chris and farideh

Looks like we're off in 3 weeks. So.. I'v e got a pot of money from the sale of my house which I need to change into dollars. Money exchangers are supposed to be the way to do it! They get you beter rates then banks and charge no coms. How?

Any answers please. How did you do it?

Kindest reagrds and many thanks

Chris

Wol

We've used Tranzfers many times - they are a branch of OzForex.

You wll have to register and also have an account in Oz to eventually put the money into.

Go to tranzfers.com: it will show you how to make contact.

We have found them to be very helpful even when I have cocked up things like bank account numbers and suchlike.

Exchange rates are negotiable, so with a large transfer you will definitely beat a bank.

datamile

Hmm, you register with them, send then ID and forms to prove that you are not money laundering.

You ring them up to get a rate fixed at a date, depending on when you can get the money to them.

You transfer the money to them, and tell them which Aussie account you want it to go to, and then it happens on the date.

This are international money brokers who are trading millions every hour, so you money is just grouped in with another transaction so you get the interbank rate, minus a few cents to cover their costs and commission

http://www.moneycorp.com/chart/charts_pop.html shows the current interbank rate.

You get a better rate for the large amount and the time till the deal. i.e. if you can get the money to them for 3 days, then they estimate which way the market will go if it was to go down, and give you that rate.

chris and farideh

Thanks for the nod. I'll go there now

Vernons

Hi we used OZFOREX and they were great, although we did find the whole thing confusing to start with. What you need to do first is decide who you want to use and if you go for OZFOREX then you join them either over the phone or on the internet. They will then want you to either email or fax some proof of ID and a copy of a bank statement showing which account the funds will be coming from. We tried to email this information but there was a problem with the size of the file so ended up faxing it - I would recommend this and doing this all before you leave the UK. Then what you get is a username and password. You can then tell them what to look out for or you could do what we did. Every couple of days we would log onto the site and see what the exchange rate was like, if it was good we would transfer some money. You click on an icon or something saying make a deal and you say how much, it then holds that amount of money for you at that exchange rate. You then need to get onto you bank via the internet (definaltly set upinternet banking with your uk account) and transfer the said amount of money. It usually takes a couple of days to come through. We just changed up a couple of hundred pounds in a normal shop before we loeft to cover us while we were waiting for the best rate. We got from 2.48-2.53 for our £1 so did quite well, it is amazing how it changes everyday! Anyway I hope that helps a little bit and is not to rambled! Good luck

Big Galah

Don't be fooled by "no commission" or "no charges". It's the difference between the interbank rate and the rate they offer you where they make their money.

See how the rate that's offered compares to here: Exchange Rates

Big.

Pollyana

If you need any more info, or have any problems, remember that BE poster mgilmour (Matt) represents OzForez and Tranzfers, and will always respond to a pm.

mgilmour

That's absolutely right so your aim is to get as close to the interbank rate as you can at the time when you lock in the rate. The providers obviously need to make a profit so you wont get the interbank rate. I recommend negotiating a fixed percentage margin to the interbank rate (Should be less than 0.5% for > GBP 50,000), that way the process is transparent.

This page shows both interbank rates and (OzForex) customer rates and is amount sensitive:
http://www.ozforex.com.au/cgi-bin/sellQuotes.asp

Regards,
Matt Gilmour