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Author, Mike Smith

Last Updated on August 19th, 2024

Transferring money from New Zealand to the UK can seem complicated. Here I will explain how the process works and how long you can expect it to take. I’ll also cover how you can do it cheaply and efficiently.

If you’re looking to transfer money to New Zealand from the UK, then click through for our guide on that transfer!

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How to transfer money from New Zealand to the UK

You have two main options for transferring money from New Zealand to the UK:

1. Use a bank
   

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2. Use a currency broker

Both these options are essentially international bank transfers.

But the two types of providers differ greatly in the way they operate.

Which, most importantly, affects the service and the final amount of money you receive.

Currency brokers can usually offer better exchange rates.

They’re also specialists that often provide a more bespoke, fast, and friendly service for large currency transfers.

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4 simple steps to transfer money from New Zealand to the UK

1. Register your account

The first step to transferring your money from New Zealand to the UK is to register an account with your chosen currency exchange provider.

This is typically a simple ID check to comply with anti-money laundering regulations.

You’ll only have to do this the first time you use a currency exchange provider.

2. Secure an NZD to GBP exchange rate

After registering, you’ll be able to enter the live market to secure an exchange rate.

Or if you’re using a quality currency broker, your account representative will do this on your behalf.

This is where you’ll need to navigate the market and know when it’s a good time to make the transfer.

Comparing the New Zealand Dollar to Pound Sterling rate against previous rate averages is a good way to gauge where the market is currently.

Our live NZD to GBP converter will give you the latest mid-market rate.

Additionally, having an account representative could be a huge advantage in helping to achieve the best rate possible.

Tackling the market yourself could increase the risk of you making the transfer at an unfavorable time, which could be a costly mistake.

Once you’ve agreed on an exchange rate, your broker or bank will be able to lock it in for you.

3. Send in your New Zealand Dollars

Banks require you to send your funds before locking in a rate.

Currency brokers can secure a rate before sending in your funds.

Sending your New Zealand Dollars to your currency broker allows them to conduct the transfer as soon as you give the go-ahead.

Once the money reaches their bank account, they will make the currency exchange from New Zealand Dollars to Pounds Sterling.

4. Receive the Pounds, Sterling

When the currency exchange has taken place, the Pound Sterling will be sent to the recipient’s account in the UK.

After you’ve transferred the money to your broker, the transfer shouldn’t take longer than a few working days.

How much does it cost to send money from New Zealand to the UK?

The main cost of transferring money from New Zealand to the UK comes from the exchange rate.

Some people think that the main costs of an international money transfer are transfer fees.

However, it’s mostly just inefficient banks that add unnecessary transfer fees.

You should avoid these wherever possible.

However, you need to pay the closest attention to exchange rates.

Exchange rate margins account for the biggest costs of every international money transfer.

Banks tend to have margins of around 3%-4%.

These are huge.

If you were transferring $100,000 through the banks on a margin of 4%, it would cost you $4,000.

Currency brokers are typically able to provide much more competitive exchange rates.

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How long does it take to transfer money from New Zealand to the UK?

It takes between 2-4 working days to transfer money from New Zealand to the UK.

This is due to the time it takes for the funds to clear when they reach the UK bank.

The time difference is an added complication that can make things slower than your regular bank transfer.

Be aware of the time involved in a transfer from New Zealand to the UK and factor it into your plans.

Your broker should be able to answer any specific questions you have about the time it takes to transfer money from New Zealand to the UK.

What information will I need to transfer money from New Zealand to the UK?

To transfer money from New Zealand to the UK you will need:

• Proof of ID (for your account setup)
  

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• The name and information of the recipient (whether a person or business)
  

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• IBAN of the recipient’s account
  

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• SWIFT code (also known as bank identifier code)

Proof of ID is only needed for the first transfer.

If you’re making a regular payment to the same person or business, naturally the recipient details will remain the same.

For different recipients, you’ll need to make sure you get the details correct each time.

You can sometimes find the long IBAN number, which can vary in length, at the top right of bank statements.

SWIFT numbers are unique to each bank and can also sometimes be found on bank statements.

If you can’t find them on your statement, it’s best to get them from your bank’s website.

What’s the best way to send money from New Zealand to the UK?

Currency brokers are generally a more efficient and cheaper option for currency transfers than big banks.

They are specialists in large international money transfers.

Because banks offer so many financial services, currency exchange is not their highest priority.

If you’ve not used a currency broker before, they’re able to get much closer to the interbank rate by buying currency in bulk.

Most don’t have any annoying transfer fees that banks tend to unnecessarily add.

Their quality of service is often much more tailored and personal than you get from a bank.

You are made the highest priority.

You don’t want to be made to feel like an afterthought when handling large amounts of money.

Currency brokers often have bespoke service features that banks are unable to offer.

For example, some currency brokers can monitor exchange rates so you don’t have to.

Account representatives at Key Currency can give you currency alerts when the NZD to GBP rate moves favourably.

This saves you from worrying about watching market movements constantly.

Currency brokers, like Key Currency, listen to what matters to you – the purpose, timeframe, and size of your transfer, or whether you need to achieve a specific exchange rate.

Quick Summary 

1. To transfer money from New Zealand to the UK you can use either your bank or a currency broker.
   

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2. Currency Brokers are often the cheaper and more efficient option.
   

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3. It will take between 2 to 4 working days for your money to arrive in the UK from NZ.
   

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4. The main cost of the transfer will be the exchange rate charges.
   

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5. You will need to know the IBAN of the recipient’s bank account to complete the transfer.

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Author, Mike Smith

Last Updated on August 4th, 2024

Find out your options for transferring money from Australia to the UK.

I’ll explain the pros and cons of the available methods and how you can save money on your international transfers.

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How to Transfer Money from Australia to the UK

You have two main options when transferring money from Australia to the UK:

1. Use a bank
   

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2. Use a currency broker

Both are essentially international bank transfers.

From your perspective though, it’s important to realise that they function differently.

Currency brokers are specialists and can make international money transfers cheaper and more efficient.

Currency Brokers will generally be able to offer better exchange rates than banks.

The big high street banks charge considerable margins in their exchange rates.

Banks rely on customers who don’t shop around for their international money transfers.

You may also see banks say sending money is ‘fee-free’.

But this is usually only under certain conditions, and you’ll have to trawl through terms and conditions to find out what they are.

Don’t get misled and remember that the real costs are built into the exchange rate.

Exchange rate costs can be significant, even if they are hidden.

Compare our rates on AUD to GBP and see how much we could save you.

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4 Simple Steps to Transfer Money from Australia to the UK

1. Registration and ID check

To get started with your international money transfer, you’ll need to register with your chosen currency broker.

They’ll need to conduct ID checks to ensure the transaction complies with money laundering regulations.

These are normally simple and just require one form of ID.

At Key Currency, once you’re registered, you’ll be cleared to trade and won’t need to do it again.

2. Secure your exchange rate

Getting a good exchange rate is probably the most important part of transferring money from Australia to the UK.

Once you’ve found a broker that offers a fair rate, you’ll need to make the exchange at a beneficial time.

Your currency broker should help you negotiate the market and let you know the best time to make your transfer.

They should listen to your specific needs and help you secure the best exchange rate within the time frame you need.

Once you’re happy, lock in the exchange rate.

At this point, it’s worth noting that banks require you to send in your funds beforehand.

Currency brokers like Key Currency will allow you to lock in the rate before sending in the funds.

3. Send in your Australian Dollars

Once your rate is secured, send your funds to your currency broker.

They will then make the conversion to your chosen currency (pounds sterling) at the exchange rate you’ve locked in.

4. Receive your Pound Sterling

After the currency broker goes to market for your currency exchange, you will be sent your pound sterling.

Be aware though, that international bank transfers aren’t as instantaneous as your usual bank transfers.

But your funds should reach the UK in no more than a few working days.

It’s then as simple as sitting back and waiting for the Pounds Sterling to land in the recipient’s account.

How Long Will It Take to Transfer Money from Australia to the UK?

It typically takes 1-5 working days to transfer money from Australia to the United Kingdom, once you’ve sent the funds. The variation is due to clearing time when the funds reach the bank or the broker, and the time it then takes to reach the account in the UK.

This time frame is generally consistent regardless of the currency exchange provider you use.

Bear this in mind when planning your transfer from Australia to the UK.

If you have any questions about the time it takes, your broker should be able to provide information specific to your situation.

What is the Best Way to Transfer Money Overseas from Australia?

A currency broker is normally the most cost-effective way to send money to the UK from Australia. Currency brokers, as currency exchange specialists, can get much closer to the interbank rate than big banks. This means you’ll receive a much higher amount at the other end of the transfer.

Banks typically have 3-4% margins in the exchange rates.

On a £100,000 transfer, for example, a 4% margin from the banks would cost you £4,000.

With a potential saving of thousands, it pays to shop around and find a broker that is likely to be much cheaper.

Plus, at some point in the past, you’ve probably had one of those annoying experiences with big banks where they can be slow, impersonal, and all-around frustrating to deal with.

Currency brokers, like Key Currency, are specialists and are much more personal and responsive.

Don’t take the risk of dealing with cumbersome banks.

Key Currency assigns you your representative who can guide you through the entire process.

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What Details Do I Need to Transfer Money from Australia to the UK?

To transfer money from Australia to the UK, you will need:

• Proof of ID
  

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• Name and details of the recipient (person or business)
  

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• IBAN of recipient’s bank account
  

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• The SWIFT code, also known as the Bank identifier code

Proof of ID is needed for your account setup with your currency broker.

You will only need that if you’re trading with the broker for the first time.

You will need the other details for every money transfer.

The IBAN number can usually be found on the top right-hand side of your bank statement.

To confirm/validate your or a recipient’s IBAN number, use our checking tool!

How Much Money Can I Transfer from Australia to the UK?

There are no legal limits to how much you can transfer from Australia to the UK.

However, some banks have daily transfer limits.

These can be around $50,000 to $100,000.

This often depends on the method you use to make the transfer with the bank.

On the other hand, currency brokers have no limits on international money transfers.

With brokers, you have no need to worry about any sort of limits or breaking up a large amount and having to transfer over multiple days – thus incurring more fees.

Currency brokers are specialists and can, in many ways, make transferring money from Australia to the UK much easier.

Quick Summary

1. To transfer money from Australia to the UK you can use your bank or a currency broker.
   

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2. It usually takes 1-5 working days for your money to arrive in the UK from Australia.
   

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3. Currency brokers will normally provide the most cost-effective way to send money to the UK.
   

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4. There are no legal limits on how much you can transfer from Australia to the UK. Some banks have their set daily limits.

Key Currency: A refreshing alternative

Key Currency is a UK-based currency broker that specialises in currency exchange – including from Australia to the UK.

We believe that the best way to conduct international money transfers is through a one-to-one account manager who can offer guidance from start to finish.

Our priority is customer service; we make the process as easy as possible.

Having someone that you can speak to over the phone, alleviates the responsibility and the risk of having to do everything yourself.

As part of our service, we’ll also alert you when the AUD to GBP exchange rate moves in your favour.

Rest assured, Key Currency is an FCA-regulated Authorised Payment Institution (No. 753989), and all money transfers are conducted through safeguarded client accounts.

We also have a 5-star rating on Trustpilot, with over 2,000 reviews.

Click below to find out more or if you’d like a quote for our Australian Dollar to British Pounds exchange rate.

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Want to Read More?

• Tips on How to Find the Best Exchange Rate
  

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• Transferring Money to Australia from the UK (Clearly Explained)
  

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• Current Pound to Australian Dollar Forecast