Reefka

Hi,

I need to move a significant amount of money form OZ to UK - has anyone got any experience or advice on best way to do this?

I had an idea to try and find someone who needs to move a similar amount of money in the opposite direction and help each other out - is it a wise idea?

Bermudashorts

When you say find someone, do you mean someone you may not know very well?? If so I would say it is a terrible idea.

Personally I just got my Bermuda bank to wire money to my UK bank account when I left Bermuda but there may be better rates to be had elsewhere, e.g thru HIFX.

Reefka

Why is it such a terrible idea? if someone is buying a house or apartment in Australia using UK pounds they will be losing a minimum 1-1.5% $3000-4000 in exchange rate gouging by a bank or fx company - I'm also losing a similar amount in the opposite direction... so why not help each other out?

Brisben

Because of the risks involved in dealing with someone who hasn't got a reputable background you can count on ! unlike a bank or money broker, ok maybe not reputable but you have some safety. I'd pay $4000 if I knew my money was safe rather than trying to save it and potentially losing it all.

Centurion

Just use Ozforex because at least you will get a better rate than the banks. Doing deals over money transfers for a quarter of a milion dollars just sounds as though its one of those things which may end badly.

MrCro

I've used Ozforex on several occasions - bit hairy first time but never had a problem and damn sight better rate than when I used banks!

PS: what a great time to buy £'s - 1.73 seems to be a good bottom to work to!

ozhappy981

Use www.ozforex.com

ozzieeagle

How exactly do you do this by the way.... I mean transfer large amounts of money.


For instance in my case I dont have a UK bank account. Would it be ok to transfer to say my Fathers account ?

I do know from now on I will use Pennytel to transfer money. Would Pennytel really only charge 8 bucks to send over 250,000 AUD ?



http://www.pennytel.com/au/

So if someone who is a UK passport holder, with no current status in the UK, how do they transfer large amounts over ?

ozhappy981

With Ozforex, you enter the account details for the account you want the money to go to. So, you'd put down your father's account details - and they will transfer the money to that account.

For $250,000 Ozforex will not charge you anything for the transfer.

desperatehousewife

if you have a good relationship with your bank then see what rate they'll give you, we've always managed to negociate a better deal than hifx/ozforex could offer for large sums though we use hifx for smaller amounts

ozzieeagle

Thanks

hoofie2002

You may find with the bank that anything over a certain amount [e.g. $10,000] will be transferred and converted at spot money-market rates which will be better than the normal bank rates.

Either use a bank or a forex company.

I can't believe anyone is daft enough to suggest transferring quarter of a million dollars on trust to someone ! Sounds very fishy to me...

James516

You are right, this is the best way. In fact I can help you - need to move GBP150K to Oz, so lets just swap. If you can deposit the $250K in my Oz bank account, I'll get around to giving you the sterling soon

Centurion

I'm going to close this thread. Suffice to say there is some good advice about reputable FX companies that many of us have personal experience with and I would strongly suggest that nobody enters into private deals with individuals, especially one with 2 posts on a forum

To the OP - use our search facility. Its great. You'll find a wealth of knowledge on the subject of how to transfer money.