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Transferring money from uk :)

vn1
Perth, Australia
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24 posts
2 reviews
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Transferring money from uk :)

Hi all,

I have just opened my first Australian bank Account (NAB)...YAY :). I'm wondering if anyone has any info on the best way of transferring money from my UK account.

I'm waiting for my TFN still but would like to transfer a small amount (couple of hundred gbp) before transferring the rest of my money over.

Any ideas much appreciated :)

Em

Brisbane
Destination Expert
for Brisbane
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3,249 posts
63 reviews
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1. Re: Transferring money from uk :)

If you are linked to internet banking with your UK account you should be able to do the international transfer online.

Oscar

Sydney, Australia
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25,283 posts
60 reviews
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2. Re: Transferring money from uk :)

International transfers of money CAN (might not) be fraught with additional costs. Quite frankly, the easiest way to get money from uk is via an ATM in Aus, where you are likely to pay about $2.50 per transaction plus about a 2-3% International Transaction fee.

I have transferred money to an account in USA that cost me about 12% of the transfer. Paypal would have been cheaper.

So I just urge you to check all your sums, including the current exchange rate compared with the exchange rate the bank is offering, before cheering too loudly.

And do check if using an ATM withdrawal card might be your best option.

.
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827 posts
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3. Re: Transferring money from uk :)

@Lynn,

As the OP is awating a TaxFileNumber I wonder that their need to access funds locally is ongoing ...

pomsinoz.com/forum/…

(all care shown, no responsibility taken).

gk
Brisbane, Australia
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2,280 posts
55 reviews
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4. Re: Transferring money from uk :)

I agree with oscarpebbles. Do it via internet banking. Because we don't have IBANs here, you will need your bank's BIC, your BSB and account number.

Sydney, Australia
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25,283 posts
60 reviews
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5. Re: Transferring money from uk :)

Let us presume that the OP will reside in Oz for a time and will earn money here, if they require a Tax File Number.

That is quite distinct from transferring funds. All I can say is that Bank Transfers involving IBAN etc are very expensive and you need to do your sums about the various ways of transferring funds. Bank to bank transfer can be very expensive.

Look at all the options first.

6. Re: Transferring money from uk :)

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Removed on: 04 July 2011, 08:16