Big Sky

Which foreign exchange company did you use to move you £ to $?
BS

john_w

Not used one yet ..but been recomended by friends to use HIFX.

Swerv-o

I recommend Moneycorp.

http://www.moneycorp.com/

Used them a host of times, and every time they have been excellent. They were very understanding, and didn't charge me penalties when I was late with a payment because my bank screwed up.


S

yanH

I've used HIFX several times and they've always been OK.

TheSubMainMan

Hi all,

Can you remember what they charge?

I noticed they say no commission, but what percentage do they take of the top of the exchange rate?

Cheers.

C&R

We are just using the bank now, which we should have done weeks ago, so it would have been sorted out by now. Basically, we were going to use Ozforex, but when it came to actually transferring the money, I was told we had to provide loads of different ID stuff, this was impossible as they were all in the UK, which we were not. So now, we are just going to cut our loses and transfer via the bank. I wish Ozforex had made the ID clause clear, weeks ago.

Emmanuel20

I've been looking into this also as we ship (or fly at least) out to melbourne in October.

I bank with HSBC and I think i'm going to stick with them when i make transactions once in Oz.There are two reasons for this:

1.) I've used moneycorp before (I had to invest AuD as investment to get 5 points) and while they offered me slightly better rate I think it was 2.37 compared to HSBC rate on that day of 2.36, there was far less hassle with HSBC as i alreday banked with them. With moneycorp you have to register, transfer money, wait for it to be received, wait for it to be deposited etc.

2.) Due to HSBC being global I can open an account in Oz and the advantage here is I have an instant credit rating which I would normally have to wait for for 12 months in Oz if I opened with ANZ, Westpac etc. Here I can then transfer money between my two accounts and only face one fee.

I guess it whatever works best for you and how many exchanges you plan on making.

Sammy T

Can I just ask what sort of account you have with HSBC, my hubby has an online account and they have told him he cannot use HSBC in Australia at all!
Useful to know, so we can change to a better type of account if needed, because as you say it would be great to have a good credit rating etc on arrival, and we could also finish paying off anything outstanding in the UK as well.
Ta
Sammy

Emmanuel20

Hi Sammy,

I have a regular HSBC current account. Have so for about 10 years now. I called customer services and they said that I could open an account for Oz here in the U.k (but couldn't activate it till I get to Oz), or (and this is what I'm going to do) just open an account when i get there (takes 5 working days to activate) as there will obviously be cash machines left right and center so I can still withdraw amounts when i initially get there - albeit from my U.K account (but again the exchange rate is the fixed rate on that day, no charge etc).
The chap also said that obviosuly as I already have an account with HSBC in the U.K
A.) It should be easier to open an account as they have your details
B.) as i mentioned before (hopefully) credit rating will be given sooner

Saying what you did about your internet account though I am going to call HSBC again I think to just double check - 08457 404 404.

The other option (waffling now sorry) was that Commonwealth bank have a branch in London - By mansion house tube and you can open a Migrant Bank account. What this means is that they will open an account here (UK) and in Oz (Only a savings account though). the idea is that only sterling currency can be put in the UK account and unless you specify no, the amount will get automatically transfered over to the Oz account. Again they use the rate of the day method.

Google on Commonwealth bank UK and it should display.

Hope this helps!

Swerv-o

Stick with HSBC. It may be slightly more difficult to open the account whilst still in the UK, but it can be done, and is activated ready for use from day 1. They offer a good rate of interest on a current account, and a very good rate on the savings account. The fee free banking structure is excellent, especially when compared to a big bank like the Ciriminwealth.

You don't need to worry too much about a credit rating here - you automatically start off with a good one. Only bad debts and bad debt management are recorded, not like the awful UK system where applying for a credit card or a store card can adversely affect your credit rating.

S

Louiselondon

Hya
I used ozforex and I must say they were really helpful - they even offered to help when my own bank in the UK (Barclays) wouldnt transfer MY OWN MONEY to Australia

Best of luck

Louise

Sammy T

Sounds like HSBC a good bet then, I'll have a close look at what they can offer. It's not like I'm going anywhere quickly as we are still waiting in skills assessment - nothing like being well prepared!!

Sammy

Emmanuel20

Cheers Swerv-o, sounds like the best bet and a definite winner with the free banking structure! Sounds like all ozzie banks throw charges at you left right and centre

TheSubMainMan

This was in the Independent(a british news paper) today:

http://news.independent.co.uk/busine...cle2765594.ece

Basically, HBOS are looking at expanding across all of OZ. They are threatening a price war to get a foothold in the market.

So hopefully the banking industry in OZ will get more competitive over the next few years.

yorkies

Hi

I just thought I'd let you know our story. We registered with Moneycorp.
At first I found them good, the guy phoned me while I was still in the UK, introduced himself etc. He tried to get us to agree to a forward rate there and then. At that time we didn't have the money for a 10% deposit (house
sale hadn't gone through) and the rate was only 2.45 or something. He said that the rate probably wasn't going to get much better. We left it and decided to deal with it when we got to Australia.
The rate was steadly going up and up. Each time the Moneycorp guy said
'it's not going to get much better then this!'.
We banked with the Royal Bank of Scotland in the Uk and I think they are affliated to Moneycorp anyway. By the off chance my husband called the manager at our local branch of RBS and he offered us a better rate and only a £25 charge for a transfer to our Commonwealth Bank account!!
This was back in Jan/Feb this year when rates were good. But each time Moneycorp offered us a rate, the Royal bank of Scotland could better it, and this was just through my local branch.
In the end we got our money transferred for something like 2.53 after Moneycorp originally said it wasn't going to get much better than 2.45. Now I know they don't have a crystal ball and can't tell you what is going to happen. Also I'm not slagging off Moneycorp as the guy seemed really nice etc and I'm sure all the other exchange companies are the same.
Another thing was that I felt really nervous about the 'Middle Man' thing ie handing over all the money I had in the world to another company, if you know what I mean.
The transfer of the money was very quick with RBS. We spoke to them at about 7pm OZ time and it was in our Commonwealth bank account when we woke up the next day!!!
This is just my long winded experience. But I know when we were transferring money it was a big worry to us.

Yorkies