Send money to UK
With over 980,000 English-born residents in Australia, it’s no surprise that there are many people looking to convert their Australian dollars to British pounds. According to the World Bank, the UK received about 2.4 billion pounds in personal international money transfers (IMT), with Australia being a big contributor.
As such, there are many reasons why people might send money to the UK, including:
- Purchasing goods and services for your business
- Paying wages or royalties
- Paying school or university fees to support children living in the UK
- Cash gifts for friends or family living in the UK
- Emergency transfer of funds to a relative for medical reasons
- Buying investment property in the UK.
Remember this guide is about transferring money to the UK and not for those wishing to travel there. If you’re planning a holiday to the UK for personal or business reasons, head to the Mozo travel money section of our site.
Who to use to send money to the UK
If you’re looking to send money to the UK, you’ve probably noticed that there’s an array of options available. But the main players in this competitive market are banks and foreign exchange specialists.
Usually, foreign exchange specialists like OFX, WorldFirst and TorFX are experts in sending money overseas and tend to be cheaper than banks. That means that if you’re sending money to the UK on a regular basis or just need to make a large one-off transfer, you could save hundreds if not thousands of dollars by choosing a specialist over a bank.
Here’s a quick breakdown of the differences between providers:
Sending money to the UK using your Aussie bank account is convenient and pretty easy to do especially when you like the idea of using a provider you’re already familiar with.
- Pros: Respectable brands you’ve known for years.
- Cons: Usually have higher transfer fees than other providers. May not be as convenient with their availability, especially if you can’t visit a branch during business hours.
Specialist FX or IMT providers are companies that specialise in foreign exchange. Since they exchange foreign currency all the time, it means they typically have a better rate than others, especially banks. Companies like SendFX, TorFX and OFX, or the winners of the Mozo Expert Choice Awards, all tend to offer better rates than your average bank.
- Pros: Safe, fast and cheaper international money transfer. (All FX specialists that we compare at Mozo hold an Australian Financial Services licence which means they abide by ASIC regulations.)
- Cons: Some providers have high minimum transfer rates (some starting at $2,000). IMT specialists work mostly online and have no physical branches available for you to go to.
How do I compare providers?
Now that you’ve got a general idea of the basic differences between providers, these are the key features you should keep a lookout for when choosing a provider:
- Exchange rates: The most important feature of any IMT transaction is the exchange rate. The better the exchange rate when converting AUD to British Pounds, the more money you’ll have at the end.
- Fees: Another big feature you need to be aware of is exchange fees. The provider’s fee could change the amount of money you’ll get after a transfer to the UK. Banks tend to charge much higher fees than IMT specialists which are directly taken out from the amount you are sending. There are several IMT specialists who do not charge any fees when you transfer a certain amount of money.
- Limits: Providers have different transfer limits, some can be as low as $0 and others have high minimum transfers. So you should pick one that suits you. Also, if you’re planning to make frequent transfers keep an eye on the number of transfer limits in a particular time period.
- Transfer speed: Generally most IMT take between 1-3 days, although you may be able to speed up the process for a fee.
- Online or in person: Specialist IMT providers generally operate online, so you won’t be able to do over the counter transfers. You could make a transfer over the phone, but if you’d rather do your transaction in person you’ll need to go through a traditional bank or maybe consider a standard wire company like Western Union.
How do I transfer money to the UK?
Transferring money to the UK is a fairly straightforward process no matter which type of provider you choose. Typically you will need to know:
- Full name and address of the recipient’s bank
- Recipient's name, address and account name
- Account number or International Bank Account
- Number (IBAN)
- SWIFT/BIC code of your personal account you're transferring funds from
- Amount you would like to send.
Can I make a one-off transfer to the UK, what are my options?
Yes, but this will depend on how much you want to transfer. If it’s just a small amount $200 AUD or less, then PayPal or a standard wire transfer is a fast and secure option, with low fees. For a one-off larger transfer it’s definitely worth choosing a foreign exchange specialist. The better exchange rate you’ll receive from an IMT specialist could save you hundreds or even thousands on your large one-off transfer.
Your next step
Ready to weigh up your exchange rate options for transfers from Aussie dollars to British Pounds? Get started with the IMT specialist offers below, or head over to our international money transfers hub for even more deals.
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Today’s foreign exchange rates
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