Best Money Transfer Services: UK To Australia 2020

Written by Editorial Team
Last updated: 25th September 2020

Transferring Money To Australia?

Getting the best deal is more than just googling what rates banks have available.

In short talking to an expert currency broker about what and when is the right point to exchange is key to the process:

We have selected 3 money transfer specialists if you are looking to move funds from the UK to Australia or the other way.

1. Currencies Direct

Currencies Direct offer a very fast and namely, direct, service if you are transferring funds to and from Australia.

They have a team of currency experts waiting to help you through the process, so whether you are transferring money for business or personal reasons, they will know how to help. They’re rated five stars by their customers, which bodes well for what you can expect as a prospective customer.

Currencies Direct offer:

• No transfer fees
• Expert support buying or selling Australian Dollars (AUD $)
• In-app, online or via phone transfers
  24/7 access to transfers
• Access to 200 countries
  Trading in 40 currencies
• Same-day transfer of funds

There are no tables for this criteria

 

2. Key Currency

Key Currency boast a five star review on the basis of hundreds of customer reviews, which makes it an attractive option for those who rely on word of mouth.

They offer a personal service which can help guide you through finding the best exchange rate for you. If you are transferring funds

Key Currency offer:

• Great exchange rates
• No fees hidden
• You get a personal currency manager
• Fast and efficient transfers of funds
• A history of award winning service
• FCA regulated authorised payment institution
• All transfers go via safeguarded client accounts

There are no tables for this criteria

 

3. FairFX

FairFX offers a multi-currency card which is a very useful tool for those looking to change currencies often, especially those who travel internationally. It offers the ability to “lock” great rates into place both before and after your plane takes off, for up to 15 different currencies worldwide. You also have the chance to earn some cashback – 3.5%, to be exact, when you shop in-store or online at a collection of the UK’s top high street retailers.

FairFX offer:

• Low fees on international withdrawals
  Low fees for international transactions
  Over 40 currencies available in travel cash at excellent rates
• Online orders available
• Next-day or Saturday delivery available for major currencies

Details

International Money Transfers for Businesses

Services Offered

Access to over 140 currencies, in-house expertise, and a wide range of solutions to protect you from currency fluctuations

Fee

No fee or commission

Get Deal

More information on this product

• Currency Service for Businesses
• Protect your business from volatile markets with great exchange rates, a range of payment solutions, and an expert account manager
• Fast payments with connections to SWIFT, UK Faster Payments, and SEPA
• Make fast payments in 140+ currencies
• Expert support – your dedicated account manager will monitor the markets and get to know your business
• Spot trades – make a one-off instant transfer using the live exchange rate
• Forward contracts – fix a current exchange rate for a future transaction up to 24 months in advance

• Expert, human support – dedicated service for your business’s payment needs which is why your own personal dealer will be available through a direct line 5 days a week during business hours
• Equals Money have helped customers move and manage over £10 billion around the world since starting in 2005
• Because Equals Money accounts don’t fall under FSCS, your money is protected via safeguarding. Funds are held in specially designated, safeguarded bank accounts, which keep them separate from other assets

 

 

How do you transfer money to and from Australia?

There will be variations depending on the provider you use but typically the process will be as follows:

1. You will need to sign up for an account – the 3 providers above have an easy registration process
2. You will be allocated an account manager and they will get in touch with you letting you know how they operate and any associated fees.
3. Getting an exchange rate  – Once registered, you are in a position to lock into an exchange rate. When you are ready your currency broker will quote you a live exchange rate for Pound Sterling (GBP) to Australian Dollars (AUD). No transaction will take place without your consent. If you go ahead, you will be sent a confirmation email with all the details of your transfer (amount, rate, where to send your Pounds).
4. Depending on what you are looking to do you can book in your money transfer transaction, where you will be asked for bank details of the receiving account. Typically for international bank transfers you will need to provide an IBAN (International Bank Account Number) and the BIC (Business Identifier Code).
5. With a personal account manager they will look after everything for you. Look at some of the reviews for each provider above to get a feel for the service standards.

The whole process of moving money to and from Australia should not take more than 1 or 2 days.