paddyo

Hiya, I am still undecided about the best way to do this, Tele Transfer, Ozforez, Travelex, etc. Is anybody doing this at the moment and have any advice about any pitfalls/good tips?? I need to transfer £950 every month into my UK account, I am aware the amount of dollars coming out will be variable dependant upon exchange rate.

joho

I take it thats actually dollars you mean, not pounds. I would always do it though oxforex not the banks as the rate will better. Good time to transfer back at the moment so if you can spend more now and have a month off some time.

Jo

paddyo

no.....the amount I need to put into my UK bank account is £950 per month (mortgage etc). So the dollar amount, coming out of my Aussie account, will be the one that will be changing dependant upon the current rate. Bearing in mind that I don't get out there until next month I wanted to get things set up prior to going.

joho

Id still use oxforex. Thats a lot of money to send back each month.

Jo

paddyo

Thanks Jo, just checked out Ozforex and the mininum is $2000 which I might just scrap, but happened upon their sister site Tranzfers which has no mininum limit and has the same rates i.e. £7 or $15 per transfer.
Would rather I didn't have to send it but only on a temp visa and still have financial responsibilities in UK to keep up!

Pollyana

Tranzfers would be your best bet, I used them for several years when tranferring monthly amounts. £7 a transfer, cheaper than the banks, and very easy to organise.

joho

Yeah they do say a limit, but I have sent a lot less through them but transferz is their sister site and basically the same and mainly for smaller amounts. Had forgotten them. I ususal keep it open to send money home occasionally as we still pay life ins there and also for people coming to visit they put the money in my uk account and i send if over here for them, gives them a better rate.

Jo

paddyo

How do they get a better rate? Sorry, accountancy is not my forte!!

joho

The rate offered by transferz or Ozforex are better than travel agents or banks or travellers chqs. The cash is here and if they dont spend it I transfer it back.

Jo

paddyo

Cool, thanks for the tip!!

augigi

I'd use xe.com. I use it for Aus-US transfers all the time - no fees and great exchange rates. Takes a day or two to set up but then it's super fast and convenient.

paddyo

Cheers, checked it out, looks quite easy to use as well.