Money Transfer to Australia
Currency Zone in Partnership with
What is the best way to send money to Australia?
Homesgofast.com works in partnership with foreign currency specialist Currencies Direct who simplify the process of sending money to Australia whilst saving our visitors money.Currencies Direct have teams of currency experts in the UK, Cape Town and Johannesburg who understand how to make money transfers fast and seamless.
How to transfer large amounts of money to Australia
By using a specialist a foreign currency specialist such as Currencies Direct rather than a bank you could thousands when purchasing an overseas property or transferring large amounts of money abroad?
Homesgofast.com is partnered with Currencies Direct to help our visitors with:
- Bank-beating exchange rates
- Friendly customer service
- Simple process to move your money to and from Australia
- A company that is Authorised by the Financial Conduct Authority
- Currency transfer specialist with the highest possible Dun & Bradstreet credit rating, meaning the lowest possible level of risk.
There are many reasons to send money to Australia. Whether you are planning a trip, or you have family residing there or purchasing goods, you will want to know the cheapest, most reliable way to send money across without delay. It is also important to know if you can send foreign currency directly to an Australian bank account.
Buying or selling property will mean sending money to and from Australia, large money transfers become vulnerable to currency fluctuations and could potentially cost you thousands if not done with some planning
There are many options for transferring money abroad, and this article will make your decision easier. It will also answer any objections you may have about sending money to Australia.
Understanding foreign currency transfers to Australia
Generally, you have three major options;
- Bank to bank transfer
- Bureaux exchange companies
- (Specialised) Online transfer agencies
You will learn the pros and cons of each option as you read this post. In addition, two things to look out for when seeking a transfer agency are the transfer fees and exchange rate. Transfer fees are the processing charge you pay to your bank or the transfer company for performing the service, while the exchange rate determines how much Australian dollars you get for your money. The higher the rate the more the amount you will receive.
Best way to transfer money from Australia to UK bank
There are no funds transfer restrictions when sending money to the UK from Australia. The UK has typically been a popular destination for many emigrating Australians. Cities with large Australian expat communities include Manchester, London and Edinburgh.
Conversely, many UK citizens travel to Australia to work as expats. According to the UK’s Department of Work and Pensions, and the Institute of Public Policy Research, the total number of British expats in Australia as of December 2012 was 1,062,000. This makes transfers to and from both countries important to their citizens.
When transferring money to Australia via a UK bank, you must first have a UK bank account. Although there are several UK commercial banks with a global presence, none of the major banks in Australia have a strong network in the UK.
It is easier to open a UK bank account before transferring money from Australia. Your account manager can guide you through the process. However, bank to bank transfers usually take 1 – 2 days (or longer) and are expensive.
Best way to send money to Australia
Given the three methods available, the best way to send money to Australia is via international money transfer agents. Bank to bank transfers usually attract high processing fees and may take some time. The bureaux companies transfer quicker but often have high exchange rates. This makes online transfer agents more feasible.
Before settling for any service, it is advisable to compare the rates and fees across, to choose the most suitable and least expensive option
How long does a bank transfer from Australia to the UK take?
Provided the transfer is completed before the 6 pm cut-off time, the money will arrive at the receiving bank within 2 – 3 business days. However, it may take longer or shorter depending on the bank. The big four in Australia are ANZ, Westpac, Nab and Commonwealth.
Transferring money from the UK to Australia Commonwealth
Commonwealth is one of Australia’s four major banks. To transfer money from your UK bank, you will need to have an account with Commonwealth to avoid incurring fees.
It is easier for bank to bank account transfer, because you can simply withdraw it with your Commonwealth credit or debit card. Ensure that the recipient has an account, or they will be charged processing fees at the bank. Note that bank exchange rates are usually low.
How to save money sending money to Australia
If you wish to send money the smart way, banks and bureaux companies should be your least favourite options. Besides taking longer to deliver cash, their transfer fees and exchange rates are high vis-à-vis specialised international money transfer options. Specialised companies transfer money quick, charge reasonable fees, and offer somewhat high exchange rates.
Notable companies include Currencies Direct compare fees or ask for advice
List of Australian Banks
- AMP Bank Limited
- Australia and New Zealand Banking Group Limited (ANZ)
- Australian Military Bank formerly Australian Defence Credit Union
- Australian Settlements Limited (ASL)
- Auswide Bank formerly Wide Bay Building Society
- Bank of Melbourne
- Bank of Queensland Limited
- Bank SA
- Bank of Western Australia Limited trading as BankWest
- Beyond Bank Australia
- Defence Bank
- Delphi Bank previously Bank of Cyprus Australia Limited
- Greater Bank
- Heritage Bank
- Hume Bank
- IMB Bank
- Bank Australia (previously bankmecu)
- Bendigo and Adelaide Bank Limited
- Commonwealth Bank of Australia
- G&C Mutual Bank
- Rural Bank Limited
- Macquarie Bank Limited
- Members Equity Bank Limited trading as "ME Bank"
- MyState Bank
- National Australia Bank Limited
- P&N Bank
- Police Bank
- Qudos Bank
- RACQ Bank
- St. George Bank Limited
- Suncorp Bank
- Tyro Payments
- Victoria Teachers Mutual Bank
- Westpac Banking Corporation
- Teachers Mutual Bank Limited
Foreign Currency Advice
More advice on sending money abroad
Homesgofast.com promote thousands of Australian homes for sale and to rent listed directly by owners, property developers and from real estate agents
We work with real estate and homeowners helping them save money selling homes online. We also provide, tips, guides and advice about transferring money to Australia, France, India, Spain, South Africa, USA, Ireland and many other regions around the world