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Check different comapnies' forex rates before transferring

Check different comapnies' forex rates before transferring

Old Mar 18th 2020, 11:39 pm
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Default 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?
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Old Mar 19th 2020, 12:13 am
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Default 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!
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Old Mar 19th 2020, 5:02 am
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Default Re: Check different comapnies' forex rates before transferring

Originally Posted by ebo1608 View Post
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?
A good time to be thinking about moving money into AUD. Oil getting smashed and taking the AUD with it. A problem for that OS holiday no one is having.

Would seriously love to know the ATO position on the currency thing. Did you intentionally keep it under $9999 AUD?
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Old Mar 19th 2020, 6:44 am
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Default Re: Check different comapnies' forex rates before transferring

Originally Posted by Beoz View Post
A good time to be thinking about moving money into AUD. Oil getting smashed and taking the AUD with it. A problem for that OS holiday no one is having.

Would seriously love to know the ATO position on the currency thing. Did you intentionally keep it under $9999 AUD?
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?
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Old Mar 19th 2020, 1:48 pm
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Default Re: Check different comapnies' forex rates before transferring

Originally Posted by ebo1608 View Post
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?
Did you just read a different post to me? How did you get all that out of Beoz's post? That's mad.
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Old Mar 19th 2020, 9:05 pm
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Default Re: Check different comapnies' forex rates before transferring

Originally Posted by moneypenny20 View Post
Did you just read a different post to me? How did you get all that out of Beoz's post? That's mad.
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.
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Old Mar 19th 2020, 11:19 pm
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Default Re: Check different comapnies' forex rates before transferring

Originally Posted by ebo1608 View Post
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?
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.
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Old Mar 19th 2020, 11:20 pm
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Default Re: Check different comapnies' forex rates before transferring

Originally Posted by moneypenny20 View Post
Did you just read a different post to me? How did you get all that out of Beoz's post? That's mad.
Cookoo cookoo
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Old Mar 20th 2020, 12:10 am
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Default Re: Check different comapnies' forex rates before transferring

Originally Posted by Beoz View Post

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 had to buy some large items from China and had to pay in USD. I used SendFX and was very pleased with the transactions.

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.
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Old Mar 20th 2020, 12:19 am
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Default Re: Check different comapnies' forex rates before transferring

Originally Posted by ebo1608 View Post
. 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.
Can this post be cross-linked to the "what made me smile today?" in the lounge?
Asking for a friend. (Not Beoz)
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Old Mar 20th 2020, 12:44 am
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Default Re: Check different comapnies' forex rates before transferring

Originally Posted by SoCalDon View Post
PS - I didn't see anything wrong with your first post either. Beoz is innocent.
Must be my reputation that caused the jump to a conclusion.
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Old Mar 20th 2020, 1:12 am
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Default 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.
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Old Mar 20th 2020, 2:11 am
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Default Re: Check different comapnies' forex rates before transferring

Originally Posted by ebo1608 View Post
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.
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.
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Old Mar 20th 2020, 6:04 am
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Default Re: Check different comapnies' forex rates before transferring

Originally Posted by Beoz View Post
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.
Standard response after the fact: I didn't mean it nd play the innocent. You gotta luv internet forums. It's so much better face to face. Started a thread with helpful intentions and some dick questions whether I intentionally kept it under $10k. You were being a smart-arse and you know it. I called you out and up popped your friends.
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Old Mar 20th 2020, 6:08 am
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Default Re: Check different comapnies' forex rates before transferring

Originally Posted by moneypenny20 View Post
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.
Surprise, surprise, it doesn't matter what I think, it matters what you think. You check the attitude and do the job. I saw it as a personal attack. But that doesn't matter to you. Moderator, my arse!
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