Jump to content

You're currently viewing the forum as a Guest
register-now-button_orig.png
and join in with discussions   
ask migration questions
message other members

..and much much more!

Red Rose

Emigrating today (!) question about $ to £ transfer

Recommended Posts

Hi all, 

I'm returning to the motherland after 7 years in Oz, flying today from Sydney. 

I have no knowledge at all of the best way of transferring AUD to GBP. 

I plan on transferring all my savings from my ANZ account to my mum's account (as I don't yet have a UK bank account).

I rang ANZ today to check their rates for transferring bank to bank and I would save about 1k using TransferWise. 

I have left it too late now to go into my ANZ branch to organise this as I fly this afternoon at 5pm. 

Will there be any issues transferring my AUD from the UK, using someone like TransferWise? 

Thanks!

Share this post


Link to post
Share on other sites
11 minutes ago, Red Rose said:

Hi all, 

I'm returning to the motherland after 7 years in Oz, flying today from Sydney. 

I have no knowledge at all of the best way of transferring AUD to GBP. 

I plan on transferring all my savings from my ANZ account to my mum's account (as I don't yet have a UK bank account).

I rang ANZ today to check their rates for transferring bank to bank and I would save about 1k using TransferWise. 

I have left it too late now to go into my ANZ branch to organise this as I fly this afternoon at 5pm. 

Will there be any issues transferring my AUD from the UK, using someone like TransferWise? 

Thanks!

There should be no problem if you have internet banking. My NAB account sends a verification code to my mobile if I want to make a transfer, so if it's the same with ANZ make sure to keep the number up to date on your account. I've never used Transferwise personally, but my SO sent money to my UK account using them, and it seemed to arrive instantaneously.

Share this post


Link to post
Share on other sites

The only problem you might hit is that you'll have a limit on how much you can transfer.   However you can get around that by transferring in smaller amounts.   

Also, of course, you'll need to keep your Australian mobile and make sure you have global roaming activated.


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

Share this post


Link to post
Share on other sites

Thanks both I’m just on my way to a branch by the airport to arrange for them to increase the limit as I want to transfer up to six figures and want to minimise costs by doing it in smaller multiple transfers 

Share this post


Link to post
Share on other sites
2 minutes ago, Red Rose said:

Thanks both I’m just on my way to a branch by the airport to arrange for them to increase the limit as I want to transfer up to six figures and want to minimise costs by doing it in smaller multiple transfers 

Can't you just arrange the transfer there and then?


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

Share this post


Link to post
Share on other sites
1 minute ago, Marisawright said:

Can't you just arrange the transfer there and then?

Through TransferWise?

Share this post


Link to post
Share on other sites

Hmm so the daily limit is $25000 so if I do the transfer via transfer wise I would need to do four seperate transfers. If I factor in their fee over four transfers, I’m not sure how much I’ll really save compared with just transferring the whole lump sum bank to bank 

Share this post


Link to post
Share on other sites
4 minutes ago, Red Rose said:

Hmm so the daily limit is $25000 so if I do the transfer via transfer wise I would need to do four seperate transfers. If I factor in their fee over four transfers, I’m not sure how much I’ll really save compared with just transferring the whole lump sum bank to bank 

TBH I'm surprised the saving was so little in the first place.  Have you tried Moneycorp?  


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

Share this post


Link to post
Share on other sites

Have a chat with Sue at Moneycorp 


If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.

Share this post


Link to post
Share on other sites
Posted (edited)

You can do it in one transfer with TransferWise. You just agree to the deal then you have to transfer the cash, this can be done in several transfers to them.  I recently sent cash from UK.  One deal for the total amount but to save the fee for large transfers from my bank CHAPS? I sent the pounds to TransferWise in several batches of the max allowed by my bank. 

Unless you need all the cash straight away maybe also consider sending some now and some in a few months. The exchange rate for $ to £ isn’t great now.

Also don’t just consider the fees, the exchange rate the bank will give you will not be as favourable.  You need to see how many pounds you will actually receive. I find that consistently paying a fee gets me more cash in the end than fee free transfers. 

Edited by rammygirl
  • Like 1

So many wineries ......so little time :yes:

Share this post


Link to post
Share on other sites

Thanks Rammy Girl yes good point, ANZ only charge a $30 fee but their exchange rate is crap and even after I factor in transfer wises much larger fee, I still end up with about £600 more in my bank account going through transferwise than bank to bank. 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×