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Need to send money to Australia? A specialised money transfer company will offer more competitive exchange rates than a traditional bank. But which company is best for you depends on how much you’re sending and how quickly you need it to arrive.
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers if you need to send money to Australia. Some offer transfers straight to Australian bank accounts, while others allow the money to be picked up in Australian dollars in person. Banks, PayPal and other options are available, but come with high fees, weak rates and longer turnaround times.
Companies like XE and CurrencyTransfer specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Australian bank account, often in as little as a day or two.
Services like MoneyGram allow you to transfer cash for pickup at a local branch in Australia – often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees. If a cash pickup is necessary, look to digital services like WorldRemit or TransferWise when possible.
Australian dollars will possibly be carried by your local bank, and although it can convert your pound sterling into Australian dollars, beware of high fees and wide margins on the exchange rate compared to digital and other options.
Sign up and send money with a digital money transfer specialist in four steps:
Let’s say you need to send £2,000 to family in Australia. Here’s what you might face as far as fees and exchange rates as of 18 September 2020.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||£0||£3.99||£20 + additional correspondent bank fees|
|Exchange rate||1 GBP = 1.77 AUD||1 GBP = 1.73 AUD||1 GBP = 1.69 AUD|
|Transfer speed||1-2 day||Minutes||2-5 days|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the digital money transfer service, your recipient ends up with AUD$149 more than the bank offers. If speed is crucial, a cash transfer will typically let you send money to Australia in as little as 15 minutes.
Weigh costs and fees against convenience, and learn how to compare providers that send money to Australia to meet your needs:
If you need to urgently send money to Australia, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
If you don’t have a bank account, you can still use cash transfer services to send money to Australia. Similarly, a recipient can get the money with a cash transfer if they don’t have a bank account. These cash transfer services are widely available around the world and although they’ll typically not be the cheapest available service they can be fast, convenient and can be used without bank accounts.
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. Australia’s exchange rate fluctuates when compared to the pound sterling, so expect some change in exchange rates between these two currencies on a daily, weekly and monthly basis. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Track how the Australian dollar trades against the pound sterling in our historical rate chart.
To send money to Australia from the UK, you’ll need government-issued ID and other documents, while documents needed to pick up money in Australia may be different by company.
To send money to Australia from the UK, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
Most money transfers between the UK and Australia shouldn’t have any specific tax obligations attached to them, so long as they are for personal use and kept under £10,000. Some circumstances may trigger a need for filing specific forms, so read up on our Australian remittance tax guidelines to learn more about when you may need to file with the IRS.
It shouldn’t cost a fortune to send money to Australia. Compare transfer companies that specialise in foreign for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
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