- Do you need to transfer funds to the UK from Australia? Compare money transfer services to get yoru AUD to GBP quote.
- Banks are the most obvious choice to move funds overseas, but money transfer companies can offer better rates, faster delivery speeds and smoother service.
- There are certain laws and taxes you should know about especially when moving large amounts of money to the UK.
With an average of 23% of international money transfers sent to the United Kingdom, the UK is one of the most popular money transfer destinations from Australia. This doesn't come as a surprise, considering that the largest community of Aussie expats lives in the UK, whereas Australia is home to the largest community of British expats.
Sending money back home to family and making personal investments are two of the main reasons people send money to UK from Australia.
This guide will show you which money transfer companies offer the lowest fees and best exchange rates so that you can make your own choice.
Inside this guide
- Common reasons people transfer money to the UK
- Business vs personal considerations
- Compare money transfer providers
- How much money can you send to the UK from Australia?
- How much does it cost to send money to the UK through a bank?
- Alternative ways to send money to the UK
- What money transfer services send money to the UK from Australia?
- What to compare to get the best deal
Common reasons people transfer money to the UK
Personal money transfers make up a large proportion of international money transfers to the UK from Australia [AUD to GBP]. The main reason is transferring funds back home to family, but people also move money to fund their travels, pay for education overseas, get married overseas, or buy property overseas.
Emigrating to the UK is another common reason Aussies and returning Britons transfer money to the UK.
Business transactions cover a wide range of scenarios, from paying overseas employees to paying suppliers and contractors, running a business, buying commercial properties or investing in real estate, and making charitable donations.
Business vs personal considerations
Australia and the UK have no legal limits on the amount of money you can transfer in and out of either country. However, you may find that your bank has its own daily limits.
Most Australian banks have a daily limit between $5000 and $10,000 on personal accounts. Some banks allow customers to increase the limit either through their online banking account or at a branch, but the limit rarely exceeds $50,000.
Business bank accounts generally have a daily limit of about $100,000, but there are exceptions. Westpac, for instance, has a default business daily payment limit of $10 million that can be increased up to $100 million, if required.
No matter how much money you send to the UK, there are generally no tax implications if the money is part of your existing savings or assets. However, tax may be due if the transfer can be regarded as income and the receiver is resident in the UK.
According to English law, income is represented by:
- Overseas salary
- Overseas pension
- Rental income
- Gains from selling an asset (including property overseas)
- Interest on savings
- Profit from running a business overseas
Need to make a large overseas payment?
Compare money transfer providers
How much money can you send to the UK from Australia?
Apart from the limit set by your bank, there are no limits on how much money you can send to the UK from Australia. It could be as low as $50 or house sized amounts into the millions.
Bodies like the Financial Conduct Authority (FCA) and HM Revenue and Customs (HMRC) monitor all international money transfers to check for illegal activity.
For this reason, you should only send money through authorised money transfer services or registered banks.
How much does it cost to send money to the UK through a bank?
Bank transfers can cost you anywhere between $10 and $35, although some banks have lower fees if you transfer the money through internet banking.
Banks in the UK might also charge a fee for international payments in foreign currency, so you should send the money in Pounds Sterling (GBP) rather than AUD.
Alternative ways to send money to the UK
Money transfer services are much cheaper – some even remove fees altogether and any make profit from margin on the currency exchange rate.
What money transfer services send money to the UK from Australia?
If you want to send money to a bank account, Wise is an excellent alternative to Revolut. Users can send money from their bank account or card to another bank account in less than a day, and at cheap rates.
To send money in AUD to the UK, you pay a small, flat fee of 0.66 AUD + 0.45% of the amount that's converted, and the recipient will get GBP into their bank account.
Send will suit those who don’t want to pay fees on larger transfers while moving the money to the recipient's bank account.
Send doesn't charge fees apart from a small margin applied to the interbank currency exchange rate, but the transfer speed is slightly slower than Revolut or Wise. The funds should arrive in about 24-48 hours. The minimum transfer amount is $2000.
Aimed at businesses rather than individual users, Airwallex applies no transfer fees (except for SWIFT transfers, which cost $10) and has a favourable currency exchange margin of only 0.3% to the interbank rate. Users can transfer funds between Airwallex wallets or from a wallet to a bank account.
Revolut is one of the best options for sending funds to the UK from Australia if the receiver has a Revolut account.
Moving money between app users is child's play regardless of the currency you use. Transfers are executed instantly, and the receiver will get the funds within seconds.
Transfers between Revolut users are fee-free (up to $9000 for Standard accounts, unlimited transactions for Metal or Premium accounts), and the exchange rate is the real interbank rate, meaning that the company doesn't make a profit from the conversion.
You shouldn't move funds on weekends and official holidays (UK time) as the markets are closed and Revolut locks the rate.
With a small transfer fee of only $1.99, favourable exchange rates, and fast delivery speed, Azimo is another service personal and business users should consider. Most transfers arrive into the recipient's bank account instantly or within the hour.
What to compare to get the best deal
Whether you're sending funds to family or completing a business transaction, there are a few things to consider before choosing a service:
- Exchange rate margins
- Payment options
- Transfer speed
- Delivery methods