Money transfer Australia to UK

The UK is a popular destination for many Australians to travel for work. The chance to earn and save money is a major factor. However, it is one thing to move to another city or town in Australia but quite another to fly thousands of miles away. If you plan to settle long-term in the UK, then there will be many costs involved in relocating, so it will be important to know about the different methods of money transfer Australia to UK.

Before you consider sending money from UK to Australia, it is best to open a UK bank account in order to facilitate direct to bank transfers. Many of the major Australian banks do not have a network which extends into the UK. Depending on where you will be relocating, you may not have a beneficiary besides yourself. Whether to meet your daily living expenses or for the cost of transitioning, it is much easier to manage payments directly from an established bank account. Opening a bank account is easy once you have all the necessary documents. These include a proof of income, proof of address within the country and a valid passport.

Whether or not you have a lucrative job opportunity, you may still need to transfer money to take care of some of the initial expenses of moving. This is especially true in cities such as London, which gets the majority of expats but which also has a relatively high cost of living. How much you need each month will of course depend on your individual situation as well as your taste. You may, of course, be accustomed to a particular standard of living.

Although you may be comfortable with your bank as your major point of contact for handling your finances, it may not be the best place to look when transferring money overseas, especially where large sums of money are concerned. There are several reasons for this. Firstly, the major banks may not have the most competitive rates. In addition, they almost always have fees attached to the money transfer, in spite of the amount you want to wire. Therefore, you could end up losing hundreds to thousands of dollars.

So, if not your bank, how do you send money internationally and get the best currency transfer rates? The answer is simple; a forex broker. A money transfer agency thrives on offering more competitive rates than traditional banks. Most fees are lower than what the banks charge, with the added bonus that the more money you need to wire the lower your fees are likely to be. With sums above a particular dollar amount, you will be able to transfer free of cost. What this amount is tends to vary among fx brokers.

When you are considering relocating to the UK for work, you should factor in the need for at least a few thousand GBP for accommodations for the first month, to buy food and pay for transportation. The best way to get the most out of your money transfer Australia to UK is to use a foreign exchange transfer service.