Large money transfer Australia to UK

[Gaggsy]

Does anyone know how long it takes to transfer money from Australia to the UK?

It's from a house sale so here's some hypothetical dates and sums.

1 million AUS dollars, sale completes 14th Feb. What I'd like to know is when it is safe to assume the funds will be available in the UK to use in the purchase of a house here.

Also, are there any reasons the transfer of money could be delayed?

I'm trying to agree a completion date for my UK sale and I'd like it as soon as possible. My buyer is selling property in Australia to fund it. What is a safe date to agree on?

[Newroad]

Hi Gaggsy.

Check this chain out.

https://www.lemonfool.co.uk/viewtopic.php?f=11&t=27001&p=370218&hilit=ofx#p370218

Regards, Newroad

[gryffron]

In theory it should take seconds by electronic transfer. Virtually instant bank-to-bank or a few days using an interweb intermediary. Delays in solicitors passing on the cash are likely to be more significant than the banks. Ask your buyer for the date? It's their problem.

But international money transfers can and do go missing. And it can take months to track them down
Such problems are pretty rare these days though.

I'd plan for very quick but just be aware there is a possibility it can go wrong. But then selling a house in UK is never 100% straightforward.

Gryff

PS. I don't think the previous answer is very useful since AIUI it is not the OP who's doing the transfer.

[Dod101]

The biggest delay could be caused by money laundering regulations. Once you have satisfied the bank doing the transfer (and possibly the receiving bank here) it will take no time at all. I have often transferred modest amounts with no delay.

Dod

[GoSeigen]

Does anyone know how long it takes to transfer money from Australia to the UK?

It's from a house sale so here's some hypothetical dates and sums.

1 million AUS dollars, sale completes 14th Feb. What I'd like to know is when it is safe to assume the funds will be available in the UK to use in the purchase of a house here.

Also, are there any reasons the transfer of money could be delayed?

I'm trying to agree a completion date for my UK sale and I'd like it as soon as possible. My buyer is selling property in Australia to fund it. What is a safe date to agree on?

If you pay any attention to the on-trend people here you'll want to do the transfer by Bitcoin: much more reliable than banks/fincos, quicker and lower fees. Someone like Urbandreamer can explain...



GS

[Gaggsy]

Thanks for the replies so far.
As a few of you noted, it's not me doing the transfer, it's my buyer. I just want to know how long it's likely to take, bearing in mind it's not a modest sum at 1 million dollars.
My buyer is suggesting they allow 2 weeks and I think this is too long.

[Newroad]

Hi Gaggsy.

Three working days is adequate for the kind of ones I linked to. To take OFX as an example

One day to book the deal and make the transfer to the OFX account in Australia
One day for the transfer
One day to receive the funds this end

In reality, it usually faster, especially going AUD -> GBP, as timezones work in your favour.

Regards, Newroad

[servodude]

Even just using the aforementioned OFX the transfer normally takes one bank day either side. Confirm a rate, transfer to their local account source side and when that's confirmed they transfer from their local account destination side; but I've not gone much over 200kAUD on any single transaction.

Two weeks sounds like a lot of headroom but I can imagine there could be delays in them actually clearing/receiving their funds post sale and in any anti-laundering gubbins.
It could even be to stay within daily limits? so transferring in pieces.

-sd

[gryffron]

Three working days is adequate for the kind of ones I linked to. To take OFX as an example

One day to book the deal and make the transfer to the OFX account in Australia
One day for the transfer
One day to receive the funds this end

In reality, it usually faster, especially going AUD -> GBP, as timezones work in your favour.

And an international wire transfer is as good as instant.

But that doesn't alter the other factors. Handling time by solicitors, satisfying the money laundering regs etc.

If I was in your buyer's position, I wouldn't want to commit to < 2 weeks either.

Gryff