abner

In my experience, it's not the fees you have to be worried about, but the exchange rate itself. It's well worth shopping around regarding those; major retail banks in particular sometimes have huge spreads between buy and sell rates for a given currency pairing. It's also worth asking whether you're getting their best rate, particularly if you have other banking relationships with them (savings, mortgages, whatever).

The specialist players tend to have sharper rates, but can pose other problems, as per my previous post.

Pulaski

This is all somewhat true, and for small transfers the rate that banks offer is very poor, but you need to know the magic words to get to right answer - if you're moving a substantial amount, say A$50k /£25k+ (more is better), you need to ask your bank for a "dealing desk rate" (use those words), and, depending on the size of the amount, you may find that your bank can match, or even beat, the exchange rates offered by on-line FX brokers.

Sir Spangle

Thanks ... but not quite what I was asking. I was asking about expectation vs. outcome. In other words, sure, I'm being told "this is the rate" and "this the fee" and "this is how much you'll receive" but I have a healthy skepticism of financial institutions, and how they hidden-fee the heck out of deals and then claim, hey, it was there in the small print. So ... for those who did use Transferwise, say, or OFX, did you get the amount you expected, and were promised?

Pulaski

When you accept a rate offered by either a broker or a bank, that is a contract, and the rate you will get, full stop. In fact Transferwise, and most on-line brokers don't only tell you the rate, they tell you how much foreign currency you will receive.

I think transfer wise, charges 1/2%, and for banks and some on-line brokers there will be a wire fee (which will be known upfront - probably around £25/US $35, or local equivalent). The only unknown is that the receiving bank will sometimes charge a few to receive a wire, so if you are going to receive the proceeds of the exchange by wire you should check with your bank at the receiving end.

Sir Spangle

Great, thanks

rammygirl

When I have used them what the contract says is what I get. My bank does not charge me to receive. Sometimes for large amounts I may pay for a transfer to the forex company though as large sums are difficult to transfer via internet banking (have to do several smaller ones, ok sometimes)

Nebsy

If you where to use an agent for your move do they tend to sort your sterling to Australian dollar transfer for you? or is this something else we should be looking into?