When you first set up an international money transfer account, you’ll need a form of Government-issued ID to prove your identity as part of the account establishment process. This could be:
- your passport
- your driver’s licence
- a government-issued identity card or veteran’s card
- a Medicare card plus another form of ID that shows your signature
In addition, you’ll need details of who you’re sending the money to. This will include their full name as it appears on their identity documents, which is particularly important if you’re sending a cash transfer. The name of the UK recipient you give has to match the ID of the person collecting the money exactly, or there may be delays in handing over the money.
If you’re sending a transfer to a UK bank account, you’ll also need all their bank account details which will include:
- their six-digit sort code (which we call a BSB number in Australia)
- an eight-digit account number (which is their individual bank account number at a particular bank branch)
Once you’ve set up your account with a transfer provider, you won’t need to prove your identity each time you make another transfer.
Transfers over $10,000
If you wish to transfer more than $10,000 out of Australia, that transfer must be reported to the Australian Transaction Reports and Analysis Centre (AUSTRAC). Your transfer service provider will complete the AUSTRAC declaration on your behalf, as it’s their responsibility to report on all transfers they make over $10,000. However, you may be asked to provide further details to be included in the AUSTRAC declaration, particularly if you intend to make large transfers quite frequently. The details you may be asked to provide may include:
- the reason for the transfer
- the full identity of the UK recipient
- proof of the source of the funds being transferred
For example, these are some of the documents you may be asked to provide to back up your transfer information:
- if you’re conducting a business transfer involving the purchase of goods or services, a copy of the sales or engagement contract may be required to be provided
- if the transfer involves the purchase of a property in the UK, an AUSTRAC compliance officer may ask to see the property sales contract
- if the transfer involves sending an inheritance from a deceased estate, a copy of the Will bequeathing the money may be required
If additional detailed documentation such as this is required, it may cause slight delays in your transfer while your documentation is being checked for compliance. However, smaller transfers of less than $10,000 won’t be subject to AUSTRAC regulations so they’ll frequently be received in the UK on the same day.
