Money transfer from Australia to UK

If you are living in Australia, but have friends or family in UK, you may have found yourself in the situation of having to send them money. Whether it´s for a happy event like a birthday, a wedding or just want to help with everyday expenses or a medical bill, you will have to look for the best ways to transfer money from Australia to UK.

Because banks are quite expensive when international transfers are involved, you should know there are other options.
Money transfer from Australia to UK shouldn´t be difficult or expensive and to make sure it´s not, you have to learn what choices you have and what´s the right one for you.

Following are some of the most frequently used Australia – UK transfers:

1. Inter-bank transfers:
   Interbank transfers entail money transfers from your bank account in Australia to the receiver´s bank account in UK and it´s a simple, straightforward process. You will need to know the bank account details of the receiver, such as: name, SWIFT code, IBAN, name and address of the receiving bank.
2. Though international bank transfers are safe, they have several downsides: expensive fees and poor exchange rates. Moreover, the transfer could take from 2 to 5 days and the receiving bank might charge you a fee, additionally to the fees you already paid to your bank in Australia. So be sure to ask first. Inter-bank transfers may be more appropriate when you want to send small amounts of money (less than AUS1,000), every now and then.
2. Australian online money transfer companies:
   Online money transfer companies are the best way to send money from Australia to UK. They are faster, easier to use and a lot cheaper than a bank.
3. With your bank account and the receiver bank account details, you go to the company´s website, set up an account and make the transfer by yourself.
4. The process is pretty simple: you move the amount you want to send from your bank account to the company´s bank account. As the money transfer company has a bank account in both countries, it sends your money through its own international network and then your funds are deposited in the receiver´s account.
5. The online money transfer companies not only offer competitive transfer fees and exchange rates, but they also send your money faster: up to three days faster than a bank.
6. Some specialist forex brokers will transfer amounts as little as AUS100.
3. Money Transfer Operators (MTOs):
   When you don´t have a bank account or the person you want to send money to, does not have a bank account and can only receive cash, you can send funds through money transfer operators like Western Union or Travelex. Fees can be expensive, however.
4. Transactions through MTOs have to be made in-person, meaning you have to find a Western Union or Travelex outlet, fill in a form and pay a fee. The money will be wired to UK and your receiver will have to pick them up also in person in a Western Union or Travelex office in UK.
5. Though this is a very fast way to send money to UK, they are quite expensive. Recommended for amounts less than AU$1000.
4. Foreign Exchange Brokers:
   For large amounts, such as over U$5000, money transfer from Australia to UK is probably best done using a foreign exchange brokers, also known as FX brokers. When buying a property or opening a business in UK, you need to transfer the corresponding money in pounds. FX brokers are the experts you need on your side: they have the best exchange rates, they offer you a personalized solution and charge you no fee at all.
5. Before using either of the above options to transfer money from Australia to UK, you have to decide if you are going to make regular payments or only one-off purchases.