banking/broker?
 

Hiya we should be moving to oz in new year and need to sort out bank account/broker hubby want to use torFX but ive never heard of them or heard anything of them just wanted to know who uve used for broker bank? and whether any probs wud appreciate any info :)

Re: banking/broker?
 

Hi Amsha

If by broker you mean online stockbroker, you will find that the Aussie ones are quite restrictive in that the stock you can purchase in foreign exchanges will be limited to those considered suitable for Australian retail investors. Also the charges are extremely high for international trades. You can trade on the Australian Stock Exchange but the choice of stock and types is limited.
The best arrangement is to use an international broker like Interactive Brokers. Wide range of investments available, low fees, good reporting. Platform a little more complicated but you soon get used to it.

Re: banking/broker?
 

I've set up an account with TorFX for sending money home monthly to cover the shortfall in rent against mortgage. I haven't actually used it yet though so would be good to know how you get on with it?

I got a bank account while still at home with ANZ bank. I get in OZ mid Jan, and apparently just need to go to a branch there with passport and get bank cards etc.

Re: banking/broker?
 

Hi Amsha,

Not sure if you are aware but British Expat members get free Transfer fees.

http://exchangerates.britishexpats.com/

Re: banking/broker?
 

Hi Jordan. Iv been wondering about money transfers for ages.

For example, right at this moment if I wanted £1000 to hit my account in the UK how much would that cost me in Aus $? If you dont mind helping?

Cheers

Re: banking/broker?
 

Hi Tramps_mate,

Its a great time to be buying the Pound with Aussie Dollars as it has gained strength again recently. The Interbank rate is currently around 1.51 but with the amount you stated you wouldnt be able to achieve this rate.

Feel free to contact us through the link below and we can look at giving you an accurate rate quote once you have registered with us.

http://exchangerates.britishexpats.com/

Re: banking/broker?
 

Hi Tramps, I was told 3 days ago that I would need to send $1560 AUD to land £1000 in my UK bank.

Re: banking/broker?
 

Cheers for that mate. That's better than I expected!

Re: banking/broker?
 

Moved $1545 with Tranzfers this week for £1000. All depends on the rate the company is using at the the time.

Re: banking/broker?
 

Think I shall get an account set up with Tranzfers then! Although that could be cause the rate has changed. How long does it take?