Check your options carefully when sending money from Australia to the UK.
Australia has a large immigrant population, with the majority of those immigrants coming from the UK. There are over a million citizens from the UK who have made their home in Australia, some of who still have family in the UK. For this reason, Australia is responsible for a large percentage of the money transfers send to the UK each year.
It’s important to think about the AUD/GDP currency pair when sending money back to the UK. A weak AUD generally has a small impact on the value of the GBP.
Compare money transfer options to the UK
Use the table below to compare transfer options to the UK. Sort through products using the headings at the top of the table, and if you’d like to find out more about a product, or register an account, click the ‘More’ or ‘Go to Site’ buttons respectively.
Case study: Banks vs money transfer companies
Karen, a teacher in the UK, has been offered a position at a prestigious Australian school. Since she will be returning home on holidays she would like to be able to maintain her flat while away. In order to do this, she knows she will need to send money to make her monthly mortgage repayments, utilities and maintenance. She decides first to find out if it would be easier and cheaper to do this with a bank or money transfer company.
|Australian bank||Money transfer service|
|Exchange rate.||0.52 GBP for every 1 AUD||0.55 GBP for 1 AUD|
|Transfer fee.||$22 is charged to the sender for each transaction.||£7 (approx 13 AUD) is charged to the sender for this transaction.|
|Amount of GBP received for every $1,000 Australian dollars sent.||Karen will have 518.9 GBP to use towards her flat.||Karen will be able to send 545.38 GBP towards her mortgage repayment.|
|Options.||This is a bank account to bank account transfer.||This is also a bank account to bank account transfer.|
|Time for transfer to complete.||It generally takes two to four days for money to get to the UK bank account from Australia.||Transfers with this service take up to two days to reach the recipient.|
Difference. There is a difference of 26.48 GBP if Karen were to choose the money transfer service option. Choosing the money transfer service would also see her funds get to her UK lender as many as two days faster.Back to top
How to compare transfer companies when transferring money to the UK
While looking into the options available for transferring money from Australia to the UK there are many things to consider:
- Exchange rate. Karen’s situation illustrates the importance of not only looking at the exchange rate, but how it is applied to the amount of money you send. Small fractions of a difference will add up as you send more money over time.
- Fees. These will vary from provider to provider and should be calculated into the difference from the exchange rate to get a clearer picture of where you will find most savings.
- Turnaround time. For Karen – who is going to making regular payments – the turnaround time may not be important for regular repayments, but it will be if she needs to get the money their quickly to make a sudden repair on her flat.
- Pick up options. This is a personal preference based on your circumstance, but there are some companies who offer bank deposits and cash pickups if those happen to change.
- Customer service. Transferring money overseas does carry some risk. You want to ensure that the company you use has a policy in place that makes it easy for you to recover your money if something goes wrong with the transfer.
How to send money to the UK from Australia
You have a large range of companies and banks to choose from when trying to find a way to send money to the UK, as it’s a major money transfer destination. Compare the types of services they provide along with the rates and fees to find the one that is most suitable to your circumstance.
- Money transfer services. These are non-bank money transfer services which can operate in a range of ways, including online and at kiosks. Some of these offer cash pickup services, like Western Union and MoneyGram, while others will only offer bank account to bank account transfers. Because of the large volume of international money transfers these companies carry out, they can offer competitive exchange rates, low fees, and a large range of more exotic currencies.
- Banks. Many Australian banks will allow you to carry out transfers internationally. Most banks will offer regular transfers, and others will offer products which enable you to send money overseas, such as the Citibank Plus Account and the HSBC Multi-Currency Account.
Emergency cash transfers in the UK
Anything can happen when travelling outside of Australia and you could find yourself in sudden need of cash. If your property has been stolen you should first report it to the local police and obtain a police report. Then look into the following choices for getting a fast cash replacement:
- Your Australian bank account. Many Australian banks have emergency services to get you cash and a replacement card if you happen to lose or have your wallet stolen.
- Money transfer company. Even though you are in a foreign country, you are still able to pick up a cash transfer from Australia provided that you have photo identification.
- Travel insurance. Many travel insurance policies offer a cash solution if your wallet or purse is stolen while travelling. Keep the police report to submit to the policyholder.
Cash pickup locations in the UK
You will find below a number of locations for Western Union and MoneyGram agents where you can go to pick up a cash transfer in the UK. Before heading there give a call to double check their store hours. You will need to bring with you a photo identification and details of the cash transfer.
Unit Su0062a 74 The Arcade
London, E20 1 EH
Phone: +44-0800833833Open Monday through Saturday 10 am to 9 pm Sunday 10 am to 6 pm
- Internet City LTD
11 Charing Cross Road
London, WC2H OEP
Open 7 days a week from 8 am to 10 pm
- Eurochange Cambridge
44a Lion Yard Shopping Centre
Cambridge, Cambridgeshire CB2 3NA
Open Monday, Tuesday, Thursday and Friday 9 am to 5:30 pm Wednesday 9 am to 8 pm Saturday 9 am to 6 pm and Sunday 11 am to 5 pm
28 Fitzroy Street
Cambridge, CB1 1EW
Open Monday through Saturday 9 am to 5:30 pm Sunday 11 am to 5 pm
- Post Office Trafalgar Square
28 Trafalgar Square Post Office
24-28 William IV Street
London, WC2N 4DL
Open 8:30 am to 6:30 P.M: Monday through Friday Saturday 9 am to 5:30 pm Sunday closed
#Unit 003 Picadilly Circus18 Piccadilly
London, W1J 0DF
Open 8 am to 11 pm Monday through Saturday Sunday 9 am to 11:30 pm
- Thomas Cook Cambridge
8 St. Andrews Street
Cambridge, CB2 3 AX
Open Monday through Saturday 9 am to 5:30 pm Sunday 10:30 am to 4:30 pm
- Kings News
11 King Street
Cambridge, CB1 1LH
Open Monday through Saturday 6 am to 9 pm Sunday 7 am to 8 pm
Tips for picking up cash in the UK
Although the Australian Department of Foreign Affairs and Trade does not list the UK a destination where no more than normal safety precautions need to be taken, you should always take security precautions when picking up cash. Have a trusted friend accompany you to the agency and secure the cash afterwards in your hotel safe or deposit it into your account before heading out.Back to top
How to send money to the UK
You have a variety of ways in which you can send money from Australia to the UK. If the cash transfer service is the best choice for you make sure that you are able to meet the following:
- Recipient name. For cash pickups it is important that the full name that appears on the recipients identification is the same as the name you give the agency.
- Transfer amount. The person who is picking up the money will be asked how much has been sent as a security measure.
- Tracking number. Your recipient will also have to provide a tracking number.
- Your details. For further security, they may be asked for your name and contact information.
After passing on the tracking number to the person who will be picking up the cash, make sure that you save that paperwork. This will be used in the event that the funds are lost and you need to recover them.
You have many things to consider when trying to find the right company or bank to send your money from Australia to the UK. Look at all of the features offered carefully to make sure that not only are your needs being met, but that you are getting the most value for your Australian dollar.Back to top