People send money from one country to another for so many reasons. Some send it to family or friends, while some need them for business purposes. But in either case, everyone wants to get the best deal. Choosing the right service provider is always a big decision. It involves many variables which you have to keep in mind. The key factors which help in making the right decision are: a low transfer fee, good exchange rate, and the speed of delivery. Apart from these, customer-friendly service and reliability of the company are also major concerns. In this article, I will explore a few options with which you can send money from the UK to Australia (If you wish to learn about sending money from the USA to Australia, you can refer to this article). There are plenty of options available for transferring money between these two countries. Let’s look at some of the major services which you should consider when sending money.
Online money transfer services
Online services are the most convenient way of sending money. If you send small amounts at frequent intervals, this is the easiest way to do it. You will have to register before you can make a transaction; this mostly painless process can take some time, however. Most of these online services are required to verify your identity before they process your transaction.
To find the best service provider for yourself, you need to look at the final amount you will be sending to the recipient. Two things which affect the cost are the transfer fee and exchange rate. If the fee is too high, it will significantly reduce the amount being received. Also if the exchange rate is low, it can lose you tons of money. So, you should look into what the final output will be to get the best deal on your exchange.
Here I have taken a few well-known online agencies involved in fund transfer and conducted some research. I sent GBP 100, GBP 1000 and GBP 10,000 from the UK to Australia with the help of each of these agencies. In the table below, I have compared the total sum received on the other side. These were transferred with bank accounts, so they don’t include any credit or debit card fees.
|Amount sent||TransferWise||CurrencyFair||Western Union||WorldRemit||Xendpay.com|
|GBP 100||AUD 175.71||AUD 173.90||AUD 172.55||AUD 176.24||AUD 176.57|
|GBP 1,000||AUD 1,773.00||AUD 1,775.00||AUD 1,771.85||AUD 1,778.24||AUD 1,775.53|
|GBP 10,000||AUD 17,746.07||AUD 17,786.00||AUD 17,770.00||AUD 17,798.24||AUD 17,755.34|
WorldRemit offered the lowest fee amongst all and charged GBP 0.99 for all amounts. Western Union was also close to it with a very small fee of GBP 2.9 for sending GBP 100, GBP 1000 and zero fees for GBP 10,000. CurrencyFair offered a flat fee of GBP 4 in all cases. TransferWise and XendPay offered equally good fees for the lower amount, but the fee shot up with bigger amounts of money.
When I compared the exchange rate provided by these agencies to the real exchange rates, I found that TransferWise offered the closest to the real deal. When sending large sums, this made a huge difference in how much I received on the other side. The other agencies also offered good exchange rates with less than 1% deviation from the real exchange rates.
WorldRemit gave the best amount received overall. For lower transfers, TransferWise and Xendpay were also good, while CurrencyFair was the next best option for larger amounts. TransferWise was also the fastest to deliver the payment which took only one day. The other companies took more time.
All of these services have a great reputation and are trusted by many customers worldwide (You can check out customer’s reviews on Trustpilot to get an idea of the customer experience). They all have a large international networks and can process your transactions to many countries in record time. While this isn’t all of the online transfer services available, these are the best in my opinion. They get your money where you need it go cheaply, quickly, and all with sterling reputations.