When you are going to transfer large sums of money abroad, it’s essential that you not only find the best money transfer deal that gives you most dollars, but you also want to find a reliable service from a regulated company as not all money transfer companies are equal.
If you’ve been considering how to bring money into Australia when you migrate here, this post will cover everything you need to know about moving money to Australia. While the post is around moving money to Australia from the UK using Currency Fair, the concept of transferring large amounts of money between bank accounts and countries is similar regardless of which currency transfer service you use or which country you are based in. The most important thing to remember is when transferring money into Australia, don’t go through your regular bank. While you know and trust your bank, this is NOT the cheapest way of bringing money into Australia, and often it’s not the fastest way either.
What is the best way to transfer large sums of money?
This post contains affiliate links. I use Currency Fair personally and only endorse companies that I love.
Let’s cut to the chase – check out how many Australian dollars you can get if you transfer money with Currency Fair now, then use this link to open your account and get your first THREE transfers for free (you don’t need a Currency Fair discount code, just literally click through this link to grab the deal). >> Check out Currency Fair here and get your first THREE transfers FREE.
What is the best way to bring money to Australia from overseas?
I tried a number of different money transfer companies before I discovered Currency Fair for sending money from the UK to Australia. I had so many problems as I tried to transfer our first large amount of money (as I moved the funds from our house sale with a money transfer from the UK to Australia in stages). One issue I had while doing the large money transfer over the phone with brokers was that they made mistakes (one of them tried to set up two money transfers by accident meaning a delay because they ended up having to cancel both and start again). I tried to set up accounts with some other currency transfer companies but found them difficult to get our address validated, and others refused to let me log back in after I’d made one online money transfer and then wouldn’t accept my postcode which it said it needed to resend me a new password.
I had so many problems! When you are transferring large sums of money abroad, you just want to find a reliable, safe company that won’t mess you around and will let you transfer money easily and quickly. For me, I also love being able to do it online as I much prefer that to having to ring up to do transfers over the phone every time.
Bringing money into Australia from the UK should have been an easy, smooth process but for me when we were in the process of migrating it just felt like a big headache and it added so much stress when we were already really busy.
Moving abroad soon? Have you organised your one-way travel insurance yet? If not, take a look at this post.
Currency Fair review for transferring funds to Australia and the UK
I had lost all faith in currency transfer companies by the time I arrived in Australia. But even though I’d already moved most of our money over by then, I still receive regular income into my UK bank account for various things so I needed a way to make regular money transfers between the UK and Australia. And for every birthday or Christmas or special event, our family members put money into our UK account instead of buying us gifts online as most of them are nervous about buying things online in another country so I needed to find a way of moving money from the UK to Australia quickly, easily and cheaply.
I heard about Currency Fair, so I decided to give them a try as I’d given up on all of the previous companies I’d tried previously.
How to bring large sums of money from overseas with Currency Fair
The whole process of using Currency Fair was just so easy! I haven’t been back to any of the other companies since. Your money is moved online in just a few clicks. No messing around phoning brokers or haggling rates, just a simple online money transfer system that walks you through the process and lets you transfer funds to Australia and the UK easily and quickly. I’ve found the system so easy to use, it is SO fast and I get an amazing rate. #winning
Read this independent Currency Fair review on The Currency Shop. It outlines the pros and cons of moving large sums of money with Currency Fair (please note: for very high sums of money, please check rates and do your homework first to make sure this is the best option for you and your circumstances – I am not a financial advisor and you will need to check the rates yourself for your large money transfers abroad to make sure you are getting the best deal for your money transfer).
Currency Fair review: The cheapest way to transfer money from the UK to Australia
This is a comment from one of my group members who had previously asked me how to move large sums of money to Australia. Please note, I have put an XXXX in the place of the other companies he referenced as I don’t like naming companies but just know that he referred to a major UK high street bank and another big high street name that people use for moving money abroad:
‘Just wanted to give positive feedback on Currency Fair the foreign exchange company recommended in this group by Karen Bleakley. Their rate meant I got $1000 more than if I’d used XXX bank and $500 more than the XXXX rate would have given me. Also I was impressed by the speed of the transaction. Sent money Friday and was received in Oz on the Tuesday. I also sent some on the same day with XXXX and that took an extra day.
I see lots of Currency Fair reviews like this all the time from my readers as they’re bringing money from overseas to Australia. That $1000 is much better in David’s pocket than in the banks’ pocket!
Travelling soon? Check out this post about the best travel rucksacks on the market.
Best way to transfer money from UK to Australia
Read on to find out the best way to send large amounts of money using Currency Fair in this step-by-step guide to moving your money abroad from the UK to Australia.
CurrencyFair: How it works for transferring large amounts of money overseas
If you’re thinking of moving to Australia and you’re going to be sending money from the UK to Australia, the process is this:
- You open an account with Currency Fair (the YouTube video below walks you through it). Remember to use this link to get your first THREE transfers for free.
- You set up your bank accounts in each country in the Currency Fair system. You only need to do this once and then they are stored there for future transfers. So if you were moving from the UK to Australia and wanted to send money to Australia, you would add your bank account in Australia and your bank account in the UK to the Currency Fair system.
- You go through the process of setting up the money transfer within your Currency Fair Account. This is where you say you want to ‘send in’ your ££££ from your UK account. I usually set it up to automatically ‘send out’ the money over to my Australian bank account (this is known as an ‘auto-transaction’). When you’ve followed the instructions on the website, you are given Currency Fair’s bank account details and a reference code. Then, you go online into your own UK online banking and send your UK funds to the Currency Fair account numbers you’ve been given (as if you were paying someone from your bank account), making sure you use the reference code. If you set it up to be automatic, once these funds hit your Currency Fair account (which is usually very quick, from my experience) they are automatically transferred off to your Australian bank account without you needing to do any more.
- Voila – you have moved the money into your Australian bank account. No phone calls. No messing. No problems. No paying hefty bank fees.
How much money can be transferred to Australia?
The only thing that can become an extra hurdle in the above steps is if you want to transfer more than you bank allows as they all have a limit for online transfers. If you are bringing a large amount of money to Australia (or sending it back home) and you want to do it in a big block, then it’s always a good idea to speak to your bank ahead of time so you know exactly what can be done and the best way to go about it so that once you’ve set everything up in Currency Fair you can make the money transfer. It could just be that you need to call them on the day to authorise the transfer or you can do it in the branch.
How to transfer money to Australia: Set up your Currency Fair account
Here is a step-by-step guide to getting started with Currency Fair for sending money from the UK to Australia or for transferring money from Australia to the UK. It is super easy to get started and open your account, whether your money transfers to Australia or the UK are large or small.
Remember to sign up with this link to get your three free transfers and then follow along with the video.
Set up your account with Currency Fair by following along with this video:
How to transfer money to Australia with Currency Fair
Now that you’ve opened your Currency Fair account, you are ready to make your money transfer to move your money overseas.
If you’re sending money from the UK to Australia or you’re transferring money from Australia to the UK, then watch this video which walks you through all of the steps and shows you how to transfer large sums of money abroad. I’ve been in Australia for over three years now and I think it’s the best way to transfer money from Australia to the UK – I use it all the time to transfer money between the two countries.
I personally find it the cheapest way to send money to Australia from the UK as the transfer fees are so tiny. It means that even if relatives give us £50 for birthday money in our UK bank account, it doesn’t cost much to bring it over to Australia so it works just as well for transferring large amounts of money or moving small amounts of money abroad.
Want to get your first THREE money transfers for free with Currency Fair?
I know when you migrate to Australia you will usually need to do a large money transfer because you might have sold your house or you want to move your savings abroad. Please don’t waste your money by going through your bank. Banks are not the cheapest way to send money to Australia (you should also tell your friends and relatives this in case they are tempted to try to send you birthday or Christmas money when you’ve moved over).
Keen to get started with transferring large sums of money to Australia? If you want to find the cheapest way to send money abroad, then if you use my link you will get your first THREE money transfers for FREE. But if I’m being totally honest and transparent, many of the companies out there will offer you a free first transfer if you are looking to transfer large amounts of money abroad and you call them up. What sets Currency Fair apart, is that they give you a great rate without needing to haggle, and it is so easy, seamless and fast.
I hope you’ve found this post about transferring large amounts of money overseas helpful. Be sure to introduce your family to Currency Fair so they can understand how CurrencyFair works and they can learn the best way to transfer money internationally without using their bank.
I am an affiliate for Currency Fair, which means I will earn a commission if you make an international money transfer using my links. This all helps fund the running of this website. All opinions are my own and they really are the only currency transfer company that I use. You can read more about them and why I have partnered with them on my Resources page.