will have a much higher minimum threshold.

  Remember that some providers will have different maximum transfer amounts as a result of Australian tax policies or because their service is more limited.

• How long will it take for my money to arrive in the United Kingdom?

  The turnaround time for a money transfer to the United Kingdom depends on the provider and how you pay for the transfer. Expect your transfer to arrive within minutes if you pay using cash or with a debit or credit card. Paying by bank transfer can take longer – usually 2–5 business days.

• Can I send money to the United Kingdom without a bank account?

  Yes, you can still send a money transfer if neither you nor your recipient in the United Kingdom has a bank account. Look at cash transfer providers such as Remitly where you can pay with cash and your recipient can collect it as cash or as mobile phone reload on the other end.