Article by Mozo
Wanna shout nan and her friends to a pub lunch for her birthday? Aren’t you lovely! Or her favourite. Whatever the situation, if you want to transfer money online from Australia to anywhere in the United Kingdom, you can. All you need is the right information like nan’s account name, number and a few other important details that we’ll go into later, and away you go! Well, not you, the money you’re about to transfer as a gift.
Mozo makes transferring money to the UK fast and easy - from comparing international money transfer provider rates and fees to answering FAQs about money transfers. If you’re after information on transferring money to pounds for an upcoming holiday, this isn’t the section for you. Head on over to Mozo’s Travel Money section to read up on the money dos and don’ts when travelling and find the best travel cards and exchange rates.
Just select the amount of Australian dollars you want to exchange and Mozo’s IMT comparison tool will give you an estimate of how many Pounds you’ll get with today’s exchange rates. Our service updates GBP exchange rates every hour.
An IMT or an International Money Transfer is possible when you transfer money from account to account. Converting Australian dollars to English pounds means you can transfer them anywhere in the UK. England? Ireland? Scotland? Wales? Wherever you need to send money, an IMT to the UK is one of the easiest transfers you could do, but you’ll need know the recipient’s account details as well as their bank’s ID numbers.
The bests part about needing so many different numbers to not only identify you and your bank but your recipient’s is that the transfer is very traceable. It will surely give you reassurance that the transfer is safe. You can use one of the following agents to wire your money to the UK:
Banks are great. We grew up with them. We know them. We ‘get them’. But they don’t always ‘get’ us. That’s why Mozo’s here, to let you know about other options. We’re not biased to any one kind of provider or financial agent. Just informative. And so we want to inform you of what’s out there so you don’t continue going down the same old predictable financial route.
For some it’s on repeat. Like a broken record. For others it’s more exciting and enticing and disruptive, because the alternative financial providers want to shake things up for you. So try another institution. You may even pocket a little cash for yourself while you’re at it.
Pros: Respectable brands you’ve known for years.
Cons: Usually higher transfer fees than other agents or financial providers. May not be convenient with their availability, especially if you can’t visit a branch during business hours.
Foreign Exchange Specialist
Online IMT and foreign exchange providers like OFX and AFEX pride themselves in offering elite service without the price tag. As a brief overview, these types of providers are happy to transfer large or small amounts while giving you the same excellent attention and service all the way. What’s more, their fast and safe online service is available all day, all night.
Pros: Safe and fast and cheaper international money transfer
Cons: Even though they are trusted alternative brands in they may not always pass on the exchange rate you’re looking for.
Will you walk in to a bank? Use a Foreign Exchange Specialist? Or take a punt and do it yourself online? Well, if you’re reading this then you’ve got internet access and have a PC of sorts. That means you’re more than capable of sending money to nan or whoever it may be to the UK online, and on your own.
Don’t worry. Your transaction can’t get lost. Reason being, each number supplied is sensitive to an individual account and can only identify one person or party and can’t be confused with any other person’s account. This means, that if you have the wrong BIC or SWIFT code for your recipient, the money won’t transfer and will bounce right back on your side.
Remember, online transfers are available 24/7 which means that there’s likely to be online help available round the clock too. Want to double check if the BIC or SWIFT code is correct? That’s easy! Log onto http://www.swift.com/bsl to see if you’re on the right track.
Yes, you can make a one off transfer or set up regular payments. The FX finance agents don’t mind either way. What you need to think about is who will give you the best offer for the amount you need to send to the UK. Not only that - is time a factor? Is the money a gift or is it an emergency? The finance provider or IMT agent may be a determined by how urgent the delivery needs to be. If not, then there’s no need to panic! Sit back and let the transfer take its course, anywhere from immediately to days, depending on your final decision.
Ask around friends, colleagues and family. Who do they use? Have you even considered using PayPal? Certainly a popular online agent for one-off transfers. Do a bit of research to see if PayPal will suit you too. Who knows, may even suit regular payments or transfers to the UK.
There are so many international money transfer providers available, so it can be a little confusing to begin with. But after you’ve done a little reading here and there about who provides what service at what rate, and how long it takes for the money you wire to get to your recipient, you’ll soon get the hang of it. Who knows, maybe you’ll even become an expert! Alrighty, enough of that, here are some differences between IMT agents that may even help you save money in the long run:
But if you’re more of a traditionalist and prefer one-on-one service, then you may prefer over the phone assistance or a transfer made in a branch, if you don’t mind paying a little extra for the service that is. Or dare yourself to trying something a little different like an online transaction. You might even surprise yourself!
Firstly, you need to decide which direction you will take - online, in person or over the phone?
Working this out first, will determine your best next steps.
Whichever way you choose to transfer money to the UK, some crucial bits of information you’ll need for a successful transfer include:
BIC - Bank Identification Code
SWIFT - Society for Worldwide Interbank Financial Telecommunication
IBAN - International bank account number
Recipient - The person or party who receives the money being transferred
IMT - International money transfer
IMO - International money order.Country guides for transferring money internationally