bill drinkwater

Has anyone done a large transfer from a uk bank to an Aussie one??We are looking at transfering a sum over in the next couple of weeks and not sure best way to go,have heard its best to use someone like hifx or similar,but what is the drawback from transfering from our Uk account straight into our Aussie one??Will we be getting a better rate through hifx or will there be charges by our Uk bank to do this?If anyone has any info can they point a novice in the right direction?Cheers,Bill.

Ozzy dog

Hi,

We opened a Commonwealth account in London before we came and once we got here we looked at hifx, but the CWB offered us the best rate. So it was very easy to do it with them. I talking alot of money the proceeds from our house and this was the best way,

Tracey

spalen

Usually bank rates wont be that great -

- Read the 'insiders guide to currency exchange' article in the articles sectionon this website. It gives great tips on how to get best rate esp for large transfer.

HIFX and other brokers like Tranzfers are all roughly the same - they make their money ONLY by doing currency.

The MD of Tranzfers wrote the article on currency exchange - he reckons that if you are paying more than 0.5% above hte spot rate for a large transfer ( as you're talking about ) then its too much

The spot rate is the rate the currency is on sale for if you buy gazillions of $

HIFX take a wihle to register and require lots of faxing to do orders. Tranzfers(Ozforex) is all online and they're very helpful based in Aus and UK . You should register and then phone up and negotiate a rate or a commission as the Tranzfers guy suggests in the article.

If you do registre with tranzfers pls use my referral ID - Ive used them tons and so have lots of people from BE they get good reviews all the time.,

http://www.tranzfers.com/refer.asp?r=ijcollins

If you dont want to use my referral ID here is their website (but pls do use my id ;-) )

www.tranzfers.com

moneypenny20

We were going to to Hifx or Tranzfers for money for our house but due to me being incompetent we couldn't and rang First Direct where we have our UK accounts - they gave us a better rate than the above two and it was all in our Aus account inside 48 hours. Have done a transfer the same way again since and got the same rate the others were offering.

Mrs Jackaroo

Same for us! We were with HSBC in the UK and trans funds to a our friends Commonwealth account in Oz (obviously we trusted them A LOT!). They gave us a great rate and it was in their account within about 2 working days although they do quote 'up to' 6 working days. For a large amount they would charge £15.

bill drinkwater

Thanks for the input all !!