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Making a payment to a bank in Oz

Making a payment to a bank in Oz

Old Jun 11th 2006, 8:20 pm
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Default Making a payment to a bank in Oz

Hi all,

I need to make a payment to a company in Australia before we arrive. They have given me there bank account details and I was just wondering how I could pay into it from the U.K.

Asked my local bank and they said there was no way they could do it. Any ideas????

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Old Jun 11th 2006, 8:22 pm
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Default Re: Making a payment to a bank in Oz

Originally Posted by td1
Hi all,

I need to make a payment to a company in Australia before we arrive. They have given me there bank account details and I was just wondering how I could pay into it from the U.K.

Asked my local bank and they said there was no way they could do it. Any ideas????


Use a currency exchange service such as HIFX, oxforex or sterling exchange. They make it really easy. You buy the aus$ from them and they transfer the $ to the OZ bank.

Lou
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Old Jun 11th 2006, 8:45 pm
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Default Re: Making a payment to a bank in Oz

I never thought about that - Doh!!

Have used them to transfer my own money into my own account in Oz, but it didn't even cross my mind to do it to pay something else.

The stress of emigrating!!!

Thanks for that Lou

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Old Jun 11th 2006, 9:13 pm
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Default Re: Making a payment to a bank in Oz

Originally Posted by td1
Hi all,

I need to make a payment to a company in Australia before we arrive. They have given me there bank account details and I was just wondering how I could pay into it from the U.K.

Asked my local bank and they said there was no way they could do it. Any ideas????

I had to pay our bond money into my cousin's bank account in Oz. He gave me all his details which I filled out on a form at Lloyds TSB and Voila! The money was sent over in about 5 days.
Check with your bank again. They should be able to do it as long as you have all the details.

Julie. x
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Old Jun 11th 2006, 9:52 pm
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Default Re: Making a payment to a bank in Oz

Originally Posted by td1
Hi all,

I need to make a payment to a company in Australia before we arrive. They have given me there bank account details and I was just wondering how I could pay into it from the U.K.

Asked my local bank and they said there was no way they could do it. Any ideas????


Hi

I would speak to your bank again, its called an electronic transfer.

I run a holiday home here and I have never had any of my customers tell me their bank cannot transfer their deposit over to Australia, obviously they dont do it for free there is a charge - as usual!!

The money normally arounds about 48hrs later

HTH

Kim
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Old Jun 11th 2006, 11:19 pm
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Default Re: Making a payment to a bank in Oz

Originally Posted by td1
Hi all,

I need to make a payment to a company in Australia before we arrive. They have given me there bank account details and I was just wondering how I could pay into it from the U.K.

Asked my local bank and they said there was no way they could do it. Any ideas????

That is crazy!! Who do you bank with?? I used to work for banks in the UK - its called an international moneymover!!

Before we came out we had to pay our rental bond and just trans it through the bank - very very simple as long as you have all the account details. HSBC charged us £15 I think and the money was in the Estate Agents account within 2 days.

HTH

Rach xxxx
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Old Jun 12th 2006, 8:32 am
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Default Re: Making a payment to a bank in Oz

It was alliance and leicster that told me they couldn't do it - they looked at me as if I was from another planet when I asked them about it!!

Will try again and speak to a different person hopefully
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Old Jun 12th 2006, 8:40 am
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Default Re: Making a payment to a bank in Oz

If you make an electronic money transfer from your UK to Aus bank, then what you need is

1. BSB & Account number of Aus bank account
2. Account holders name formAus bank account
3. Your Australian bank "Swift code" [they will provide this to you]
4. Your Aus bank address where your account is held
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Old Jun 12th 2006, 8:51 am
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Default Re: Making a payment to a bank in Oz

Does this mean that if I was to open an ANZ account and they sent me my account details, that I could head into my Barclays bank and electronically transfer some funds from my UK account to Aussie Account?????

If it is that simple, why do people bother with these transfer companies?

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Old Jun 12th 2006, 8:55 am
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Default Re: Making a payment to a bank in Oz

Originally Posted by ElshaUK
Does this mean that if I was to open an ANZ account and they sent me my account details, that I could head into my Barclays bank and electronically transfer some funds from my UK account to Aussie Account?????

If it is that simple, why do people bother with these transfer companies?

Yes it does.

The reason why some people prefer to use transfer companies is because it locks them into a currency rate agreed at a certain point in time.

An electronic transfer calculates the rate on the day in question, which might be a lousy rate for large amounts, but OK if only sending a small amount across.
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Old Jun 12th 2006, 8:56 am
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Default Re: Making a payment to a bank in Oz

Originally Posted by ElshaUK
Does this mean that if I was to open an ANZ account and they sent me my account details, that I could head into my Barclays bank and electronically transfer some funds from my UK account to Aussie Account?????

If it is that simple, why do people bother with these transfer companies?


You often get a better rate from the transfer companies and you can do forward contracts etc.

Lou
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Old Jun 12th 2006, 9:08 am
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Default Re: Making a payment to a bank in Oz

Originally Posted by phoenixinoz
Yes it does.

The reason why some people prefer to use transfer companies is because it locks them into a currency rate agreed at a certain point in time.

An electronic transfer calculates the rate on the day in question, which might be a lousy rate for large amounts, but OK if only sending a small amount across.
I am only going to transfer £1000 so I would rather opt for the easy route
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Old Jun 12th 2006, 9:09 am
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Default Re: Making a payment to a bank in Oz

Originally Posted by ElshaUK
I am only going to transfer £1000 so I would rather opt for the easy route
Agreed. Makes sense
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Old Jun 12th 2006, 9:17 am
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Default Re: Making a payment to a bank in Oz

another option is to ask your bank to give you an aussie dollar cheque. The chanrge is normally lower than an electronic transfer but obviously you have to wait for the cheque to arrive in the post, so most businesses would prefer an electronic transfer.

Lynn
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Old Jun 12th 2006, 9:21 am
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Default Re: Making a payment to a bank in Oz

Originally Posted by movetoperth
another option is to ask your bank to give you an aussie dollar cheque. The chanrge is normally lower than an electronic transfer but obviously you have to wait for the cheque to arrive in the post, so most businesses would prefer an electronic transfer.

Lynn
Good point.

However an electronic transfer is safer as it can't get lost in the post.

Having said that, even transfers can sometimes go wrong [rarely]....however it is 100% safe cos until you get it into your account in Aus, the sending bank is responsible / acountable so you are covered.

Overall an electronic transfer is safer and can be traced, whereas a cheque can't but both are ways to get money over.
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