Transferring money from the UK to Australia
Australia is one of the top destinations for British expats and tourists, holding the number one position for expats by population. Sharing a language, an intertwined history and cultural similarities has made it an ideal destination for Brits looking for a home away from home permanently or for a briefer period. Friendly sporting rivalries like in rugby and cricket, epitomised by The Ashes, have strengthened these ties, despite the great distance between the two countries.
That’s not to say Australia isn’t without its more exotic elements. Unique wildlife, a much warmer climate and sparkling oceans make it seem like a secret paradise, despite its cultural home comforts. This makes visiting Australia enticing for both tourists and expats alike.
For those looking to move, Australia does have a notoriously strict immigration system based around points, which are gained by a potential migrant having certain characteristics, such as their age, qualifications, proficiency in English and knowledge or experience in a field that Australia is lacking expertise in.
The currency of Australia is the Australian Dollar. It has had a relatively stable relationship with the Pound in recent years, but with all the current geopolitical turbulence in the forms of things like Brexit, the COVID-19 pandemic and the current conflict in Ukraine, a seemingly stable market can be upended at any time. This is why it is always wise to make use of an experienced FX advisor for any of your needs. Furthermore, for large trades, such as a lump sum to purchase property, even small fluctuations in the market can have a significant effect on how much usable cash comes out the other side.
If you are serious about moving down under or you have family based there that you are looking to send money to, Currency UK can assist with international payments to Australia both large and small, and for one-off and regular payments. For large payments such as the property purchase described above, a market order may be used. This mechanism allows clients to have a trade be executed when a certain exchange rate occurs in the market, guaranteeing a certain amount in the destination currency when that rate is hit. Forward contracts may be of interest as well, which is when an exchange rate is agreed in advance for a trade to be made at a later date, again guaranteeing a certain amount of cash in the destination currency.
For all kinds of exchanges, Currency UK will provide a dedicated account manager to support clients with specific needs, and simplify the whole process of moving abroad.
We’ve supported hundreds of people in buying and selling properties around the world and are well placed to do the same for you.