Bev_n

Hi there!!

My fiance and I are about to start the whole visa process and have been doing a little research and getting ourselves even more confused the further we delve!!

We went to an australia expo and money corp were telling us to give them our money, they'll cherge us £15 and 4% of the money we're sending and everything will be hunkydorey!! they'll sort us out! but it didnt seem right!

We have HSBC accounts here, there are HSBCs in Aus. Can we not just transfer the money directly from a HSBC in UK to a HSBC in Aus? Can you just transfer money directly to any bank? like if we were to open a NAB account can we not jus simply transfer our savings straight into an account without using a middleman?

Has anyone already done this? What's the best way to transfer your savings?

Bev x

Wol

Are you talking about transferring pension funds out, or just "ordinary" cash?

If the former, do a search - there're plenty of posts on this. It's no big deal to do it yourself, and certainly no way is it effective to pay a percentage!

HSBC (I'm with them) is different in every coutry, and a UK branch is unlikely to be of any help. Their international set-up in London knows all about it.

Many of us use Tranzfers.com.au, or Ozforex for larger amounts. They are competitive and reliable, and are the same company based in Sydney.I've been to their offices may times and they are a professional set-up.

hoofie2002

HSBC will charge you a fixed fee [20 quid or so maybe] and will transfer the money at the prevailing money market rates [which will be better that a high street exchange rate] if the amount is large enough. I would go with OzForex or one of the other companies frequently mentioned here as you will probably get a better rate and they are 100% reliable.

There is NO reason someone should charge you 4% - on 10 grand thats 400 pounds or 800 dollars for goodness sake.

Companies who offer to transfer your pension will take a nice chunk of your pot - as Wol has mentioned you can do it yourself and pay zero fees, the superannuation funds here will be more than happy to do it for you. [Do take financial advice before transferring your pension ESPECIALLY if it is a final salary scheme].

Gary P

Dear Bev,

Firstly, thanks for talking to Moneycorp at the Australia Exhibition.

Unfortunately though, it seems there has been a miscommunication, as the details you’ve got for our transfer costs is wrong – as Hoofie points out, 4% would be rather extortionate.

Do ensure to take care when transferring your money overseas – there is no free way of doing this. If you transfer from your UK Bank account to your Australian bank account, your UK account will give you an exchange rate which will often be uncompetitive (compared to forex brokers), and your Australian bank may charge a receiving fee, which most forex brokers would pick up.

Brokers will also offer a more flexible range of products, to suit your needs – for example fixing an exchange rate for up to two years, and can give you expert one to one guidance on the currency markets.

Perhaps you’d find it useful to speak to one of our expert currency dealers, who will talk you through the currency markets and our pricing policy.

Gary Pitt, Representative, Moneycorp,
www.moneycorp.com