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Currency Transfer GBP-AUD

Currency Transfer GBP-AUD

Old Dec 14th 2014, 5:31 pm
  #16  
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Default Re: Currency Transfer GBP-AUD

Using an FX Broker will be the smarter option.

Banks generally take 2 - 3% of the market price so for every £10,000 you put through a broker rather than a bank your saving £200 - £300.
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Old Dec 14th 2014, 5:34 pm
  #17  
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Default Re: Currency Transfer GBP-AUD

Originally Posted by Slapstic
Can anybody help me with my money transfer to Australia.

I have heard about currency brokerages but don't know enough about them and have never used them so could use some advice of whether its worth it or just to go through my bank (Santander)

Also if possible could you advise me on exchange rates and what i should be looking at transferring £150k.

Using an FX Broker will be the smarter option.

Banks generally take 2 - 3% of the market price so for every £10,000 you put through a broker rather than a bank your saving £200 - £300
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Old Dec 22nd 2014, 4:31 am
  #18  
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Default Re: Currency Transfer GBP-AUD

I use Ozforex monthly, (over the last three years), great service.
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Old Dec 22nd 2014, 5:06 pm
  #19  
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Default Re: Currency Transfer GBP-AUD

Thank you for your help in getting to grips with the whole process everybody. I established the best thing you can do is call two or three brokerages and use the one who offers the best return. I ended up doing the transfer today.

Despite numerous private messages from companies posing as expats - Namely FC exchange (FXGuru) and Firma FX (MattAus2014) - which was fairly intrusive - I did not bother with them.

I did try UkForex, Hifx and Currencies.co.uk | Foreign Currency Direct whom i would recommend to anyone looking to do the same. UK Forex offered me 285K Hifx offered me somewhere around 283k - Australian Dollars, Currencies.co.uk | Foreign Currency Direct offered me 286,800K.

I would recommend anybody looking at doing the same to contact either Cameron or Robert at currencies as they were most helpful but as stated dont just call one currency company as your likely to increase your return by ringing several.
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Old Dec 22nd 2014, 8:54 pm
  #20  
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Default Re: Currency Transfer GBP-AUD

Todays exact rate at currency online (at this moment) is:
GBP 100,000.00
rate:0.52569 (Inverse 1.90226)
= AUD 190,226.18

This is after their margin.

The interbank rate quoted is 1 GBP = 1.9167 AUD.
This is the rate before margins are applied.

Their margin on a GBP100k transaction is therefore the difference between 1.9167 and the 1.90226 that you would get, which equals $1,444 for their fee on a GBP100k transaction.

The transaction value changed to AUD 190,298.58, an extra $70

The rate changes every 30 seconds on the rates I am watching now.
It is now AUD 190,316.69

I use them on a regular basis.
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Old Nov 2nd 2015, 8:25 am
  #21  
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Default Re: Currency Transfer GBP-AUD

Current rates are better than 2014.

This is today 2nd Nov 2015

GBP 100,000.00
rate: 2.14767
= AUD 214,767.41

The pre margin interbank rate quoted is 1 GBP = 2.1636 AUD.
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