Sending Money to Australia - best way?

sparkiemalarkie

Hi I am gifting my son in Australia £20,000
I have various bank accounts and wondered if one was better/cheaper /more efficient than the other.
Any suggestions would be great

sx

Emmia

Have you looked at Wise to move the money? They're usually the best rate wise

https://wise.com/

AlvyLad

https://forums.moneysavingexpert.com/discussion/comment/82027094#Comment_82027094

Hands down Wise is the cheapest, quickest, best option.

As a bonus, for that $5 or $10AUD he can get a card, so can have an account in £GBP and spend it whichever currency he fancies at very very reasonable exchange rates on the day and in any country he's at (IE holidaying in Bali or something), no need for local accounts/cards, but virtually with charges, that are so low, you don't even notice.

sparkiemalarkie

Thank you both. I'm busy opening a wise account atm. The fees seem reasonable - £64 for £20,000 transfer

I think I might do a test run first of a few £s - just to be sure

sx

AlvyLad

https://forums.moneysavingexpert.com/discussion/comment/82027128#Comment_82027128

That £64 + $AUD 5 or 10 for the card will be distant memory, if he doesn't spend money straight away. He can keep that £20k saving with Wise and get (best I remember was about 3.3% in annual interest (~£660 crispies)) unlike local AU banks that paying you fat 0%

sparkiemalarkie

HaHa - I even discovered a referral program so my son should be getting AU$100 for referring me !!

Pays the fees !

sx

AlvyLad

https://forums.moneysavingexpert.com/discussion/comment/82027329#Comment_82027329

….

• I think he'll need three new users for it
• My advice in regard keeping in "real money"- £ (GBP with +3.3%, not "skippy dollars")… not too sure about it now, due to exchange fluctuations… GBP to AUD Chart -9.30% (1Y). Last year he could've had $2.12 AUD for every £1GBP , this year $1.88AUD and TBF they are likely to be going up, compared to us in foreseeable future, due to natural resources etc

Jun 9, 2025, 00:00 UTC - Jun 8, 2026, 11:34 UTC
GBP/AUD close: 1.88918 low: 1.85521 high: 2.10091

Jun 10, 2021, 00:00 UTC - Jun 8, 2026, 11:31 UTC
AUD/GBP close: 0.529325 low: 0.46358 high: 0.604859

https://www.xe.com/currencycharts/?from=AUD&to=GBP&view=5Y