Advice for bringing back/transferring money to the UK after working in Australia

KBandWFB29

Hi, I would be grateful if anyone can offer advice regarding the below please:
My Niece is shortly going to work in Australia for a year, what is the best when it comes to bringing back her surplus wages or transferring surplus wages on a monthly basis and what is the best way to do this?
Thanks in advance for any help. 

Bicycleman22

I have used Wise and they were good for me but this was from Spain. Not sure if they are the best for Oz but probably wont be far off.

eDicky

How will her wages be paid..?

KBandWFB29

eDicky said:

How will her wages be paid..?

I will check & post once I get the information from her, thanks

Westin

I would also recommend WISE.  It is very easy to transfer between currency accounts and she could hold a GBP£ and AUD$ account with them.

The AUD$ has weakened against the GBP£ recently.  Wise have it trading around 1.92 $ to £.  I moved some funds to AUD$ a week or so back at 1.95 $.    A year is a long time off but at the moment it would not be that beneficial to transfer AUD$ into GBP£.  At least holding AUD$ in Wise she could move them back to GBP£ at a time of her choosing and perhaps when the rate was more favourable.

KBandWFB29

KBandWFB29 said:

eDicky said:

How will her wages be paid..?

I will check & post once I get the information from her, thanks

Fortnightly & into her Monzo account, so I assume the Aus dollars will be automatically converted to GBP ?

eDicky

KBandWFB29 said:

KBandWFB29 said:

eDicky said:

How will her wages be paid..?

I will check & post once I get the information from her, thanks

Fortnightly & into her Monzo account, so I assume the Aus dollars will be automatically converted to GBP ?

Monzo would convert the incoming AUD to GBP at the perfect interbank rate with a 1% fee. But is her employer willing to pay her salary as an international transfer in AUD to her UK Monzo account? If so, the question you've asked is already resolved. If not, a Wise account as suggested would provide an Australian account number and BSB code in her name to receive the salary as a domestic payment. Their conversion fee AUD to GBP is 0.47% using interbank rate, no fee to transfer GBP onward to Monzo etc.

KBandWFB29

Many thanks for the excellent help & advice