worzel

I have set up my London-based transfer account with CBA ready to start transferring the house proceeds into in a few weeks (hopefully!).

Just to test that it was active and that I had got payee details on my Lloyds TSB internet banking I transferred £100 into it. Today I got a letter confirming receipt of it and they had credited my account with $230 (not £100).

I thought this was going to be a sterling account and that I would transfer the money at some time in the future when I was happy with the rate.

Did I misunderstand or have they made a mistake?

wmoore

Whenever you put pounds into the account, they will automatically convert them into dollars unless you tell them otherwise.

Wol

Interesting! I have a (never yet activated) account. How does the exchange rate compare with what you would get elsewhere? And remind me; what are the charges to send the $$ to Australia CBA?

ianandlou

Worzel,

can you use the UK based transfer account to make transfers to any account in Oz, or does it have to be to your own nominated account out there?

Thanks for your advice.

Ian

wmoore

Me too. I opened it for convenience but because of CBA's charges, I opened an ANZ account instead and used Tranzfers to send my money over.

spalen

I used HIFX to move the bond money 100k$ they were good rate and great fun to use because you have to phone a dealer and they say things like ' you can shout "BUY BUY BUY" down the phone now or you can just say 'buy' quietly.. ,either is good ' But its all phone based and a pain.

I use www.tranzfers.com for regular transactions and smaller amounts ie not 100k$. They charge 7pounds per deal and are totally easy and convenient, just like using online banking. Ive used them stacks in past 3 months. They are very easy to register with. HIFX are a nuisance to register with you have to register in UK and then again when you get to aus - u cannot trade from Aus with your UK Account(!).

If you do register with tranzfers feel free to use my referral link and help in my quest for an ipod , I need 3 more people to get my ipod ;-)

They're great - I wouldnt cheapen my name for a music device, seriously.

http://www.tranzfers.com/refer.asp?r=ijcollins << this is my referral link. :-)

I recommend you register with both whilst in UK because you have documents who prove who you are - when you get to Aus you wont have those for a while and it can be slightly awkward. Also when you get here remember you need to have someone trusted with power of attorney on your accounts in UK or you need to be aware of your online internet banking limit which will likely be 2kgbp transfers per day.

Oh yes and you can setup trades in advance - put the money in their account and you leave it riding the market until you hit the button to 'Buy' the money. So you can watch the rate and chose when to convert. So I buy like 5 bundles of 2KGB each and buy loads of bundles or just one at a time depending on the rate. < No Im not minted , just got some money to trickle over here >

alrobson

I have an account with CBA and one of the previous posts was correct about telling them. Just contact them and let them know that you are going to send some money but do not want it converting yet and will advise them when you do.

I've also thought about the fact that once they have your money in sterling and then ask them for a dollar conversion am I really getting the best rate?

worzel

I can't remember the exact rate I got nor what it was at the time but they were very very close. I got 2.303 I think and the rate when I transferred it last Wednesday was within a cent of that I reckon.

There were no charges on that either, though that may be something to do with being "special" as I will have a significant amount to transfer eventually.

worzel

Sorry, I don't know. I have only transferred money from my UK bank to the CBA London transfer account so far. It will be a couple of months until I arrive in London and transfer it out to Australia.

worzel

Thanks (and to Wayne for his similar answer too).

I think I will just accumulate my money in my Lloyds high interest account for the time being then transfer it to CBA in London before we go.

worzel

I guess I am just a bit nervous about using these internet sites when I am transferring everything I own.

I have heard people complain about high charges from the banks but so long as I keep $20,000 in "relationship" balances with them and as I have significant funds they are not going to charge me very much, if anything.

The gist of what I have gathered on here recently is that CBA are giving rates at least as good as HIFX and Tranzfers on large transfers. So with CBA making it easy with one-stop shopping I am happy to stick with them at the moment.

The one down side I have seen is you need to transfer large amounts to get the best rates. I may consider using someone else for transferring smaller amounts in due course. But then again I intend to keep a few £thou in the UK for paying life insurance policies / birthday presents etc so don't intend to transfer money very often once we get there.

PS Between the pressure selling at the expos and their annoying pop-ups a few months back I feel quite happy about not using HIFX!