wavy_davy

Hi,
I think we've decided we are going to open an HSBC account in Australia because we've been banking with them forever over here. What we can't decide on at the moment is whether to move our money through HSBC or through someone like HIFX.

Has anyone moved their money through HSBC and got any comments (good or bad)? We went into our branch today and they said we could get the rate of 2.3230 but I couldn't quite get out of her whether that was a commercial or tourist rate - she just kept saying there is no difference, there is just one rate!

I phoned HIFX to get a comparison rate but they won't give me one until I register. A currency converter on the web says the rate is 2.33 so I don't think it can be ... or maybe I am just expecting too much.

I'm talking too much now! Would love to hear your thoughts! Please reply!

Hels

We used this company to transfer our money over. It was ever so easy and the exchange rate was consistently the best over a period of time I was watching it.

They are wonderful to deal with and if you have any hassles you can call them for free from just about anywhere. You can watch the rates live and buy your $$ whenever it hits a rate you are happy with.

http://www.elynchfx.com/

Hope this helps

Hels

Swerv-o

Hi,

You are correct, there are two rates, the Tourist rate and the bank rate. The tourist rate is usually 10c less than the bank rate (Today 2.23 in Leicester), and is the rate given in travel agants windows and the post office etc, so the rate they gave you probably was the bank rate.

There are many providers of FX on the net - www.xe.com is one, and they give an *illustration* of the rate that you would receive if you were to exchange 1,000,000 currency units. This is called the Interbank rate, and is the rate that banks and large businesses receive when they do business. As an individual, you will be unlikely to achieve the Interbank rate, but it can be a good indication of the rate you will receive. Many providers will offer you Au$0.01 less than the Interbank rate. So if the IB rate says 2.34, you could reasonably expect to achieve 2.33.

HIFX are one example of an FX company, but I personally found that they were a bit pushy, and that their customer service training could do with some enhancements! Personally, I like Moneycorp (www.moneycorp.com) or Ozforex (www.ozforex.com.au) as they both have a good customer service regime and both provide you with current and speculative market data to help you make an informed decision before you commit. Moneycorp are also quite happy to discuss your needs, and give advice as well.

Hope that this helps.

S

Nicstids

We've opened an HSBC account in Aus but I think you would probably be better off using one of the specialised foreign exchange companies to transfer your money - mainly because you can play them off against each other

We've registered with HIFX, Moneycorp and www.tranzfers.com. We did a forward contract with Moneycorp a few weeks ago. Phoned HIFX first and then got half a cent more from Moneycorp!

Have to say that I'm not overly impressed with HSBC in Aus at the mo - sent them an email from the secure part of their Internet banking site on Thursday and they still have't replied. Not like First Direct here where you get a response almost instantly

lucy.summers

Whereabouts in Oz are you going. Only ask because in Perth there are only a couple of branches and you get charged if you use another banks ATM. I think there are more branches in cities on the East coast but we have decided against using them even though we have a good history with them over here becuase of total hassle at trying to get to their branches.

Darren&Leanne

Lucy Summers of Cleveland?????Currently in the UK??

Pinkyfox

Interested in this discussion so giving it a bump!!!!!!!!

Suni&Jay

We've got accounts with HIFX and moneycorp, have to say money corp is a bit better. We get an email every day from HIFX stating the current interbank rate and spot buy rate on a number of currency's. Monycorp send me an email every week on what is going on with currency trends and what the AUD is likely to do.
Have heard a lot of good feed back on transfx, and alot of bad feed back HSBC in oz. ANZ is very popular with a lot of people on this forum.
Hope this helps.