The UK is the most popular money transfer destination for Australians. On average, around 23% of money transfers from Australia – and $358 million annually – are sent to the UK, according to a 2016 major bank study[i]. With many ways to send money from Australia to the UK, a simple solution is comparing international money transfers through Compare the Market.
It may typically take 1 – 5 business days to send an international money transfer from Australia to the United Kingdom. However, the time taken will depend on several factors, like which bank or transfer company is used, any intermediary banks, the payment method (i.e. wire transfer), currency (exotic currencies take longer), time zones, weekend or holiday delays and bank cut-off times.
There are a few different transfer options to choose from when you want to send money overseas to the United Kingdom from Australia.
Set up an account with an online money transfer company and send your money over the internet – the company will transfer the money to the recipient’s bank account. This transfer option can be fast and cheap, but you need the recipient’s bank details.
This option allows you to send money to someone overseas, which the recipient can pick up as physical cash from a local transfer company office in their country. This can be a convenient option when sending money to someone without a bank account, however, it may not be the cheapest option. Some companies allow you to transfer via cash or EFTPOS at a storefront or third-party counter, or transfer via phone, internet or bank card after you set up an account.
To send money to someone in the United Kingdom, you will need your own bank details or particular details for the method of payment, as well as the recipient’s details, including:
Additionally, you may need to satisfy identification requirements before you can send money.
Unfortunately, online money transfers can only be sent to a recipient’s bank account. If you need to transfer money to someone who doesn’t have a bank account in the foreign country, you may be able to do so by sending physical cash through a cash transfer or by sending a cheque through an International Money Order, which the recipient can deposit at a local bank.
There is no limit on the amount you can send in a money transfer to the United Kingdom, unless your transfer provider or bank has a limit. Different money transfer providers may impose maximum transfer limits for the amount you can send abroad, however, some providers may not have any limits. Also, you may need to consult your tax professional to determine if there is any goods and services tax or other tax payable if you are purchasing products from overseas and paying for them by transferring money from Australia. This may also change if you are still a UK resident, unless your ‘domicile’ or permanent home is Australia. Always consult your professional adviser.