lovelyshine

Does anyone have experience with transferring money from a US to Australian bank? What is the best and most affordable way?

slipshot

Plenty of experience. Never had a problem and although people seem to use one company that advertises on here, I use XE.com (their trading arm) which has been terrific. We often have to send cash over to top up our bank account when the rent fails to cover the mortgage on our house (often happens) and it's always been there.

Simply put, once you have an 'account' to transfer money with them, you:

Go online and log into their site
State the amount you wish to send and where you want it to go (we have a couple of bank accounts in Aus so select the right one)
They then give you their UK bank account details and a unique reference code - you then have 4-5 days to transfer that amount of money from your UK bank account to their UK bank account. They then receive it and send it on for you. If you do this on-line it is free.

There is no commission, and they always have very competitive rates. There is a charge of about £6 or £8 UK end for the transfer across to Aus but that's it. Most we have transferred was £55,000 and it went without a hitch, as have all the others...

Andy

comet555

We used Ozforex to move our money from Canada to Oz. Very safe, easy and fast. Way better than the banks.

Grayling

Ozforex has closed to new clients until next week

lovelyshine

Thank you for the tips! Very helpful! This Ozforex (or xe) is just something new to me and I am very wary. I have signed up for an account but still waiting for them to call me. Hopefully they will call me soon! The AUD rates are great!

bhysfan

hi guys
my wife and i are going to visit my daughter in geelong in january,would it make sense for me to paypal my daughter my spending money .as the rate is really good just now.and it would save me running around trying to get the best rate .

lovelyshine

I use Paypal frequently and thought that the rates that they use are not as good as what the banks offer. Plus, she would be incurring Paypal fees for incoming receipts. Paypal's fees are pretty high (a certain percentage out of the whole amount). If you are transferring a large amount, I think you should either do a telegraphic transfer or use Ozforex.

For telegraphic transfer, check out the fees that your bank would charge for sending, and the fees that your daughter would incur for receiving.

If you go Ozforex, there is no fee if you send certain amounts. Here are Ozforex's fees: http://www.ozforex.com.au/fees.asp

bhysfan

thanks lovelyshine,great info and thanks for the links as well.

Welltravelledman

Yes check out AxiaFX on line mention Tim Mount I will get you the best deal thanks.