OzTennis

Suggestions welcomed please. We used to transfer money via the Commonwealth Bank in London to our account in Australia but they have closed that facility to us because we have been doing transferring for too many years and haven't moved (yet)!

We are looking to transfer some more money in the next month and HIFX and OzForex seem to come highly commended on this site. I've already downloaded the application forms for opening an account with HIFX but before sending them off I thought I would check with my BE's friends who have had experience of them and other firms.

Basically we just want something that offers efficiency, security, ease of use, a decent exchange rate and will guarantee that the funds will end up in our Australian account. Specifically, we get paid on 24th June, travel out on 28th June (for a 5 week visit) and I want to do a transfer in-between which will guarantee that the funds will be accessible when we arrive.

Thanks in advance for any suggestions (and I'll also do a BE's search on HIFX, OzForex etc when I get a chance).

OzTennis

owieb

We've always used HIFX and the service is fantastic. Very quick and easy, everything can be done via email. Good fun having a haggle with the traders as well to try and get a better rate! Buy-buy-buy.....sell-sell-sell!

You have to have a minimum of £5K to transfer, but other than that never had any problems with them.

Just to add, if you go for a spot rate with them, then you have to get the funds into their account within 3 days, then they forward it straight to your dollar account. Only takes a couple of days for the money to arrive once they receive it.

flying dutchman

Hi OzTennis,
Can only comment on HIFX, but have used them for three transfers so far and everything ran very smoothly. They also transferred the bond money for me which was a bit stressful because of the amounts involved etc. and again they completed all my instructions to the letter.

On every occasion, the money has been in Australia within 24 - 48 hours.

Cheers

TraceyW

Hi Oz

We've just used HIFX to transfer our bond money and they were excellent, very efficient and friendly. They did everything they said they would without any aggro at all.

irishmolly

Oz,

Did Commonwealth Bank give you a good exchange rate transfering through the Migrant account ?

We need to move money to Oz and don't know whether to set up with Comm Bank in London or wait until we get to Oz and open a HSBC account (can't do it online as no branches in Ireland) if we wait and do it with HSBC in Oz we will probably need to use HiFx but would like to know what offers the best exchange rates.

Do you recommend Comm Bank in London ???

Cheers.

OzTennis

IM

You will see the Commonwealth Bank slated by a lot of people on this site but having used them for literally over 100 transfers (mostly in the days when the E/R was over $2.70/$2.80;$3.04 was the record from memory) I can say we did not have one problem - funds arrived in our Australian account every time within a few days. I can recommend Susan Pieromaldi in the London office. The rate was often a little below what I could have got shopping around but the peace of mind from a 'bricks and mortar' bank was important - especially in the early days of online banking.

As I said earlier the Commonwealth Bank in London reviewed our account as part of an internal audit and realised that these 'intending migrants' had been transferring $'s for more than 2 years (closer to 10) and so they wanted new proof of identity etc. We can open a new account but in view of the superior rates the likes of HIFX offer we decided to change from CBA.

Thanks very much owieb, tracey w and flying dutchman for your comments which give me plenty of re-assurance.

OzTennis

Paylia

Hi Oz

Nobody has yet replied having used Osforex - but I have used them and would thoroughly recommend them. Very fast transaction with no complications, a competitive rate of exchange - similar to HFX and from memory only £1k minimum and I think a $20 charge - over a year since I used them so my figures could need updating but I was impressed with the ease and speed of setup, transfer and reception of funds in Oz.

I think this means both companies can be trusted and it will boil down to personal choice.

Peter

OzTennis

Thanks Peter, I'm going to check out the OzForex website in more detail - someone posted a link to it in another thread. As you say they both seem to have all the things I'm looking for. I may end up opening accounts with both and then choose which one I'll use at the time I want to do each transfer, depending on amount to transfer, rate etc.

OzTennis

Paylia

Yes Oz

I think you are right - nothing to stop you using both

http://www.ozforex.com.au/default.htm


this site will get you started


Peter

Pollyana

I use www.tranzfers.com - they charge $15 or £7 per transaction, and you can move as little as £50. If I put the money in their account, via the internet, on Wednesday lunchtime, its in my UK account on Monday afternoon. I've used them for 7 months, about every 3 weeks, not had a problem yet, and they seem to have a good exchange rate. They market themselves as aiming at backpackers and people who want to avoid a fortune in fees.........sounds good to me.

owieb

Key thing to note about HIFX is they do not charge a fee for exchanging money. They make their money on the rate that they offer you, hence they have a minimum of £5K to remain competitive.

Worth comparing rates between different companies at the time and seeing which is going to give you the best deal overall.

OzTennis

Just registered!

OzTennis

Paylia

Okies just done quick comparison.
Changing £1k to AUD today gets

2,541.7 from Tranzfers
2,557.39 from hIFX
2,559.9 from Osforex


less any charges that they make


Peter

OzTennis

Interesting comparison - nearly 2 cents per £ can be useful on a large amount but neither here nor there on a small amount. By definition, HIFX, with their £5K minimum will get you a lot more $'s at the better rate.

OzTennis

Pollyana

If any of you are going to be doing regular transfers though, also have a look at the minimum amount they will deal with - I was going to use Forex, but there minimum is too high for transferring to pay credit cards bills, loans etc on a monthly basis, whereas Tranzfers will do £50 (I'm not on commission by the way, it just took me so long to find a way to pay my bills each month that I want to help anyone in the same boat!