The UK and Australia have a close trade relationship. In 2018, the two sides did trade worth more than $26 billion. At the same time, the volume of money flowing between individuals in the two countries is rising. Indeed, more than 138k Australians live in the UK while more than 1.2 million British people live in Australia. In this analysis found on MoneyTransfers comparison results, we will look at the best options for sending money to Australia from the UK.
Wire transfer
A wire transfer is the process where you direct your bank to send money to a bank account overseas. Fortunately, because of technology and fast communication, this process takes a relatively short period. Also, unlike in the past where you had to go to a physical bank location, you can easily conduct a wire transfer online.
To do a wire transfer, you just need to have the bank details of the receiver. This includes their names, their bank names, their bank account number, the bank’s SWIFT code, and their contact information.
The cost of conducting a wire transfer to Australia is relatively cheap. Most banks, including Lloyds charge a small amount of money to handle the transaction. They also give you the option to split the charges with the recipient.
There are several benefits of wire transfer. First, it is a fast option since transfers are completed within a few hours or a few days. Second, it is a relatively safe option provided you enter accurate information. Third, some banks give a clear indication of the exchange rate you will use.
Finally, it is ideal when you are sending a lot of money. On the other hand, the disadvantages are that there is a limit of the funds you can send. Also, it only works during the working hours. Transactions initiated during the weekend will conclude on Monday.
Sending funds using Bitcoin
Another option of sending money from the UK to Australia is using Bitcoin and other digital assets. Bitcoin is often a preferred option for people who are willing to take the risks that come with it. For example, since Bitcoin is a relatively volatile currency, the value of funds the recipient receives could be low.
Sending funds using Bitcoin is relatively simple. All you need to do is to create an online wallet from one of the popular exchanges. After creating the wallet, you should go online and buy Bitcoins. Finally, you should enter the recipient’s wallet address and transfer the funds. After they receive, they can either store the funds through Bitcoins or convert them to Australian dollars.
Using cryptocurrencies is an ideal process for you if you are transferring a substantial amount of money. It is also a good option if you want to send money in a private process that is difficult to track. On the other hand, the main cons for sending Bitcoins are the volatile nature of the currencies and the security aspects associated with some exchanges.
In addition to Bitcoin, you can use other digital assets like Bitcoin Cash, Litecoin, Ethereum, and Tether, among others.
Using digital money transfer options
A faster and relatively cheaper method of sending money to Australia from the UK is to use digital platforms. These companies use different options. Companies like PayPal and Skrill let you send funds to the recipient’s accounts. They can then withdraw the funds to their banks or spend it on the internet. There are other options like TransferWise and WorldRemit that allow you to send funds to their bank accounts or mobile wallets.
These modern platforms have several benefits. First, they are relatively faster than wire transfers. Indeed, in some options like PayPal, the recipient receives the funds instantly. Second, some digital transfers are cheaper than other methods. You can use a comparison platform like MoneyTransfers to compare the fees charged by hundreds of providers.
Third, these companies help you send money directly from your credit card or debit card. Also, they are relatively safe provided you provide accurate information about the recipient.
Finally, they are transparent about the exchange rate they use. This is an important aspect considering that many banks and transfer companies make money by tilting the exchange rate to their advantage.
Final thoughts
International money transfer has been made easy because of technology and increased competition. Today, a process that used to take weeks is being concluded within minutes. When sending funds to Australia – or any other country – we recommend you consult the recipient on their best available options. Also, you should take time to research about the fastest and most affordable options. If you are using a digital platform, reading user reviews can help you achieve this.
