Moving money from the UK to Australia
Getting your savings to Australia is mostly about two things: not losing money on the exchange rate, and knowing how Australia will tax what you leave in the UK.
In 30 seconds
- Compare the total amount that will land in Australia, not the advertised fee. A “no fee” transfer can hide a poor exchange rate
- You can keep your UK accounts and ISAs, but once you are an Australian tax resident, Australia may tax the income they earn
- To rent, you usually need a bond of about 4 weeks’ rent plus 2–4 weeks’ rent in advance, ready to pay at once
The exchange rate
On 1 October 2026 the Reserve Bank of Australia’s rate was 0.5246 pounds per Australian dollar, or about A$1.91 to £1. Rates move every day, so check again before you send.
Banks and transfer firms make money in two ways: a fee, and a margin (a mark-up) on the exchange rate. Australia’s consumer watchdog, the ACCC, warns that firms advertising “fee-free” transfers may still charge a hidden margin. The fair way to compare is the total amount that arrives in Australia.
- Compare quotes on the same day, for the same amount
- Ask whether the receiving bank or a middle bank will take a fee
- For large sums, ask if the rate is negotiable
- Watch the rate for a few weeks if you can, but don’t try to time the market with money you need on a fixed date
Choosing a transfer provider
You can use your bank or a specialist money transfer firm. Whichever you choose, check it is regulated at both ends.
| Check | Where |
|---|---|
| UK: the firm is authorised or registered | The FCA (Financial Conduct Authority) Financial Services Register. The brand name may differ from the company name on the register |
| Australia: the firm is registered for money transfers | AUSTRAC (Australia’s financial crimes regulator). Moneysmart says money transfer services must be registered with it |
| Complaints in Australia | The provider first, then AFCA (the Australian Financial Complaints Authority) if the firm is a member |
Unlike a UK bank account, money held by a non-bank payment firm is not covered by the FSCS (the UK’s Financial Services Compensation Scheme). Larger firms must instead “safeguard” your money in a separate account or with insurance; small payment institutions don’t have to. Don’t leave large sums sitting with a transfer firm.
Keeping UK accounts
Many movers keep at least one UK current account for UK bills, pensions and visits home. UK deposits stay protected by the FSCS up to £120,000 per person, per bank (the limit since 1 December 2025). Some UK banks limit what they offer to customers who live abroad, so check with yours before you go and update your address. For example, Nationwide says its app can’t be downloaded on a phone registered outside the UK, and its one-time passcodes only work with UK phone numbers.
Once you are an Australian tax resident, interest from overseas bank accounts is income you must declare on your Australian tax return, unless you qualify as a temporary resident (below).
ISAs and other UK investments
You can keep your ISA when you move, but you can’t pay into it once you are no longer UK resident. You must tell your ISA provider. The UK still treats the ISA as tax-free.
Australia does not. Australian tax residents are taxed on their worldwide income, and Australia has no ISA wrapper. Interest, dividends and gains inside an ISA can be taxable in Australia like any other foreign investment. Get advice
| Your situation | How Australia taxes your UK savings |
|---|---|
| Temporary resident: on a temporary visa (for example a 482), and you and your partner are not Australian citizens or permanent residents | Most foreign income is not taxed in Australia. Pay for work you do overseas can be |
| Permanent resident or citizen, or your partner is | Worldwide income is taxed: UK interest, dividends, rent and gains. You can usually claim a foreign income tax offset for UK tax paid |
| Assets you owned when you became resident | Treated as bought at their market value on the day you became an Australian resident, so only later growth is taxed in Australia. This doesn’t apply to Australian property or to assets bought before 20 September 1985 |
Australia’s old foreign investment fund (FIF) rules were repealed in 2010, but other rules can still bite. Payments from foreign trusts can be taxed under section 99B, and the ATO (Australian Taxation Office) says it often learns of these from AUSTRAC’s monitoring of money coming in from overseas. Some UK funds are set up as trusts. If you hold more than cash, take advice from someone who knows both UK and Australian tax before you become a permanent resident. Get advice
How much cash you need to rent
Rental rules are set by each state. At the start of a lease you will usually pay a bond (your deposit, held by a state body) plus some rent in advance.
| State | Bond (maximum) | Rent in advance (maximum) |
|---|---|---|
| NSW | 4 weeks’ rent | 2 weeks’ rent |
| Victoria | 1 month’s rent (no limit if rent is over A$900 a week) | 1 month’s rent (14 days if you pay weekly; no limit over A$900 a week) |
Example: in Sydney at A$700 a week, a bond of A$2,800 plus 2 weeks in advance of A$1,400 is A$4,200 before you have bought a bed. Rules in other states are in Renting: bond, leases and bills. Typical rents are in Cost of living.
Proof of funds
Some visas ask you to show you have enough money to support yourself. For the Working Holiday visa, Australian government guidance says about A$5,000 (about £2,630) for your first stay, plus enough for a ticket out of Australia at the end. Check your visa’s page on the Home Affairs website before you apply. Landlords may also ask for proof you can pay the rent if you don’t yet have an Australian payslip, so keep recent bank statements to hand.
A sensible order
- Open an Australian bank account, ideally before you fly (see how)
- Send a first amount to cover your first month: temporary housing, bond and rent in advance
- Keep a UK account open for UK bills and income
- Get tax advice before moving large investments or selling UK assets
What to do next
- Use the moving fund calculator to work out how much to send first
- Check your transfer firm on the FCA register and with AUSTRAC
- Tell your ISA provider when you stop being UK resident
Moving fund calculatorOpen →
- Reserve Bank of Australia: Exchange rates
- ACCC: Foreign currency and money exchange
- Moneysmart (ASIC): Sending money overseas
- FCA: Using payment service providers
- FSCS: Deposit protection limit
- Nationwide Building Society: Living and working abroad
- GOV.UK: Individual Savings Accounts – if you move abroad
- ATO: Foreign and worldwide income
- ATO: Australian resident for tax purposes – foreign and worldwide income
- ATO: Foreign and temporary resident income
- ATO: Foreign and temporary residents
- ATO: How changing residency affects CGT
- ATO: Attributed foreign income
- ATO: Receiving payments or assets from foreign trusts
- NSW Government: Costs at the start of a residential tenancy
- Consumer Affairs Victoria: Bond amounts and paying a bond
- Consumer Affairs Victoria: Rent payments and rent in advance
- Australian Embassy, Japan: Working Holiday visa – helpful information