I'm sure this question must have been asked many, many times before, but, what is the best way of transferring reasonably large sums of money from £ to $?

I'm not sure whether it's best to go through a bank or a foreign exchange agency....does anyone have any useful stories?

Thanks for all you help,

Salli

well??

Salli,

We've opened an account with HIFX

http://www.hifx.co.uk

Easy to do and the rates are really good.

Good luck

Ditto, piece of cake, you don't even need to have an Oz bank account at this point either (although obviously it's nice to get that arranged and out of the way too).

Yep, we used them. easy peasy lemon squeezy as I used to say when i was about 5!!

I have an account with Tranzfers, they were superb

Ease of use: they seem to be about the same.. put your money in as pounds, draw it as dollars

Cost: banks "charge" a few percent.. whatever they try to tell you, they skim off the top.

Many currency agencies get their profit from the difference between the buy and sell rates..

This means you get more for your pound from them.

When youre looking at exchanging dosh, this can be a significant amount. For us, it is a car and my new motorbike, simply by not using a bank.

Thanks so much everyone for all your help. I didn't want to make a mistake over something like this!


Sazzle, that's amazing that you saved a car and a motorbike!!!

We have just ex some money at 10.30, HIFX was 2.628, HSBC was 2.645 with no charges.

I used Commonwealth Bank. They set-up a UK account and an Aus account - you transfer money into the UK account and 2 days later it is in the Aus account (unless you call them and ask them to hold it - if you want to check the ex rate first)

There are no charges over £30,000 or £15 if under £30K

Dave

Hi Salli

I am actually a currency broker based by St. Pauls in London.

I am extremely confident that the services we offer will be beneficial to you.

At Sterling Exchange we pride ourselves on being a leading Currency Provider and will offer you the top end of commercial rates of exchange, without any other added costs, such as transfer fees or account opening for example.

I am more than happy to help you out in any way I can, or at least let you know current market levels.

kind regards,

John Georgiou
Currency planner
Sterling Exchange Ltd

Tel: 0207 3299977
Fax: 0207 3299332
E-mail: [email protected]
Web: www.sterlingexchange.co.uk

Hi Salli,

We've also used HIFX, (twice now), and it's really easy.

Sunchaser

An actual HSBC example

HSBC UK on 11/12/02 over £100,000 was sent at 2.795 with a UK Bank Fee of £ 10.00

on 12/12/02 the funds arrived in HSBC Australia account, no inward fee.

Interbank rate that day was 2.80990


A poll was done some time ago, and HIFX came out very well.

I agree we have been comparing HSBC vs HFX also, no commissions and the rates better !