Sending money to UK from Australia

With Aussies swapping the Outback for Oxford and Brits trading Big Ben for Bondi Beach, sending money between Australia and the UK has become as common as debating Marmite versus Vegemite. 

Whether you're an Aussie mum sending emergency funds to your globetrotting child or a Brit temporarily living in Australia and paying off a mortgage back home, transferring money has never been easier. 

Keep reading to explore our top picks for affordable international money transfers (IMT), along with practical tips to get the most out of your transfer.

There are 4 main ways to send money to the UK, and the best one really depends on your needs. Let’s look at how these stack up:

• Specialist IMT provider. These companies, specialising in international money transfers (IMT), are becoming more popular as more people look to send money globally and technology continues to simplify the process. Costs are usually low relative to other options, but transfers can take 2-5 business days to arrive at the destination. Best for large and /or frequent transfers.
  
• Big banks. Many big banks also offer IMT services. While they tend to be more expensive than the specialist companies, they offer more face-to-face support if that’s important to you. These transfers can also take 2-5 business days to reach the destination. Best for large, institutional-level transfers, or for bank customers who want the personalised support.
  
• PayPal, etc. Payment apps like PayPal also allow you to transfer funds to other PayPal accounts overseas. While this can take place instantaneously, you’ll usually pay for it in the form of relatively high exchange rates and fees. Best for small, infrequent or urgent transfers.
  
• Wire transfer services. Remember Western Union? It’s still around, enabling recipients overseas to pick up cash from places like supermarkets and post offices. Though these wire transfer services tend to be pricier, they provide quick transfers and are great for reaching under-banked areas or individuals without bank accounts.

For most people who send money overseas regularly or semi-regularly, specialist IMT providers are the way to go—with other options there if you need them in a pinch.For a full rundown of the pros and cons of each option, head over to our IMT main page. 

Looking for an affordable way to transfer money to the UK? Mozo has you covered. In our 2024 Mozo Experts Choice Awards, we evaluated a range of options to identify providers offering the most competitive rates and fees across various transfer amounts. Let's dive in:

While the exact steps might vary slightly from provider to provider, here's a general overview of how it works to send money to the United Kingdom:

1. Open an account. Sign up online with the IMT provider you’ve chosen. You generally only need to provide basic details like your name, address and phone number.
   
2. Initiate a transfer. Start the transfer by identifying the destination currency (British Pounds), as well as the amount of AUD you want to send. You’ll also need to enter the recipient's details, including their name, UK address, bank account number and the bank’s ABA number (also called a routing number).
   
3. Fund the transfer: Next, you’ll need to fund the transfer. The easiest way is to transfer the AUD to the IMT provider's bank account using the details they provide. You may be given the option to pay via bank transfer, BPAY or even a debit/credit card.
   
4. Review and Confirm: Once you're satisfied that all the details are correct, confirm the transfer.

Voilà! Your money should now be on its way, and might take anywhere from 2–5 business days to reach its UK destination. You'll usually receive a tracking number to help you keep tabs on its progress.

Remember: Every provider can be slightly different, so it's always a good idea to check their specific instructions and timelines.

Here are some tips to help you get the most out of your transfer to the UK:

• Choose providers with local banking networks. If you use an IMT provider that has bank accounts in both Australia and the UK, it might speed up the process and help you save on fees.
  
• Take advantage of multi-currency accounts. Some providers give you virtual ‘wallets’ where you can hold AUD and GBP. This key feature comes in handy if you frequently transfer money or have extra AUD when the exchange rate is favourable—you can convert it to GBP and have funds ready to send whenever you need.
  
• Lock in exchange rates with forward contracts. If you like today's exchange rate but plan to send money later, you can lock it in now. This helps you avoid surprises from rate changes.
  
• Avoid transfers during public holidays. Check for holidays in both countries. Banks might not process transfers on those days, which could delay your money.
  
• Look for providers connected to the UK's Faster Payments Service. This allows some IMT providers to deliver funds to UK accounts almost instantly after processing on the UK side.

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.