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At Regency FX we help you achieve the most from the currency you are converting and can tell you the best way to transfer money from the UK to Australia. When you transfer money from the UK to Australia tax implications can be tricky to negotiate. This is where Regency FX will ensure you get the best deal when you transfer money from Australia to the UK and don’t leave yourself with a heavy tax burden!
As an independent currency specialist, we have lower overheads than the banks enabling us to pass the savings on to you; this is just one way in which Regency FX will help you get the best deal when you send money to the UK from Australia.
We can also discuss and agree on the right time to exchange your money, rather than using a bank or online-only system and having to accept the rate they give you on the day.
Read on and get the very best deal you can when you transfer money from Australia to the UK.
This section deals with getting the best rate available when you send money to the UK from Australia and takes your through everything you need to know to find the best way to transfer money from the UK to Australia.
There are a couple of options when looking at transferring money from Australia to the UK. There are four simple steps these are, identity check, get an exchange rate, make your payment and finally your money is sent out.
Identity check. In line with the Anti-Money Laundering (AML) Regulations, all money transfers are subject to identity checks. This is to protect you from falling foul of organised crime and to ensure that when you send money to the UK from Australia so the transfer ends up where you intended.
Exchange rate. At Regency FX we will ensure you have the best way to transfer money from the UK to Australia as possible on the proposed date you are sending money to the UK from Australia. And because we transfer money from Australia to the UK and vice versa every day you can be sure the very best rates are secured.
Make your payment. To send money to the UK from Australia and for help avoiding the tax implications, simply complete the details of your UK bank transfer and the money is sent to the intended UK recipient
Regency FX will get you the best way to transfer money from UK to Australia with the most competitive rates available to the market.
An ID check is required for all new clients because the laws around money laundering are very strict these days.
As such, banks and currency brokers are legally required to identify a person before they can send money abroad.
It doesn't take long. Most people can be automatically identified through their name, address and passport number.
Once registered, you are in a position to lock-in an exchange rate.
When you're ready, your bank or 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).
Time to send in your Pounds to pay for your transfer. This is normally done using a regular bank transfer. Your bank or currency broker will provide you with the details of where to send the money.
You are normally given 1-2 working days to send the money in. If you are on a tight deadline, you can send your Pounds in before you transact to speed things up.
Once your money is received by your bank or currency broker, they will convert your Pounds into Australian Dollars and then send the funds to the Australian bank account you’ve requested.
Exchange rates are constantly moving around every few seconds so it is not easy to track down the best one.
Over the last 5 years, the AUD to GBP rates has moved up and down significantly.
The movements are usually bigger over longer periods of time.
This can be due to big events such as a political event.
One of the most common fluctuations is 2 to 3%.
With a transfer of $200,000 this could cost or save you $4,000 to $6,000!
It can be very helpful to get the right guidance from an expert in this area to help you get the best rate.
Money transfer specialists can assist you throughout the whole process, ensuring that you get the best rate possible at that time as they will watch the rates for you!
There are lots of websites online such as XE, Oanda, and Daily FX, that provide live rates, however, the rates you're seeing are not available to customers.
These rates are called ‘interbank rates’. This means that only the banks themselves and large financial constitutions can use these rates.
Not even large corporations that trade in the hundreds of million can use these!
There will be small disclaimers near these rates saying something like “for informational purposes only” or “not available to customers”.
My advice would be to get a real quote from a bank or a money transfer specialist.
There are two main costs involved and these are:
Many people are aware of the transfer fees however, not that many people know about the exchange rates.
A lot of banks especially in Australia will charge a transfer fee per each money transfer abroad.
These fees are not the same with every bank.
I will give you an example of what the main banks in Australia charge:
CBA charge $6 if the amount is under $1,000 or $12 if the amount is over $1,000 and $30 if it is done within a branch.
ANZ charge $9 if the amount is under $10,000 or it is free if it is over $10,000.
NAB charge $30 regardless of how much you are sending.
Westpac charge $20 if it is done online or $32 if it is done in a branch.
Additional fees are ‘correspondent bank fees’.
Which is a fee charged by a different bank that was used within the process of transferring your money.
During the process if you make a mistake or you want to track your payment then that will cost you more money too!
Transferring money through a money transfer specialist will help you to avoid these fees!
Exchange rates are never standard as money transfer companies and banks set their own.
The banks do not offer very competitive rates.
Below, I will show you what the main banks in Australia have to offer using a $10,000 exchange with the online live exchange rates that these banks have to offer.
Westpac’s exchange rate margin is 5.10%
NAB’s exchange rate margin is 4.10%
ANZ’s exchange rate margin is 3.40%
CBA’s exchange rate margin is 5.30%
The general exchange rate margin is 4.5%
To make this clear for you I am going to give you a real-world example of this.
If you had a property is Australia that you have just sold and you are moving back to the UK, the property sells for $600,000 and you want to change that to Pounds, the bank is charging you 4.5% with exchange rate costs.
This means that $27,000 of your money is going to the bank because of the exchange rate costs, now that is a large amount of money in anyone's book!
The better the exchange rate, the more money you save!
Money transfer companies have a lot more to offer than the banks when it comes to international money transfers; not a lot of people are aware of this so they just end up going through their bank and losing money!
There are lots of money transfer companies out there to choose from however, they are very different to each other.
Some of them are online-only platforms such as TransferWise, PayPal and Revolut. This means that you have to do it all yourself with no assistance!
The most that they can offer you is webchat or support emails.
Most people sending large amounts of money like to have someone to talk to and help guide them through the process.
Money transfer companies that offer human contact will assist with anything you need throughout the process.
They can monitor the rates for you and notify you if the rate moves in your favour.
They can also ensure that all the information is correct before transferring so that there is no room for mistakes!
Generally, it takes 3 to 4 working days for the money to show in the UK bank account.
Some banks are faster at clearing the money than others so the timeframe can vary slightly.
Banks are normally slower than money transfer specialists with getting your money across.
Regency FX are a UK based independent currency broker, specialising in high volume transfers.
We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.
All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.
The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.
They can often refer to the rates that banks exchange at rather than what is available to you, the customer.
Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.
We can monitor the market on your behalf enabling you to budget more effectively.
As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.
Get a quote and see how we stack up.