breezeboylan

Now that the exchange rate seems to be on the up we would like to change our money. The problem is that we dont have an Aus bank account. I've read on here that some of the exchange bureaus will give you an exchange rate then hold your money till you get to Aus, or something like that How long will they hold it for though? How do you go about doing it? Any advice would be really appreciated while the exchange rate is still at the 2.4 mark. I know this has been discussed lots in the past but I still cant get my head around it :scared:
Tracie

breezeboylan

Anybody?

Buzzy--Bee

Do a search mate on the Oz forum - there are tons of old threads about exchanging money.

Try www.Ozforex.com

Cheers

Buzzy

gedge

I could retype this here, but it's easier to point you in the right direction.
Here's a good post by Bix that links to some other good posts...

http://britishexpats.com/forum/showp...45&postcount=2

Look for HIFX, Tranzfers and OzForex...

breezeboylan

Cheers guys I'll have a look and try get my head around it

gedge

It probably depends on how much money. Someone like OzForex only deals with transactions over GBP5K I think. I've only used Tranzfers, they don't hold a rate for you, instead they hold your money till you see the rate you want to transfer at, or something like that.

arkon

It's easy, You transfer all your money into my UK account, I transfer it to my Oz account at the prevailing exchange rate, then when you get here if your lucky I will transfer it to your new OZ account that you create when you get here! TaDa!! I'll do it for free so long as I can keep your money for a couple of weeks! Bargain..........

breezeboylan

Think I'll just follow the links above, thanks anyway Arkon

The S's

Just transfered with HIFX. Got a rate of 2.4111. They will now send me a bill for 10% of what I have bought. They then hold the complete amount for me until a prearranged date, for me 2nd May. Then I pay the remaining 90% and they release the funds into my Aus bank account. In this time, 2 months, my cash is sitting in a high interest bank in the UK.
They have also said if I don't want the money in may they will hold on to it until I am ready, possibly July at no cost to me.
Hope this is how it works as thats how the broker sold it to me.
PS. Please don't tell me you just got 2.5 :scared:

steve`o

ok i wont i got 2.6

steve`o

ok i got 2.428 and i`m chuffed

The S's

Thank god for that, nearly shite meself. :scared:

I did hold back a few quid as well, just in case

steve`o

just got to pay for it now :scared:
we sent a 10% deposit by chaps to lock the rate in
only 90% left to find

now where did i leave that bag of cash
from the warehouse

The S's

I wondered why you got a better rate than me, I mean £54 million gets you so much further with these slimey brokers

PS who's this "chap" doing all your donkey work? Is he awfully nice?

Suni&Jay

Yeah, it's called forward buying. You can keep on 'rolling it' for up to 2 years at no extra cost