Compare money transfers to Australia with Finance.co.uk and find the best deal for you. Whether you're sending money to a relative or buying a property.
We're on a mission to improve the finances of the nation by helping you to spend wisely and save money
We're on a mission to improve the finances of the nation by helping you to spend wisely and save money
By Laura Rettie, Personal Finance Journalist.
It can be difficult to know how to get the best deal when making an international money transfer. Read our handy guide to find out more about how to find the right deal for you when sending money to Australia.
There are several options for sending money to Australia, each with its own benefits but also its own downsides. The main ways to send money to Australia are:
International bank transfers, also commonly referred to as wire transfers, will allow you to send money directly to an Australian bank account. To do this, you will likely need the recipient's Bank-State-Branch (BSB) number and the recipient's bank's BIC/SWIFT code.
Most banks will offer an international payments service, although it's likely you will need to have an account open with them to be able to use the service. Whilst using your current bank seems like a good choice, it's often an expensive one. It's common for most banks to charge a relatively high fee for international transfers, though they do vary between individual providers.
Digital banks such as Monzo and Starling are often the cheapest option when looking to make an international bank transfer.
Currency brokers could be a good option if you're looking to transfer a large amount of money or make regular payments to Australia.
Currency brokers offer individualised services and FX expertise. They will often find the best exchange rates and lowest fees for their customers.
To be able to use a currency broker to send money to Australia, you'll likely need to open an account with them; you may also be able to lock in your exchange rate for a fixed period of time, which is useful if you're looking to make regular payments.
Money transfer apps and online money transfer providers are the newest and one of the most popular ways for people to transfer money abroad.
These could be a good option if you're looking to make a one-off or smaller payment to Australia. Money transfer apps will often offer lower fees than banks and allow you to make payments from your phone.
Money transfer agents, like Western Union, are the original way to send money abroad, and whilst most of them now have online or app facilities, you would traditionally need to, and still can, visit a branch and speak to an agent face-to-face in order to make a transfer.
The recipient will be able to collect the money from their closest branch, although many transfer agents will now also offer online bank transfers as well.
Money transfer agents can be a good option; they provide a range of money transfer solutions; they offer the ability for the recipient to go to a local branch to collect the money in cash or to deposit it into a bank account.
Money transfer agents often charge lower fees than banks, though it will vary depending on several factors, such as recipient country, currency and how you pay for the transfer.
The amount it costs to send money to Australia depends on several factors, including;
It's important to compare your options and weigh up the total cost of the transfer to find the best deal.
How long it takes to transfer money to Australia can vary from provider to provider and also depends on what payment method you choose. Some will offer transfers "in minutes" whilst others can take between 1-5 days.
International bank transfers will usually take between 1-5 business days, whereas cash transfers through money transfer agents or using specialist money transfer apps can mean the money is available almost instantly.
Some providers will offer you a faster transfer for an additional fee, whilst others will give their fastest transfer as standard. So it's important to compare providers and consider all your options, especially if you're looking for a quick transfer.
The details you need to be able to transfer money to Australia will depend on the method chosen for both sending and receiving and the provider you use.
Below is a list of details that you might need, so be prepared to provide:
Different providers may impose a minimum or maximum transfer amount, but as a general rule, there is no limit to the amount of money you can send to Australia.
However, Australia is a highly regulated country when it comes to international transfers, and any amount of 10,000 AUD (or equivalent) received by someone in Australia needs to be reported to the Australian Transaction Reports and Analysis Centre (AUSTRAC), in many cases, this will be done by the provider when the transfer is made, but it's worth double checking.
There may also be tax implications for the recipient, depending on the reason for sending the money, for example, if it's money earned through rental properties or property sales, business or employment income. But one-time gifts, inheritance or savings you bring in when first migrating to Australia are not taxable.
The best way for you to transfer money to Australia will depend on your individual needs. It's important to do your research and consider all options and costs before choosing a provider. Using a comparison site like ours is a good way to get a clear picture of different providers.
The information provided does not constitute financial advice, it’s always important to do your own research to ensure a financial product is right for your circumstances. If you’re unsure you should contact an independent financial advisor.
Different countries have different rules regarding how any money received is taxed, but it is likely to depend on the reason for receiving it, such as gifts from family members, income from rental properties abroad or inheritance.
If you’re unsure whether the money you transfer or receive from abroad is subject to taxation, it’s a good idea to seek the help of an independent financial adviser.
Whilst there are a number of online money transfer scams, it is generally safe to send money abroad online. As long as you use a regulated, reputable company and do your research, your money should be safe.
The exchange rate providers offer is based off the interbank rate, which changes regularly. Some companies will offer customers a worse exchange rate than they buy the currency for in order to not have to charge a transfer fee. Some companies will do this as well as charging a transfer fee.
It’s a good idea to compare the total cost of different transfers to find the best deal.
Yes, all UK-based money transfer companies need to be either authorised or registered by the FCA (Financial Conduct Authority).
FCA authorised companies are generally the safest option, as they have to safeguard your money by keeping it separate from company funds, making it easier to get your money back if the company goes bust.
FCA-registered money transfer companies don’t have to place the same safeguards in place; they simply need to prove they are based in the UK and that managers haven’t had any convictions for financial crimes.
If you want to check if a company is authorised or registered by the FCA, you can check the Financial Services Register.
Some money transfer companies won’t be based in the UK, so it’s worth checking if they are regulated by foreign equivalents.
