Check different comapnies' forex rates before transferring
#1
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Joined: Oct 2004
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Check different comapnies' forex rates before transferring
Just did a transfer of £5100 to AUD using OFX, netted $9992. After I had done it, I checked with Transferwise and would have realised $180 more. Bit surprised at the difference as other times OFX have been the most competitive. Lesson learnt: don't be complacent and check a few companies.
Is there a current favourite on the forum for best rates?
Is there a current favourite on the forum for best rates?
#2
Re: Check different comapnies' forex rates before transferring
Yup even with a fee TransferWise are often better than fee free alternatives. Having said that the rate is very volatile so even they will have been a different rate earlier!
#3
Lost in BE Cyberspace
Joined: Dec 2010
Posts: 14,040
Re: Check different comapnies' forex rates before transferring
Just did a transfer of £5100 to AUD using OFX, netted $9992. After I had done it, I checked with Transferwise and would have realised $180 more. Bit surprised at the difference as other times OFX have been the most competitive. Lesson learnt: don't be complacent and check a few companies.
Is there a current favourite on the forum for best rates?
Is there a current favourite on the forum for best rates?
Would seriously love to know the ATO position on the currency thing. Did you intentionally keep it under $9999 AUD?
#4
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Re: Check different comapnies' forex rates before transferring
It's none of your business but... FIL is getting on and thinking about his eventual demise. He doesn't have much money (he was a labourer) but out of the four kids he appreciates what his daughter has done for him, and in no small part, me. He decided to give her £5k. We told him not to but it's what he wanted, and at 85 he's entitled to be cantankerous.
I love people like you, you can't help yourselves. What do you call your chip?
#5
Re: Check different comapnies' forex rates before transferring
Wow, have I upset you? Want to meet and discuss it?
It's none of your business but... FIL is getting on and thinking about his eventual demise. He doesn't have much money (he was a labourer) but out of the four kids he appreciates what his daughter has done for him, and in no small part, me. He decided to give her £5k. We told him not to but it's what he wanted, and at 85 he's entitled to be cantankerous.
I love people like you, you can't help yourselves. What do you call your chip?
It's none of your business but... FIL is getting on and thinking about his eventual demise. He doesn't have much money (he was a labourer) but out of the four kids he appreciates what his daughter has done for him, and in no small part, me. He decided to give her £5k. We told him not to but it's what he wanted, and at 85 he's entitled to be cantankerous.
I love people like you, you can't help yourselves. What do you call your chip?
#6
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Re: Check different comapnies' forex rates before transferring
Some random dick questioning my integrity with regard to tax avoidance p*sses me off. Let me guess: you're an internet friend of Beoz? Super-moderator (super title) condoning personal attacks? Of course, why not, Beoz is a friend of mine.
#7
Lost in BE Cyberspace
Joined: Dec 2010
Posts: 14,040
Re: Check different comapnies' forex rates before transferring
Wow, have I upset you? Want to meet and discuss it?
It's none of your business but... FIL is getting on and thinking about his eventual demise. He doesn't have much money (he was a labourer) but out of the four kids he appreciates what his daughter has done for him, and in no small part, me. He decided to give her £5k. We told him not to but it's what he wanted, and at 85 he's entitled to be cantankerous.
I love people like you, you can't help yourselves. What do you call your chip?
It's none of your business but... FIL is getting on and thinking about his eventual demise. He doesn't have much money (he was a labourer) but out of the four kids he appreciates what his daughter has done for him, and in no small part, me. He decided to give her £5k. We told him not to but it's what he wanted, and at 85 he's entitled to be cantankerous.
I love people like you, you can't help yourselves. What do you call your chip?
Paranoid.
Anyway I was hoping to have a discussion on tax in regard to moving money from the UK. Thinking about doing the same shortly. $10k is the usual said amount before it pops up on the ATO radar and you slipped in right under that. Looks like that was sheer luck rather than intentional.
Pitch forks out. The world has gone insane.
#9
Re: Check different comapnies' forex rates before transferring
Anyway I was hoping to have a discussion on tax in regard to moving money from the UK. Thinking about doing the same shortly. $10k is the usual said amount before it pops up on the ATO radar and you slipped in right under that. Looks like that was sheer luck rather than intentional.
I always imagined that transfers of less than $10k would alert the ATO too so I asked the agent. He told me that it was an old wives tale nowadays. He said that the ATO were not daft enough to think that a transfer from England of over $10k hadn't been taxed already and that it would not cause any problems. However, if you're transferring in a large amount from the Caymen Islands, for instance, alarm bells would sound.
PS - I didn't see anything wrong with your first post either. Beoz is innocent.
#12
Re: Check different comapnies' forex rates before transferring
I have made several transfers of over 10k. No issues. I do UK and ATO returns every year. I am not playing the currency market but do check rates.
Not hiding anything.
Not hiding anything.
#13
Re: Check different comapnies' forex rates before transferring
He wasn't questioning your integrity. Well not as far as I could see. He didn't ask you reasons for transferring money. How you read that is beyond me. I am not a friend, Intenet or otherwise of Beoz and I didn't choose the title, it was given to me. I was posting as a regular user. Now I'm posting as a SM so pull your neck in and check the attitude please. Abusing people is not the way to get answers to your questions. Thank you.
#14
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Joined: Oct 2004
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Re: Check different comapnies' forex rates before transferring
Wow. Touchy. I couldn't care less how you came across the money, (but thanks for sharing) nor could care less about your tax position, in fact I think it's outrageous that the ATO could get their hands on a one off transfer.
Paranoid.
Anyway I was hoping to have a discussion on tax in regard to moving money from the UK. Thinking about doing the same shortly. $10k is the usual said amount before it pops up on the ATO radar and you slipped in right under that. Looks like that was sheer luck rather than intentional.
Pitch forks out. The world has gone insane.
Paranoid.
Anyway I was hoping to have a discussion on tax in regard to moving money from the UK. Thinking about doing the same shortly. $10k is the usual said amount before it pops up on the ATO radar and you slipped in right under that. Looks like that was sheer luck rather than intentional.
Pitch forks out. The world has gone insane.
#15
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Joined: Oct 2004
Posts: 0
Re: Check different comapnies' forex rates before transferring
He wasn't questioning your integrity. Well not as far as I could see. He didn't ask you reasons for transferring money. How you read that is beyond me. I am not a friend, Intenet or otherwise of Beoz and I didn't choose the title, it was given to me. I was posting as a regular user. Now I'm posting as a SM so pull your neck in and check the attitude please. Abusing people is not the way to get answers to your questions. Thank you.