Sending money to Australia from the UK might be simple, but it can also be costly if you use your local bank. Hidden fees, exchange rates with hidden margins, and bank costs are common in international money transfers.
Alternatively, you can go into a store and use a service like Western Union or Moneygram to send your money in person. These services are frequently rapid, but they may not be the most cost-effective way to send money to Australia.
The best of both worlds can be found with online money transfer services. They provide a low-cost method of transferring funds without having to leave your home. Some of the best money transfer services in the UK and Australia are as follows:
- TorFX: Transferring larger sums of money
- Wise: If you are currently residing in another country
- OFX: Fee-free transfers
- XE Money Transfers: Best Big Brand
- HSBC and ANZ: Global banks
TorFX
TorFX has a local office with great over-the-phone service and better exchange rates for larger sums, making it popular with ex-pats in Australia.
They also do not impose a set transfer cost. TorFX is a British firm with offices all over the world that was created in 2004.
Wise (formerly known as TransferWise)
Setting up an account or making a transfer with their app is simple. They also have the greatest exchange rates because they use the same market rate as XE or Google and don’t include any hidden markups.
Their Borderless Account is one of the top services they provide. It’s especially beneficial if you live abroad and need to send money back to Australia.
OFX
OFX (previously Ozforex) began operations in Australia and has since expanded to become a well-known global brand. It has a good track record for security, with its headquarters in Sydney.
They’re a wonderful choice for Australians who don’t mind doing business online but still want to talk to a live person.
XE money transfers
XE, as a well-known and trusted company in foreign exchange, could be an excellent choice for internet consumers who aren’t in a hurry. They don’t have set fees or minimums, therefore they work for any transaction size, big or small.
Citibank, HSBC and ANZ
If you wish to make a bank transfer, CitiBank has the lowest transaction fees. The Citibank Plus transaction account is a basic bank account with no fees for large international transactions. Citibank Global Transfers are fee-free and rapid transfers between Citibank accounts. You can hold up to ten currencies in your Citi Global Currency account, and there are no costs for sending money (however there can be receiving fees from different banks).
Customers with HSBC Premier can make quick transfers between their HSBC accounts at no cost. You can send up to $200,000 per day. HSBC also offers an Everyday Global account and a Foreign Currency Flexi Saver, both of which allow you to keep up to ten currencies in one account.
Across all institutions, ANZ offers the most inexpensive exchange rates. Learn how to receive vast sums of money overseas and deposit them into your ANZ account. The following are some of the advantages of sending big sums of cash through ANZ:
- Convenient, especially if you already have an ANZ bank account.
- It’s a relatively basic and straightforward approach.
- You can make transfers via the internet.
- The ANZ Fraud Money Back Guarantee protects you.
- You’ll be able to download the ANZ Shield app.
- You can send money to more than 90 countries worldwide.
- Funds are sent via the global banking network and are secured using a “two-factor authentication” technique.
