Transfer money to Australia from UK

More people are choosing to live abroad than ever before, and that means that the need for international money transfers has also increased. Conservative estimates put the number of British citizens living abroad at well over five million, with Australia as the top destination. That translates to a lot of demand to transfer money to Australia from the UK, whether it’s for living expenses, purchasing real estate, to send money to family members living in Australia, or to send back your savings if you are only working in the UK for a short time.

Whatever your reason, if you want to send money internationally, today you have a lot of options from which to choose. Using a traditional bank is no longer as popular as it once was, due to the proliferation of online money transfer service providers, who often offer fast and cheap services. A transfer service company can provide money transfer services online, by phone or in-person, and the process is often faster and more cost-effective than what you would find at a bank. Most offer an array of services in addition to money transfers, including local market specialists, local market settlement to ensure your transfer gets quickly to its intended recipient, assistance with real estate transactions, and providing business services such as hedging or futures contracts. While banks may charge a fee for a wire transfer, money transfer services tend to offer small- or no-fee options, and often provide a better exchange rate than you would get at a bank. Wire transfers sent through a traditional bank may also take longer to arrive in your recipient’s account, due to a number of factors. A bank may delay your transfer until the following business day due to daily cut-off times, or if a transfer is initiated on a weekend or a public/bank holiday. If you choose a money transfer service, your money will typically arrive within three business days.

If you’ve decided to use a money transfer service, setting up the transaction is easy. Just enter basic information about your wire transfer such as your bank account details and your recipient’s bank account information and how much you want to send, and the system will take care of the rest. Once your money has been sent you will receive an email confirming the transaction.

When looking for the best way to transfer money to Australia from the UK, remember that it is important to choose a company that follows all applicable regulatory policies and procedures for a money transfer firm operating in the UK. The Financial Conduct Authority (FCA) regulates all money transfer firms that trade at least £2.4 million a month. These firms are designated as ‘authorized’ and are required to follow rules that help to protect your money in the event the firm goes bankrupt, including segregating client funds from firm accounts. This is an important distinction that provides you with a layer of protection in the event something goes wrong with the firm. If you do not choose a firm that is regulated by the FCA, you run the risk of losing your money if something goes wrong with the company, as often there are no procedures in place to safeguard a customer’s money, and no regulatory oversight for firms that do not follow FCA guidelines. When making your decision for how to send your money, be sure to choose a firm regulated by the FCA to ensure best practice and security of funds