Moving Money from the UK to Australia: Fees, Exchange Rates and Timing

Some links on this page are affiliate or referral links. If you sign up through them, MoneyHackHQ may earn a commission or bonus at no extra cost to you.

What arrives in Australia when you send £5,000

How many Australian dollars reach the account after each provider’s fee and exchange rate, best first. The difference column shows how much less than the best quote each one delivers. A$ means Australian dollars.

Online transfers, rounded to the nearest dollar. Quotes gathered by Wise’s public price comparison between 30 October and 2 November 2026 (bank prices on 30–31 October). Wise runs that comparison and appears in it, and rates move constantly, so get a live quote at your amount before you send. Bank figures don’t include any fee the Australian bank charges to receive the payment.

Sending less or more

• £1,000: Wise (A$1,900), Instarem (A$1,897) and HSBC (A$1,892) were closest. Santander’s £25 fee left A$1,797, about A$100 less. OFX’s £7 fee on small transfers dropped it to seventh.
• £20,000: Wise delivered A$38,023. Instarem was A$88 behind and OFX A$152 behind. Barclays gives a better rate on bigger payments and was A$303 behind, while Lloyds was A$985 behind.

Why the gap: apart from HSBC, the banks converted at 2–3.4% below the mid-market rate, and most charged no sending fee on top. Wise charged a visible fee (£16.57 on £5,000) and used the mid-market rate. The exchange rate, not the fee, is where most of the cost hides.

Sending from your UK bank

Every big UK bank can send an international payment to an Australian account using the bank’s SWIFT code and your BSB and account number. The cost is mainly the gap between the bank’s rate and the mid-market rate:

Same source and dates as the comparison above.

A bank-to-bank SWIFT payment can also lose money on the way and at the other end:

• Intermediary banks can deduct a fee before the money reaches Australia, so slightly less may arrive than you were quoted.
• The Australian bank may charge to receive it. Up charges $10 AUD if the payment arrives in pounds (converted at Bendigo Bank’s daily rate) and $2 AUD if it arrives in Australian dollars. CommBank says its receiving fee depends on its arrangements with the overseas bank.

If you use your bank, send Australian dollars rather than pounds, so the conversion happens at a rate you can see before you confirm.

Wise

Wise came out top at all three amounts. It converts at the mid-market rate and shows its fee before you send. The Australian dollars are paid from Wise’s own account in Australia, so they reach yours as a domestic payment. No SWIFT receiving fee applies, and nothing is deducted along the way.

• Fee: £3.81 on £1,000, £16.57 on £5,000 and £63.14 on £20,000 in the quotes above. Wise discounts its fee on transfers over the equivalent of AUD 40,000.
• Paying for it: a bank transfer from your UK account is usually the cheapest way to fund it; paying by card is quicker but costs more.
• Speed: Wise estimated seconds for £1,000 and £5,000, and about 10 hours for £20,000.
• Before you have an Australian account: you can hold pounds and Australian dollars in Wise and convert when you’re ready.

Get a GBP to AUD quote on Wise

The Wise card’s fees and ATM limits for UK customers are in our Wise card UK guide.

Other options worth a quote

• OFX: no fee on £5,000 or £20,000 in the quotes above, with a rate 0.7% below mid-market. OFX has currency specialists on the phone 24/7, which some people prefer for a house deposit or other large sum. Most transfers take one to two business days.
• Instarem: second at every amount, with no fee and a 0.5% margin.
• Monzo: international transfers in the Monzo app are powered by Wise. The app shows the full cost, rate and arrival time before you confirm. Monzo’s price can differ from Wise’s own, so compare the two.
• Revolut: not in the comparison above. On the Standard plan, currency exchange is free up to £1,000 a month, then a 1% fair usage fee applies. Paid plans have higher limits or none. Fine for a first month’s spending money, less so for moving savings on the free plan.
• Remitly, Western Union, PayPal: built for small, fast payments to family. PayPal had the lowest rate of the providers that quoted £5,000.

Moving savings or a house deposit

When you emigrate, the amounts get large enough that a 1% difference is worth hundreds or thousands of dollars.

• Get two or three quotes at your exact amount, on the same day. Larger transfers are often priced individually: Wise’s fee drops above AUD 40,000, and brokers such as OFX quote customised rates for big payments.
• Check your UK bank’s daily limit. Online payment limits vary by bank and are often lower than a house deposit. Funding a transfer may take a few days or a call to your bank.
• Have proof of where the money came from. Expect to be asked for savings statements, a payslip or a property sale completion statement on large transfers. Having them ready avoids a held payment.
• Decide how you’ll handle rate swings. Converting in stages averages out the rate. Some brokers can also fix a rate ahead of the date you need the money, which suits a property settlement with a fixed deadline. Ask about it before you commit.
• Do a small test transfer first to confirm the account details, then send the rest.

Moving a UK pension to Australia

A pension is a separate process from a bank transfer, and mistakes are expensive.

• The receiving fund must be a QROPS (a qualifying recognised overseas pension scheme). Otherwise your UK scheme can refuse the transfer, or you’ll pay at least 40% tax on it.
• The UK charge: transfers to a QROPS can be taxed at 25%. You don’t pay it if you live in the same country as the scheme and the transfer is within your overseas transfer allowance (usually £1,073,100). Move away from that country within five years and the 25% can apply after all.
• The Australian side: transfer within six months of becoming an Australian tax resident, and none of the transfer counts as taxable fund earnings in Australia. After that, earnings since you became resident are taxed. The Australian fund also needs your tax file number.
• Pension scams target people moving overseas. Be wary of cold calls and offers of “free pension reviews”. Use a regulated adviser, and check the rules on GOV.UK and the ATO before signing anything.

Leaving it in the UK and drawing it later is also an option. Either way, it’s a decision worth regulated advice.

Timing it around your move

• Before you have an Australian account: most Australian digital banks, including Up, only open accounts for people living in Australia. Converting some pounds into Australian dollars in a multi-currency account first means the money is ready to send the day your account opens.
• Keep some pounds: leave enough in your UK account for anything still paid from it, such as a phone contract, subscriptions or a student loan.
• The visa: the Working Holiday visa expects you to have about AUD 5,000 to support yourself, plus your onward fare. Keep your bank statements easy to find.

The account it lands in

Once you live in Australia, Up opens in its app with no monthly fee, and transfers from Wise or OFX arrive like any other Australian payment. Our working holiday money setup guide covers opening the account, your tax file number and super.

Checklist

• Get live quotes at your exact amount from your UK bank, Wise and one broker, on the same day
• Compare the Australian dollars that arrive, not the fee
• If you use your bank, send in Australian dollars and check your Australian bank’s receiving fee
• Check your UK bank’s daily payment limit before a large transfer
• Have statements ready to show where the money came from
• Send a small test payment first
• Keep enough pounds in the UK for bills you still pay there
• Get regulated advice before moving a pension

Common questions

What is the cheapest way to send money from the UK to Australia?

In our 2 November 2026 comparison, Wise delivered the most Australian dollars on £1,000, £5,000 and £20,000, with Instarem, OFX and HSBC close behind. Rates change constantly, so get live quotes on the day you send.

Should I send pounds or Australian dollars?

If you send pounds by SWIFT, the receiving bank converts them at its own rate and may charge more to accept a foreign currency (Up charges $10 rather than $2). Converting before sending lets you see the rate you get.

Can I send money before I arrive?

You can convert and hold Australian dollars in a Wise account before you fly. You’ll need an Australian account to send them to, which for most digital banks means waiting until you’re living in Australia.

Is there a limit on how much I can move?

Limits depend on the provider, your UK bank’s daily payment limit and the checks they run. For large amounts, ask your provider in advance, as they may need proof of where the money came from.

Sources

• Wise: price comparison (GBP to AUD)
• Up: FAQs (receiving money from overseas)
• CommBank: international money transfer fees
• Wise: send money to Australia
• Revolut: Standard plan fees (UK)
• GOV.UK: transferring to an overseas pension scheme
• ATO: transfer from a foreign super fund to an Australian super fund
• Department of Home Affairs: First Working Holiday visa (subclass 417)