Transfer Money From the UK to Australia

By 
Russell Gous
Last Edited Nov 05, 2023

Need transfer money from the UK to Australia, but perhaps you’re not sure about the best way to go about it? we will walk you through all the available transfer options.

By exploring these various options, you can sidestep unnecessary delays, cut down on excessive fees, and leave the worry behind.

Additionally, we will provide specific advice for transferring large sums, as this involves more intricate considerations.

How to transfer money from UK to Australia (without banks)?

Money transfer companies are third party, non-bank, financial service providers. They can receive money in the UK, in Pound Sterling, exchange it to Australian Dollars, and send it to a bank account in Australia (or the other way around, if needed).

They are a far cheaper and more convenient way for most customers.

Which services support such transfers

These are recommended services that support sending money to the Australia. They are the best way in terms of pricing, quality of service and well rounded offering.

Best Way to Transfer from UK to Australia 2023

Based on Security, Speed and Cost; companies operating in Australia and UK

#1
UK EU USA Currencies Direct: Best Overall for International Money Transfers
Headquarters:
1 Canada Square, Canary Wharf, London E14 5AA, UK
97.8% Editorial rating
7,500 Client Reviews
Minimum transfer:
£100 / €100 / $100 or equivalent
Why Them?
  • 96% Positive Feedback from Customers, Since 1996
  • Service Oriented - Specialising in Large Transfers - Friendly Dealers
  • Very Competitive Rates, No Wire Fees
+Read more
1
Currencies Direct
Currencies Direct: Best Overall for International Money Transfers
97.8%
Editorial rating
#2
UK Australia EU TorFX: Strong Guidance and Staff
Headquarters:
Pz360, St Mary's Terrace,Penzance, Cornwall, TR18 4DZ, UK
93.4% Editorial rating
5,500 Client Reviews
Minimum transfer:
£100 / €100 / $100 or equivalent
Why Them?
  • HQ Outside of London - Lower Staff Costs Rolled Over to the Client
  • Quick Onboarding Process and Highly Professional
  • Trading Desk with 100+ Years of Experience
+Read more
2
Torfx
TorFX: Strong Guidance and Staff
93.4%
Editorial rating
#3
UK EU USA UAE moneycorp: Oldest and Most Reputable Foreign Exchange Service
Headquarters:
Zig Zag Building, 70 Victoria St, Westminster, London SW1E 6SQ, UK
93.2% Editorial rating
7,000 Client Reviews
Minimum transfer:
£50 / €50 / $50 or equivalent
Why Them?
  • Providing FX Services since 1979
  • Very Recognisable Brand with Excellent Reputation - £36.9in Transfers Annually with Offices in Every Continent
  • Business Specialists
+Read more
3
Moneycorp
moneycorp: Oldest and Most Reputable Foreign Exchange Service
93.2%
Editorial rating
#4
UK EU USA Australia NZ Xe: Biggest Name in Currency Since 1993
Local UK Offices:
Maxis 1, Western Road, Bracknell, Berkshire, RG12 1RT, UK
91.3% Editorial rating
62,000 Client Reviews
Minimum transfer:
£50 / €50 / $50 or equivalent
Why Them?
  • Excellent Sign Up Process
  • Global Company with Strong Presence in the UK (HiFX, one of the best known UK brokers, was merged into Xe)
  • Combination of Work-Of-Art Online System with Brokerage for Large Transfers
+Read more
4
Xe
Xe: Biggest Name in Currency Since 1993
91.3%
Editorial rating
#5
UK Spain Key Currency: Up and Coming Currency Broker with Local Presence UK/Spain
Local British Offices:
St Piran House, Technology Park, Heron Way, Truro TR1 2XN, United Kingdom
90.8% Editorial rating
800 Client Reviews
Minimum transfer:
€250
Why Them?
  • Fastest Growing UK Currency Transfer Provider
  • Strong Onboard Team, Get an Immediate Callback
  • Recipient of Multiple Industry Awards
+Read more
5
Key Currency
Key Currency: Up and Coming Currency Broker with Local Presence UK/Spain
90.8%
Editorial rating
#6
UK EU Canada Corpay: 99% Positive Client Feedback
Headquarters:
20 Wood St, London EC2V 7AF
90.6% Editorial rating
4,400 Client Reviews
Minimum transfer:
£1,000/€1,000 or equivalent
Why Them?
  • 99% of its Past Clients Gave the Firm a Positive Review
  • Strong Global Reach with Offices in UK, Europe, and Canada
  • More than Two Decades of Experience
+Read more
6
Corpay
Corpay: 99% Positive Client Feedback
90.6%
Editorial rating
#7
UK EU Brazil Currency Solutions: Best Money Transfer on TrustPilot
Headquarters:
21 Queen Elizabeth St, London SE1 2PD
90.4% Editorial rating
1,900 Client Reviews
Minimum transfer:
£1,000
Why Them?
  • Best Customer Satisfaction Score on TrustPilot
  • Welcoming and Clear Website, Easy to Sign Up
  • Excellent Currency Transfer Rates
+Read more
7
Currency Solutions
Currency Solutions: Best Money Transfer on TrustPilot
90.4%
Editorial rating
#8
Australia UK EU USA New Zealand OFX: The Publicly-Traded Money Transfer Company from Down Under
Headquarters:
Level 19, 60 Margaret St, Sydney, NSW 2000, Australia
90.4% Editorial rating
1,500 Client Reviews
Minimum transfer:
£100 / €100 / $100 or equivalent
Why Them?
  • Traded Publicly in Australia
  • £20bn Turnover per Year
  • Ultra Professional
+Read more
8
OFX
OFX: The Publicly-Traded Money Transfer Company from Down Under
90.4%
Editorial rating
#9
UK Halo Financial: Excellent Online Platform and Support
Headquarters:
Battersea Studios 2, 82 Silverthorne Rd, Nine Elms, London SW8 3HE
87.3% Editorial rating
100 Client Reviews
Minimum transfer:
£1,000
Why Them?
  • Feefo 2020 Platinum Trusted Provider
  • Excellent Website and Online Flow
  • Highly Professional
+Read more
9
Halo Financial
Halo Financial: Excellent Online Platform and Support
87.3%
Editorial rating
#10
EU UK USA Australia Wise (Previously TransferWise): Valued at £10bn
Headquarters:
17 Avenue Marnix, 1000 Brussels, Belgium
86.8% Editorial rating
32,000 Client Reviews
Minimum transfer:
No Minimum
Why Them?
  • Largest Money Transfer Provider of its Kind
  • Fully-Online Journey
  • Transparent Pricing
+Read more
10
Wise / TransferWise
Wise (Previously TransferWise): Valued at £10bn
86.8%
Editorial rating

What’s the transfer process with a non-bank?

In order to transfer money from UK to Australia with a money transfer company, all you really need is to sign up, accept a quote (over phone, email or through the online system), verify your identity, supply the bank details of the recipient and kick back and relax while the transfer initiates.

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How much money can you save in the process?

You can save up to 80% of the costs you would have paid using a bank.

For starters, let’s look at the currency exchange rates for such a transfer from UK to Australia, involving the Pound to Australian Dollar exchange, and understand the associated savings.

 

Currency Exchange Rates

GBP to AUD

Current Rate: 1.9225 AUD

Estimated Bank Rate (2.5% markup): 1.8745 AUD

Provider Rate (0.6%): 1.9110 AUD

Indicative rates only. 2.5% was applied as the bank margin and 0.6% as the provider rates, but we don’t guarantee either.

AUD to GBP

Current Rate: 0.5202 GBP

Estimated Bank Rate (2.5% markup): 0.5071 GBP

Provider Rate (0.6%): 0.5170 GBP

Indicative rates only. 2.5% was applied as the bank margin and 0.6% as the provider rates, but we don’t guarantee either.

Example: You could potentially save A$1,900 on a transfer of A$200,000.

Transfer Money From Australia to the UK

Speed and Complexity

Given its antipodean location and contrasting timezone, sending money to Australia can take longer than it does to other countries. Whereas SEPA transfers within Europe are instant, and SWIFT transfers are normally taking 1-2 days between most destinations, transfers to Australia may be on the higher end of the scale reaching their destination only after 2-4 days.

But that doesn’t make it any more complicated. In fact, in just a few easy steps you can initiate your transfer to Australia and then sit back and track your funds until they reach the beneficiary.

Step 1: Choose a Payment Provider

This is the single most important thing to get right.

Your decision will influence:

How much you have to pay

The variety of currency tools at your disposal

How long the transfer might take

And how safe your money is in the process.

In our view, there are four key categories which define what makes a good international payment provider: cost, variety of solutions, speed and safety.

Cost

UK banks charge some of the highest international money transfer fees in the world. UK banks tend to charge anywhere from 2.5%+ for sending pounds to Australia. They hide the fee in the exchange rate markup when you convert pounds to Aussie dollars.

With a dedicated international money transfer provider, you’re more likely to pay anywhere from 0.1% – 2%, depending on how much you’re sending.

If you’re transferring large sums of money from UK to Australia, cost becomes an even more important factor. On a £100,000 transfer, losing an extra 4% in the foreign exchange markup would equate to £4,000.

If you have the time, we recommend registering with at least two providers so you can compare the rates on offer.

Some companies like TorFX provide a rate improver guarantee, where they will match or beat any valid quote from other banks or FX providers.

Just remember, the cheapest way to send money overseas is not necessarily always the best. Various other factors come into play, particularly when you’re sending larger amounts.

Flexible Solutions

The other overriding factor which determines how much money you’ll receive is obviously the exchange rate at the time you transfer GBP to AUD.

The currency market is constantly moving and it can make a huge difference to the amount you receive.

Look at a recent example…

On the 5 Sep 2023, the GBPAUD rate was 1.97. Just two weeks later, on the 22 Sep 2023, the GBPAUD rate was 1.90. The rate has moved by 3.6%. Let’s say you were sending £100,000 to AUD, that could have resulted in either $197,000 or $190,000, depending on the date you made the transfer. 

When you transfer money from the UK to Australia with a bank, you usually only have the option to initiate an instant transfer at whatever the current exchange rate is. This is known as a ‘spot transfer’.

When you initiate a transfer with a currency broker, you gain access to a range of FX tools.

These include options like forward contracts and limit orders, which can help you hedge against currency risk and land you more Aussie dollars in the process.

Hedging tools are of more importance, and are more commonly used, by individuals and SMEs transferring large amounts of money from the UK to Australia.

Speed

When you use a bank to transfer money from UK to Australia,, the money is sent via the SWIFT network.

It’s an antiquated system that was launched in the 1970’s which relies on banks having a network of intermediary banks in order to find a route to make an international payment.

As things stand, you’re looking at T + 2 working days to transfer GBP to AUD via SWIFT.

Unlike domestic facing banks, many international money transfer services hold currency accounts in multiple countries.

This means they can accept local transfers to settle FX payments and then disburse funds to the beneficiary from a local bank account too.

TorFX, OFX and WorldFirst all hold accounts in both the UK and Australia.

One of the tactics a money transfer specialist can employ is to make a local transfer to the beneficiary in Australia as soon as your money has been credited to their account in the UK, making the transfer significantly faster.

Safety

From a standalone perspective of safety, it’s fair to say that banks are one of the best ways to transfer money to an Australian bank account from the UK.

If you hold money with a bank in the UK, your money is protected under the Financial Services Compensation Scheme up to £85,000 per eligible person, per bank.

Money transfer companies do not operate under these schemes. Instead, they are required to keep your money in separate safeguarded accounts with banks. In this instance, you should get most of your money back in the event that your payment provider goes bust.

We only recommend working with regulated and financially sound money transfer companies.

A company like Currencies Direct has had a strong financial position since their launch in 1996 and a company like moneycorp is a globally-recognised brand, running since the 1970’s.

To sum up your first decision, weigh up the factors that are most important to you, read the reviews of our top-rated international money transfer services and choose a provider.

Step 2: Register With One or More Providers

Once you’ve completed your comparison, you’ll need to register with the service or services of choice.

You’ll be able to register online within minutes but the slightly longer turnaround comes when you have to verify your identity.

Regulated money transfer companies have a legal obligation to conduct these checks. In many instances it can be done instantly, if not, it shouldn’t take longer than a few hours.

With a specialist currency broker,you’ll also be able to get to know your account manager. You’ll have their direct contact details and they’ll be on hand to guide you through the intricacies of a GBP to AUD transfer.

Step 3: Setup Your GBP to AUD Transfer

Once your account is approved, you can submit your international money transfer from UK to Australia.

Do this online with any type of bank or money transfer company or by speaking to your account manager if you opted for a specialist broker.

Submitting a cross-currency transfer has two main elements.

First, you’ll have to accept the exchange rate. This is where we think it’s worth comparing at least two options so you can make sure you’ve got the best deal.

Secondly, you’ll need to input the beneficiary details.

If you’re transferring money from the UK to an Australian bank account, you’ll need to provide:

  • Beneficiary Account Number
  • Beneficiary Bank SWIFT BIC
  • 6-digit BSB Code
  • Beneficiary Address

Ensure you input the details correctly to avoid any delays, or worse, your aussie dollars crediting the wrong account. If it does you may not be able to get it back.

Step 4: Send your GBP to Settle the Trade

You usually have a few methods in which you can fund your deal.

Debit cards and bank transfers are the most common.

If it’s a bank transfer, your provider will tell you which account to pay and what reference you should include.

Once settled, you can monitor the progress of your payment or await confirmation from your provider once it’s gone through.

What is the Best Way to Send Money to Someone in Australia?

Best For: Service

TorFX, operating in both the UK and Australia, is a currency broker that is fundamentally built on its service-led proposition. When initiating a transfer from the UK, you’ll have direct access to a local, dedicated account manager.

Winner of Moneyfacts Best Customer Service award in 2023, it’s the fifth time the firm has been recognised for its outstanding customer service.

Customers agree and the firm boasts an impressive 4.9 / 5 score on TrustPilot from over 6,900 customer reviews.

Best For: FX Solutions

All of the currency specialists listed on this page provide customers with a range of FX tools.

moneycorp just happens to do this particularly well. Its professional team is best placed to advise on a market-leading range of currency hedging solutions.

Best For: Safety

Currencies Direct is recognised as one of the safest and most credible money transfer firms in existence today.

Launched in 1996, it’s been safely handling client money for over 25 years and enjoys a level 1 credit rating with Dun & Bradstreet (the highest a firm can get).

Employing over 500 staff around the globe, Currencies Direct helps hundreds of thousands of clients move billions of pounds each year.

Best For: Transferring Large Amounts of money from UK to Australia

TorFX’s dedicated account management service is completely geared to customers transferring large sums abroad or receiving large sums from abroad.

Best For: Paying Staff

Papaya Global, one of the world’s leading global payroll services, offers a myriad of solutions covering both the UK and Australia.

Well versed in payroll and employment law in Australia, Papaya Global can assist with facilitating payroll transfers from GBP to AUD, as well as employer of record services in Australia.

What is the Cheapest Way to Send Money from the UK to Australia?

The cheapest way to send money from UK to Australia is largely determined by how much you’re looking to send.

Cheapest Way to Send Money from the UK to Australia < £10,000: Wise

The ‘do-it-yourself’ online money transfer companies like Wise are generally the best option when you’re sending smaller sums.

You don’t get access to a currency specialist, nor do you have access to hedging tools which can potentially help you achieve a more favourable rate.

They do, however, have transparent, low fees.

Significantly cheaper than banks.

Cheapest Way to Send Money from the UK to Australia > £10,000: Currencies Direct

Currency specialists like Currencies Direct will provide a better rate the more you’re looking to send.

If you’re transferring over £10,000 then compare your options as the difference in rates could mean losing hundreds if not thousands of pounds.

Last Word

UK banks are notorious for charging excessive international payment fees.

However, there are a huge swath of non-bank options to transfer money from UK to Australia.

For larger sums, we recommend currency brokers as the best way to transfer money from the UK to an Australian bank account.

For smaller sums, online-only money transfer services are the cheapest way to send money from the UK to Australia.