GBP Exchange Rates

Looking to transfer money to the United Kingdom? Calculate how much AUD you’ll need to exchange into Pounds. See which IMT provider in our database offers the best GBP exchange rates.

Your step-by-step guide for sending money to the United Kingdom

If you’re a newbie to international money transfers, you probably have a few questions around the best ways to convert AUD to GBP, the key features to look for in an IMT provider and the additional charges to be wary of. Read on as we run you through the entire process of transferring money to the UK.

Step 1: Choose between a bank or currency specialist

When you’re weighing up the different options to send money overseas, you’ll generally have to choose between going with a bank or foreign exchange specialist. Not sure how to make that decision? No worries, let us explain the pros and cons of both:  

BANKS

Pros. Converting AUD to GBP with a bank is a convenient option for two reasons:

a) You already have a savings account, home loan or credit card linked with a particular bank and are comfortable dealing with them

b) You’ve heard of the bank, know other customers and feel safe trusting the bank with your money

Cons. There are two issues with using banks for international money transfers:

a) Sometimes they don’t offer the best exchange rates and may charge a higher IMT fee compared to foreign currency specialists

b) Some banks may not offer online transfer services, which means that you might need to go to the branch personally to carry out the money transfer. This isn’t the best option if you’re in a hurry and don’t have the time to wait for a bank’s business hours    

FOREIGN EXCHANGE SPECIALISTS

Pros. As experts who specialise in international money transfers there are two major advantages of dealing with foreign exchange specialists:

a) Most of them will let you transfer your money to the UK online or over the phone, which means you have instant access to their services and won’t have to wait for the provider’s trading hours to start the conversion process

b) They usually have a lower margin on the foreign exchange rate compared to banks and charge a low (and sometimes no) transfer fee

Cons. There’s really only one downside of dealing with a foreign exchange specialist:

a) You may not be familiar with the brand name and security measures in place with a particular currency specialist. The best way to get around that is to look for a provider that is regulated through ASIC - you’ll be pleased to know that we’ve already filtered our search and all the foreign exchange specialists you see on Mozo are names you can trust

Step 2: Compare key features of IMT providers

Besides deciding between a bank and a foreign currency specialist, your final choice of IMT provider should also be based on certain key considerations. Here’s a quick snapshot of features you need to check to ensure you’re picking the best GBP money transfer.     

Exchange rate

When you’re looking to convert AUD to GBP, it’s important to hunt down the provider that’s offering the highest exchange rate for your transfer. Remember that even a small difference in rates can have a huge impact on the overall value of the exchange, especially if you’re dealing with a lot of money. For instance, at the time of writing, OFX would give you £5,081 for $10,000. Whereas, one big bank would only offer you £4,778. That’s a difference of £303!

Minimum and maximum limits

Depending on the amount of money you need to send to the UK, you should check if the provider has a minimum or maximum limit on the amount of money you can transfer at a time. You don’t want to be stuck in a situation where you need to send $20,000, but your bank has a limit of $5,000 based on your bank account’s daily withdrawal limit.      

Transfer fee

Apart from the exchange rate, the other price point you’ll need to keep a watch on is the transfer fee. This charge will be different for each provider and can vary based on the amount of dollars you’re exchanging, whether you’re making the transfer online, over the phone or at a branch and if you’re in a regular or one off transfer arrangement with the provider. For example,
one provider we looked at charged an exchange fee of $32 if you made the transfer in person, but if you converted the money online, you would only have to pay a fee of $18.

Transfer speed

It can take anything from 24 hours to 8 days for your money to reach the UK, depending on who the provider is. So if you’re in a rush, be sure to pick a provider that promises a prompt transfer.  

Step 3: Set up an international money transfer

So what type of international money transfer did you finally decide to go with? A bank or foreign exchange specialist? Online or branch transfer? If you’re going to make the transfer in person then you’ll need to wait for the bank’s operating hours and go there to personally fill out a form and request the money transfer.

If you prefer to make the transaction online, then you can simply click on the ‘go to site’ button on the IMT comparison table above and start the process.  

Whichever way you decide to go, here’s a list of the information and documents that you’ll need when you set up the transfer:  

• 1. Proof of identity, such as your driver’s licence or passport
• 2. The recipient’s name, address and account details
• 3. The complete name and address of the recipient’s bank
• 4. Account number or International Bank Account Number (IBAN)
• 5. SWIFT/BIC code of your personal account that you’re transferring money from
• 6. The exact amount you would like to transfer