Windsor2

Hi Madster,

You're not alone in your concerns!

I agree with some of the other posters. As Marketing Director for HiFX I'd also recommend that you compare the rates provided by HiFX with those offered by your bank on the day you want to transfer the money. That way you'll be able to show your husband exactly how much more money you'll be saving yourselves.

Are your funds secure if you use a currency broker?

If you use a reputable broker your funds are just as secure as if you’d used your bank. My check list for anybody looking at a currency company would be as follows:
- do they hold your money in segregated client trust accounts. Essentially this means that your funds are held separately from company funds protecting it from creditors etc.
- do they have professional indemnity insurance protecting customers from staff fraud etc.
- do they have direct access to SWIFT. SWIFT is the worlds largest payments and settlements network for domestic and international trades. Direct access ensures you the client benefit from faster payments and enhanced security.

Finally I’d suggest you choose one of the larger players in the market. Not only will they comply with all of my check list points above, but they’ll also have a good corporate client base, and therefore excellent customer service and internal processing.

Hope this helps.

motlyman

Hi,
We used HIFX for our transfer. They arranged for west pac to open an account for us too.
We transfered our UK money from Lloyds to HIFX and they transfered it to OZ dollars and forwarded it on to West pac. When we got to OZ we just went in to West Pac and acctivated it. Just needed a passport rental agreement drivers licence etc to prove who we were.
The one big advantage over banks is the exchange rate is much better than the banks. Banks only give you tourist rates.

Colin

GinaUK

When I looked into this, I found out that HiFX hold clients' money in a segregated client trust account. But OZFOREX do not do this.

For this reason, we will be using HiFX for transferring the money from our house and our savings when we go. (Although I have used Tranzfers (Ozforex's sister company) for transferring small amounts to Oz and will continue to do so.)

Gina

rajj

Just so that you know, I used Forex earlier this year and mentioned the site.
I hope they are sponsoring this site as they get a lot of business out of it.

benny the ball

If you have or open a NAB account you can transfer money from a Clydesdale current account free of banking charges at wholesale rates. Their migrant banking department in London will help open both accounts

Mutley

Hi

We have used Elldridge Lynch http://www.elynchfx.com/Entry/default.aspx 5 times to transfer sums of £10,000 and under over the past few weeks including a smaller transfer today at 2.36. Would happily recommend them - clear website & helpful settlements dept.

One problem i can see further down the road is how to transfer larger amounts when i'm in oz. At the moment i can transfer £10K via internet banking (for free) or more via CHAPS (£30 or so fee) but i think you need to visit your branch to arrange a CHAPS transfer. Maybe you can do it via telephone banking like biggy just mentioned.

rgds Jim

Pam

I've just phoned my bank to check out internet banking and they also have a £10k limit, as per Online banking. My only option is CHAPS, but I need to go into a branch to do so - can't seem to get through to them that'll be on the other side of the world, so this may prove a little difficult!!

dugongs

We transferred a large sum (for us i.e. 100k+) from aussie to sterling and shopped the brokers. In the end we went with HSBC where we had an account as for large amounts they book you a special rate. The rate they offered was the same as the best broker. I think they have a cut off from using sheet rates when the amounts get larger. It may be worth asking as this was a couple of years ago now.

gt94sss2

What bank is that?

I bank with HSBC in the UK and can make a CHAPS payment over the telephone..

Regards
Sunil