worzel

Suppose the actual spot rate listed on the stock market was 2.30, say. What rate would the likes of HIFX, Commonwealth Bank give you if you were transferring a significant amount of money.

I looked on Ceefax the other night and the tourist rate was something like 2.15 while the spot rate was 2.28.

I assume that when you are transferring money electronically from my UK transfer account with CBA to my AUD account I will get something close to spot but how much should I expect to lose?

alrobson

To be honest, the best way to find out is ring them up and get a rate off them. They are all used to people phoning up and getting the current rate so give them a call. I used to call them loads of times before I settled on my price.

You also need to set up an account with whoever you use so make sure that you do that before you are ready to change as it takes a few days to set up.

Hope that helps

Adrian.

Wave the Sails

HIFX about 2.28 on amounts over £50K over £100K it's 2.2850 - I asked and got a better rate for a bit less than that.

worzel

I already have my CBA account set up, just need to activate the bits to use out there once we arrive. So long as you transfer $30,000 (I think) or more you get better rates. We aren't anywhere near the situation where we will start transferring funds yet.

It just struck me that I have been multiplying our estimated funds by the market rate to work out what we may have to work with but in practice we won't get that rate.

But The Jones Family's post indicates it shouldn't be too far off.

Thanks

fraser

Well I phoned hifx, CBA and currencies direct at the same time last week and CBA had the best rate which is handy as that is the easiest way to do it.

worzel

How did the rate compare to spot rates on the exchange per the BBC etc?

I monitor them here:

http://newsvote.bbc.co.uk/1/shared/f.../one_month.stm

fraser

I think the CBA's rate was a cent below, this morning when I checked the rate it was $2.30 and I phoned CBA and theirs was $2.289.

If you phone 0207 710 3990 and press 1 it will give you the rate best to do it at about 9.30 am as they only record it once a day, but you can compare and get a good idea.

worzel

Cheers Fraser. Within a cent is a close enough answer at this stage.

fraser

When I phoned Currencies Direct there's was 2 cents below and they said the rate on their site was the indicitive one which they had to publish by law So that's what I used as a guide.