Exchanging the lump sum _ The Process
Nov 9th 2007, 2:08 pm
#1
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Joined: Aug 2007
Posts: 375
Exchanging the lump sum _ The Process
Hi.
The Scenario
1) Nationwide Flex Current Account
2) OZ Forex account
3) Bankwest Current Account
4) Building Society Account UK Based with the £10,000.00 in it
The exchange rate next week hits 3.5 dollars to the 1 pound sterling
I like that, so i want to exchange my money over at that rate. The trouble is i have to give 90 days notice or lose 90 days interest accrued on my deposit.
Can i buy a 90 days forward contract at the rate of 3.5 to 1 on this day it hits this new high, then in 90 days change my money over to Australian dollars.
Also how long does the process take, why i ask is if you move a large sum, you stand to lose a large sum in interest.
1- Move money from building society account to your Nationwide Flex account, so BACS two days, or CHAPS one day plus £30.00.
2- Move money from your Nationwide Flex account to your OZ Forex account, so BACS two days, or CHAPS one day plus £30.00.
3- Move money from your OZ Forex account to your Bankwest Current Account How Long?
4- Move money from your Bankwest Current Account to your higher rate savings account How Long?
Quite a lengthy process, could take all in all aweek to complete?
Does this sound about right? This is just an example, figures are artificial.
The Scenario
1) Nationwide Flex Current Account
2) OZ Forex account
3) Bankwest Current Account
4) Building Society Account UK Based with the £10,000.00 in it
The exchange rate next week hits 3.5 dollars to the 1 pound sterling
I like that, so i want to exchange my money over at that rate. The trouble is i have to give 90 days notice or lose 90 days interest accrued on my deposit.
Can i buy a 90 days forward contract at the rate of 3.5 to 1 on this day it hits this new high, then in 90 days change my money over to Australian dollars.
Also how long does the process take, why i ask is if you move a large sum, you stand to lose a large sum in interest.
1- Move money from building society account to your Nationwide Flex account, so BACS two days, or CHAPS one day plus £30.00.
2- Move money from your Nationwide Flex account to your OZ Forex account, so BACS two days, or CHAPS one day plus £30.00.
3- Move money from your OZ Forex account to your Bankwest Current Account How Long?
4- Move money from your Bankwest Current Account to your higher rate savings account How Long?
Quite a lengthy process, could take all in all aweek to complete?
Does this sound about right? This is just an example, figures are artificial.
Last edited by Sooty and Sweep; Nov 9th 2007 at 2:11 pm.
Nov 9th 2007, 3:31 pm
#2
Forum Regular
Joined: Sep 2007
Location: Derbyshire
Posts: 97
Re: Exchanging the lump sum _ The Process
Hi do you mean 2.5?
Where did you get this info as we are holding off transfering our cash at the min as the exch rate is pants..
Thanks, Jay
Where did you get this info as we are holding off transfering our cash at the min as the exch rate is pants..
Thanks, Jay
Nov 9th 2007, 3:34 pm
#3
Forum Regular
Joined: Sep 2007
Location: Derbyshire
Posts: 97
Re: Exchanging the lump sum _ The Process
Just read the last bit derrrr!!
Appologies if i misled you, just threw it in to create a bit of an interest?
Nov 9th 2007, 5:17 pm
#5
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Joined: May 2007
Location: Melbourne, Australia
Posts: 1,629
Re: Exchanging the lump sum _ The Process
My advise would be to contact OZFOREX or HIFX and see what they say.
Trish
Nov 10th 2007, 9:29 am
#6
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Thread Starter
Joined: Aug 2007
Posts: 375
Re: Exchanging the lump sum _ The Process
Any offers of advice?
Nov 10th 2007, 12:37 pm
#7
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Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,814
Nov 10th 2007, 1:00 pm
#8
What's happening dudes?
Joined: Mar 2004
Location: Bayside Brisbane
Posts: 20,647
Re: Exchanging the lump sum _ The Process
The way the AUD seems to be moving, I would be thinking about moving your money sooner rather than later. Not that I'm an expert in these matters, just an interested observer. Of course the result of the election in a couple of weeks could send it the other way too. Decisions decisions .......
Jan 8th 2008, 3:17 pm
#9
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Joined: Aug 2007
Posts: 375
Re: Exchanging the lump sum _ The Process
Hi,
Can you CHAPS or BACS a lump sum of cash straight from your Building Society Savings account into the OZFOREX or HIFX account in your name?
Or do you have to CHAPS or BACS from a current acount in your name to the OZFOREX or HIFX account in your name?
Just looking at saving time and lost interest really, no point in moving money to an account where it is not really necessary to move ot too?
Thanks
So, instead of first post,
1- Move money from building society account to your OZ Forex account, so BACS two days, or CHAPS one day plus £30.00.
3- Move money from your OZ Forex account to your Bankwest Current Account How Long?
4- Move money from your Bankwest Current Account to your higher rate savings account How Long?
Can you CHAPS or BACS a lump sum of cash straight from your Building Society Savings account into the OZFOREX or HIFX account in your name?
Or do you have to CHAPS or BACS from a current acount in your name to the OZFOREX or HIFX account in your name?
Just looking at saving time and lost interest really, no point in moving money to an account where it is not really necessary to move ot too?
Thanks
So, instead of first post,
1- Move money from building society account to your OZ Forex account, so BACS two days, or CHAPS one day plus £30.00.
3- Move money from your OZ Forex account to your Bankwest Current Account How Long?
4- Move money from your Bankwest Current Account to your higher rate savings account How Long?
Last edited by Sooty and Sweep; Jan 8th 2008 at 3:19 pm.
Jan 9th 2008, 3:37 pm
#10
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Joined: Dec 2004
Posts: 524
Re: Exchanging the lump sum _ The Process
Hi,
Can you CHAPS or BACS a lump sum of cash straight from your Building Society Savings account into the OZFOREX or HIFX account in your name?
Or do you have to CHAPS or BACS from a current acount in your name to the OZFOREX or HIFX account in your name?
Just looking at saving time and lost interest really, no point in moving money to an account where it is not really necessary to move ot too?
Thanks
So, instead of first post,
1- Move money from building society account to your OZ Forex account, so BACS two days, or CHAPS one day plus £30.00.
3- Move money from your OZ Forex account to your Bankwest Current Account How Long?
4- Move money from your Bankwest Current Account to your higher rate savings account How Long?
Can you CHAPS or BACS a lump sum of cash straight from your Building Society Savings account into the OZFOREX or HIFX account in your name?
Or do you have to CHAPS or BACS from a current acount in your name to the OZFOREX or HIFX account in your name?
Just looking at saving time and lost interest really, no point in moving money to an account where it is not really necessary to move ot too?
Thanks
So, instead of first post,
1- Move money from building society account to your OZ Forex account, so BACS two days, or CHAPS one day plus £30.00.
3- Move money from your OZ Forex account to your Bankwest Current Account How Long?
4- Move money from your Bankwest Current Account to your higher rate savings account How Long?
As long as the account is in your name, we can accept funds from anywhere, be it a building society account or current account. Check with your building society how they can transfer the funds - if it is a cheque then bear in mind this will take 5 working days to clear with us. CHAPS is same day and BACS is usually 3 days.
Once we have cleared funds then we will send them straight away (next day if it is after 12pm midday). The funds will take anything from 1-4 days to clear the other end (standard bank clearing times) so allow for this in your calculations.
We can then send the funds to any account, so again a current account or high interest account - all you need are the relevant account numbers, sort codes and IBAN numbers that the recipient bank will be able to provide.
Regards,
Richard, HiFX.
Jan 9th 2008, 3:45 pm
#11
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Thread Starter
Joined: Aug 2007
Posts: 375
Re: Exchanging the lump sum _ The Process
Sooty and Sweep,
As long as the account is in your name, we can accept funds from anywhere, be it a building society account or current account. Check with your building society how they can transfer the funds - if it is a cheque then bear in mind this will take 5 working days to clear with us. CHAPS is same day and BACS is usually 3 days.
Once we have cleared funds then we will send them straight away (next day if it is after 12pm midday). The funds will take anything from 1-4 days to clear the other end (standard bank clearing times) so allow for this in your calculations.
We can then send the funds to any account, so again a current account or high interest account - all you need are the relevant account numbers, sort codes and IBAN numbers that the recipient bank will be able to provide.
Regards,
Richard, HiFX.
As long as the account is in your name, we can accept funds from anywhere, be it a building society account or current account. Check with your building society how they can transfer the funds - if it is a cheque then bear in mind this will take 5 working days to clear with us. CHAPS is same day and BACS is usually 3 days.
Once we have cleared funds then we will send them straight away (next day if it is after 12pm midday). The funds will take anything from 1-4 days to clear the other end (standard bank clearing times) so allow for this in your calculations.
We can then send the funds to any account, so again a current account or high interest account - all you need are the relevant account numbers, sort codes and IBAN numbers that the recipient bank will be able to provide.
Regards,
Richard, HiFX.
Did not think anyone was going to reply! I will be in touch once i know more with regards to the move!
Thankyou S and S
Jan 23rd 2008, 9:36 pm
#12
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Thread Starter
Joined: Aug 2007
Posts: 375
Re: Exchanging the lump sum _ The Process
Can anyone tell me from experience, how long does it take for your funds to clear ready for withdrawal once Ozforex or another currency exchange company has sent them to your Westpac Maxi savings account?
What are the clearing times like in OZ? Thanks
Jan 25th 2008, 2:33 pm
#15
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Joined: Aug 2007
Posts: 375
Re: Exchanging the lump sum _ The Process
In answer to my own question, well here it is!
1) Move the money from your building society account (UK) in your name to your OZ Forex account, so BACS three days, or CHAPS same day between a £20.00 to £30.00 fee for CHAPS.
2) Move money from your OZ Forex account to your Westpac Maxi savings account. 1 day (24 hours) As soon as the money hits your Westpac Maxi savings account, it is cleared funds, so ready for withdrawal and earning interest.
So all in all, using the CHAPS transfer process, paying the fee, it should take no longer than 2 days (48 hours), from cleared funds in your building society account in the UK, to cleared funds in your Maxi savings account in OZ.
So if you are moving monies from a house sale, .i.e. a large amount, you should only lose two days interest, why give the banks anything, they are the greedy b@stards!
Thanks.
1) Move the money from your building society account (UK) in your name to your OZ Forex account, so BACS three days, or CHAPS same day between a £20.00 to £30.00 fee for CHAPS.
2) Move money from your OZ Forex account to your Westpac Maxi savings account. 1 day (24 hours) As soon as the money hits your Westpac Maxi savings account, it is cleared funds, so ready for withdrawal and earning interest.
So all in all, using the CHAPS transfer process, paying the fee, it should take no longer than 2 days (48 hours), from cleared funds in your building society account in the UK, to cleared funds in your Maxi savings account in OZ.
So if you are moving monies from a house sale, .i.e. a large amount, you should only lose two days interest, why give the banks anything, they are the greedy b@stards!
Thanks.
