Last updated: 29th October, 2020
How to send money to Australia
If you want to send money to Australia from the UK, our comprehensive guide can help you make sense of the most secure and best-value methods to send money abroad.
There are few rites of passage in Australia like making a trip to the United Kingdom. The “Mother Country” has long held a fascination for Aussies, and thousands make their home in Blighty for work reasons, travel opportunities or to be closer to loved ones and family.
But distance is no reason to lose touch with those down under. You might have a mate who needs a little help buying a car, or perhaps one of your children is still back home studying at university. Maybe your parents could do with some cheer on a milestone birthday – or you’re looking for a mate to help you buy a local present for it! Whatever your reason for transferring money to Australia, it’s smart to do your research and seek advice for the best way to do it, which suits you and your lifestyle.
With so many options on the market and factors like security, speed and cost to consider, knowing the best way to transfer money from the UK to Australia isn’t always obvious. And as you’ll find, it really pays to compare your options when it comes to sending money internationally.
What you will need
First things first: you’ll need to be able to identify yourself to send money from the UK to Australia. No matter what method you use, proof of your identity is step one. Usually, a passport or driving licence will suffice, so long as your photo appears on it. Some institutions or services may also ask for proof of residence, so have this handy.
The traditional way to send money to Australia is through a bank. Most banks will let you send money to Australia over the phone, online or by visiting a branch – choose whichever works best for you. When transferring money via a high-street bank, your cash will be protected since banks are closely supervised by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), meaning that if the bank fails while they’re handling your funds, your funds are protected.
But you do pay a price for this: most banks will charge you more when transferring money abroad, as they tend to require higher fees or give you low exchange rates to offset their higher costs. Some will even charge as much as £25 for a transaction, but most tend to bill you around £10.
In some cases, it can also take several days for the money to arrive in your recipient’s account.
Fintechs and apps
You’ll likely find it better value to send money through a digital money transfer app or fintech, making this a great option if you want to keep costs down. Many of these services will exchange your GBP to AUD using similar rates to the international money exchange markets, making them more competitive on exchange rates and fees.
Fees can either be a flat rate or a percentage of the money you’re sending. It’s worth calculating on a case-by-case basis which type has better value. For example, if you’re sending £10 to a friend in Fremantle for their birthday, a flat-rate fee may double your expense while a 5% fee will only add 50p. If you’re sending a paycheck home to your family, 5% could be a lot more pricy than than a set fee. Streuth!
Additionally, fintechs and apps usually provide a faster service, often promising to deliver funds on the same day. However, it is always important to check if the firm is authorised by the FCA. If you’re ever unsure about how secure your service is, you can use the FCA Register for assistance. It’s worth considering what you prioritise more for your lifestyle and situation. If a speedy transfer is important to you, then an app could be the answer.
If you value both speed and security, PagoFX is a great option to consider for your international payments. This international money transfer app, developed by Santander, offers the security of a high-street bank, meaning your money is protected at every step.
Regulated by the FCA, funds sent through the app are safeguarded on their journey to the recipient’s account. PagoFX is a low-cost money transfer service with competitive, transparent fees. Using real-time technology, PagoFX is also able to offer up-to-date exchange rates with no mark-up or hidden costs. If you’re a UK resident, you can download PagoFX on your smartphone or Android tablet or sign up at PagoFX.com, and get started sending money in minutes.
No matter why you’re sending money to Australia, we hope this guide has helped you find the best option.
Disclaimer: This article is provided as general information purposes only, and is not intended to cover all aspects of the topic. We recommend that you take professional and specialised advice before taking, or refraining from, any action based on the content of this publication, as this article is not intended to constitute expert advice. We do not guarantee, explicitly or implicitly, that the content of this article is accurate, complete or up-to-date. The information in this article does not constitute legal, tax or other professional advice from PagoFX or its affiliates.