You may be one of many Australian expats living in the UK, or similarly one of the high number of British expats living in Australia. If so, you should know by now that transferring money to Australia from UK can be a costly endeavour. Likewise, if you’re looking to transfer money from Australia to UK then it can prove just as, if not more, costly., For most people, their bank is the most trusted and easily available option for Forex transfers. However, banks are actually the most costly option. You’ll generally pay more than £20 for a small international transfer fromUK to AUD. When you’re constantly moving money between the two countries, this adds up to a small fortune. How to transfer money overseas without fees? Read on, for a full list of companies who charge absolutely $0 in payment fees.

Best Companies to Send Money Between Australia and UK

#1 Best Way to Transfer Money from Australia to UK
Editorial Rating 97.3%
  • Industry Veteran and Leader
  • Offices in Australia and UK
  • Known for Excellent Service
  • 9/10 Customers Worldwide are Happy with the Service
  • Easy System to Sign Up and Get Quoted Online
  • Regulated by FCA (UK)
Free Quote

Since 1971

#2 Best Way to Transfer Money from UK to Australia
Editorial Rating 95.6%
  • Trading $6+ bn Annually
  • 150,000+ Clients
  • Offices in Australia and UK
  • Zero Fees from Everywhere
  • Large Private and Corporate Desk
  • Regulated by FCA (UK)
Free Quote

Since 1996

#3 For Relocation Purposes
Editorial Rating 92.4%
  • Luxurious Expat Awards
  • Specialising at Moving Abroad / Relocation
  • No Fees Worldwide
  • Hassle-Free Transfer Process
  • Offices in Australia and UK
  • Regulated by both FCA (UK) and ASIC (Australia)
Free Quote

Since 2004

#4 Largest FX Firm in Australia
Editorial Rating 92.2%
  • Publicly Traded Firm in ASX
  • Australian Born and Bred
  • AU$20bn+Trading Volumes (Annually)
  • 24/7 Customer Support
  • Offices in Australia and UK
  • Regulated by both FCA (UK) and ASIC (Australia)
Free Quote

Since 2000

#5 Best Rates for Currency Transfers To Australia
Editorial Rating 90.2%
  • Largest Variety of Currencies
  • Large and Trusted
  • Very High Positive Client Feedback
  • Offices in Australia and UK
  • Margins from 0.5% on All Currencies
  • Regulated by both FCA (UK) and ASIC (Australia)
Free Quote

Since 2004

Money transfer when buying property in the UK

Many Australians are investing money in the UK. The relative strength of the pound makes the idea of a passive income especially appealing. Real estate is one of the most popular options. Real estate costs in the UK are increasing by the day and the average house in the UK now costs upwards of £300,000. An average house in a prime suburb of London will cost you more than £620,000. Usually, it’s worth it for the profit – around £3,000 every month. However, this will mean that Australian residents are regularly transferring money from the UK to an Australian bank account.

Even if you’re living in the UK, you’ll constantly have to transfer funds from Australia to pay for the property. Based on a £300,000 property, if you’re using a bank, you could end up spending more than £12,000 all in all! If you use an independent money transfer company to transfer money from Australia to UK, the rates will be closer to 0.5%, equalling £3,200 in fees. Plus, the exchange rate will be more in your favour, with no sneaky costs worked in there. It’s almost certainly going to be the cheapest way to send money overseas.


Australians in the UK – a report

According to the latest census, there are 113,000 Australians living in the UK. A large proportion of these expats live in London. This is a significant drop from the 200,000 Australian expats estimated to be living in London alone just ten years ago. The reasons are mainly to do with economics. Ten years ago, the British economy was booming while the Australian economy struggled. Young Australians would go to work in London, earning pounds, for the opportunity to travel around Europe. But with the Australian economy and the AUD, much stronger now, working in the UK no longer has the same attraction. Australian tourists don’t need to apply for a UK Visa. Getting a work visa is not difficult for Australian citizens, even though the rules became more stringent in 2011. Make sure you apply in good time, and you shouldn’t face any problems.

 

British citizens in Australia – a report

Australia has long been a popular destination for British expats. Some of the reasons include the good weather, growing economy, and what used to be a cheaper cost of living. However, sources report that only 1 in 4 British expats choose to stay in Australia, many find it tough to adapt to the culture. And over the past few years, it has become harder to find jobs, and the cost of living has risen far and beyond that of the UK. Citizens of the UK do require a tourist visa. If you wish to work in Australia or stay on a more permanent basis, make sure to do extensive research with plenty of time to spare. Applying to live in Australia as a permanent resident will always be easier if you have a close relative who is a citizen.


The AUD/GBP pairing

The GBP is the fourth most traded currency in the world, while the AUD is the fifth most traded. The exchange rate from GBP to AUD, and from the AUD to GBP, has traditionally favoured the GBP, which has made the UK an attractive destination for young Australians wishing to make some quick money. However, over the past few years, with the Australian economy growing, the AUD has made net gains on the GBP. UK to AUD transfers will currently bag you around AUD 1.80 for GBP 1, significantly less than the AUD 2.19 that could have been achievable with GBP 1 in 2015. AUD to UK transfers are currently trading at roughly AUD 1 to GBP 0.56.

Summary

Approximately 113,000 Australian citizens now live in the UK, significantly less than just ten years ago. Expats, as well as buyers of UK real estate and other investors, will know that money transfer fees and exchange rates, can be extremely costly. Banks charge exorbitant rates and offer exchange rates far worse than the mid-market rates. The fees charged by FX transfer firms when you transfer money from UK to Australia, on the other hand, are minimal. They will also provide the mid-market exchange rate, rather than their own calculated values. Australia has long been known as a popular destination for UK citizens. However, the trend is dying down, with many British expats leaving Australia.

The GBP/AUD pairing is one of relative stability, with the GBP consistently stronger. However, the AUD has made gains on the GBP lately, with the Australian economy’s recent growth. Thus, if you’re looking to transfer AUD to GBP, it may be a good time to do so right now. Be cautious of volatility though, using a trusted FX company, can help you maximise the amount you exchange. A great exchange rate makes all the difference when sending money abroad.

Our FX Company Recommendation:

Transfer regulations

The Financial Conduct Authority (FCA) is an independent organization that has the power to make and pass regulations designed to protect consumers in the financial sector. There are no restrictions imposed for sending money to UK from Australia and any paperwork needed to comply with the FCA is handled by the FX firms.

We highly recommend you use an FCA approved money transfer company (like the ones we featured at the top of this page) to be sure that your money is safely kept and you can be assured of a smooth transaction. The most important rule the FCA has imposed for companies with a money transfer or e-money license is that the company needs to ensure that client funds are kept in segregated accounts and not mixed with the company’s own.


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