dkle2

Hi I have a bit of cash > 10K that I need to transfer to my Australian account.

Any recommendation on the best way and cheapest way to do this?

The banks seem to charge a lot.

Thanks in advance :-)

Wol

We always use OzForex.

quoll

+1!

denzil73

If from the UK then try TransferWise or XE.com. Check them all out as they make their profits skimming of the actual exchange rate and then you have swift transaction fees in some cases. Last time I did Uk to Oz no swift fee but Oz to UK I always get the Swift fee, 25unit of the originating currency.

Also, check out Customs as I'm pretty sure 10k and over gets some fee charged to it. if so then do it as 2 5K transactions

Kiwipaul

+1

If it is over $A10,000 their is no transfer fee and a good exchange rate

Kiwipaul

Rubbish you then just get hit with 2 transfer fees (if using OzForex as it's below the $A10,000 for free transfers).

Wol

Where on earth did you get that from?

skinnygeorge

I got my bank Lloyds to do mine in `08 and I got a pretty good rate. but have used Ozforex before, Still good. The A$10,000 thing is cash brought in as far as I could tell. There was no penalty for 100,000+

denzil73

Financial advisor and I gave the other 2 exchangers as options. Jeez

Wol

Get another financial advisor.

Beoz

Check out private currency traders. Their fee is negotiable and will usually try and beat whatever Ozforex and the like charge.

Say away from the banks on Int transfers.

That said, for 10k it might just be easier to run with ozforex or similar. For 100k I'd be haggling it out with the private guys.

Personally I use HSBC premier for my transfers. Rate is about the same as Ozforex but for the convenience its not worth engaging the private guys for small transfers like 10k.

What's this on customs fee on 10k. That's rubbish right? I just though they have to let the ATO know if the transfer is over 10k?

denzil73

Thanks Dr. Phil

denzil73

Was either Customs or ATO that the advisor told me about. And supposedly you're meant to trust 'professionals'.

spouse of scouse

Yep. I asked the same question on BE a while ago (although mine were Oz-UK transfers) and OzForex got way more recommendations than any other currency broker. We couldn't be happier with them - their exchange rate was miles better than my bank's.

Beoz

Never use a bank unless you have a deal like a HSBC premier account