Moving UK cash quickly to OZ
Sep 30th 2006, 12:27 am
#1
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Thread Starter
Joined: Aug 2005
Posts: 74
Moving UK cash quickly to OZ
Hi,
I have just moved to Eltham, NE Melbourne, had opened an account with Westpac when I was here last year.
Money from house sale in the UK went into the Nationwide, they dont have any charges for taking out cash or making purchases in OZ.
So if I go into my local Westpac, I presented my Nationwide card and asked the cashier to do a cash transfer into my Westpac, job done.
Have been getting exchange rates of 2.51 at the moment. It is safe and you are dealing face to face with the bank staff.
If you want any other info please feel free to pm me.
Simon
I have just moved to Eltham, NE Melbourne, had opened an account with Westpac when I was here last year.
Money from house sale in the UK went into the Nationwide, they dont have any charges for taking out cash or making purchases in OZ.
So if I go into my local Westpac, I presented my Nationwide card and asked the cashier to do a cash transfer into my Westpac, job done.
Have been getting exchange rates of 2.51 at the moment. It is safe and you are dealing face to face with the bank staff.
If you want any other info please feel free to pm me.
Simon
Sep 30th 2006, 2:56 am
#2
Joined: Jan 2005
Location: Asia Pacific
Posts: 4,922
Re: Moving UK cash quickly to OZ
Im curious. I read this as you went into your Westpac branch in Australia, presenting a UK Visa Debit card and asked for all the money to be transferred from your UK account into your Australian account ?
I could maybe go with drawing down on your debit card small amounts but was this for a large amount ? Surely not. How would your UK bank release large funds into a foreign account without your instructing them to. Just confused and interested is all.
I could maybe go with drawing down on your debit card small amounts but was this for a large amount ? Surely not. How would your UK bank release large funds into a foreign account without your instructing them to. Just confused and interested is all.
Sep 30th 2006, 7:16 am
#3
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Re: Moving UK cash quickly to OZ
Originally Posted by Centurion
Im curious. I read this as you went into your Westpac branch in Australia, presenting a UK Visa Debit card and asked for all the money to be transferred from your UK account into your Australian account ?
I could maybe go with drawing down on your debit card small amounts but was this for a large amount ? Surely not. How would your UK bank release large funds into a foreign account without your instructing them to. Just confused and interested is all.
I could maybe go with drawing down on your debit card small amounts but was this for a large amount ? Surely not. How would your UK bank release large funds into a foreign account without your instructing them to. Just confused and interested is all.
Hi Centurion,
You are right, that is exactly what I did, they do it as a cash advance, and the only limit to moving funds in one go is that you have enough in your account.
You are limited to the amount that you can draw out from an ATM, but the cash advance over the counter is the same as a purchase, so no difference as a check is done on the swipe and it gets you the approval from your bank.
Simon
Sep 30th 2006, 9:59 pm
#4
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Re: Moving UK cash quickly to OZ
Originally Posted by sg1964
Hi Centurion,
You are right, that is exactly what I did, they do it as a cash advance, and the only limit to moving funds in one go is that you have enough in your account.
You are limited to the amount that you can draw out from an ATM, but the cash advance over the counter is the same as a purchase, so no difference as a check is done on the swipe and it gets you the approval from your bank.
Simon
You are right, that is exactly what I did, they do it as a cash advance, and the only limit to moving funds in one go is that you have enough in your account.
You are limited to the amount that you can draw out from an ATM, but the cash advance over the counter is the same as a purchase, so no difference as a check is done on the swipe and it gets you the approval from your bank.
Simon
Very good info. We might consider opening a Nationwide account now so we can do this - is it just the normal Nationwide current account?
Thanks
Sep 30th 2006, 10:05 pm
#5
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Posts: 74
Re: Moving UK cash quickly to OZ
Originally Posted by DianneH68
Hi Simon,
Very good info. We might consider opening a Nationwide account now so we can do this - is it just the normal Nationwide current account?
Thanks
Very good info. We might consider opening a Nationwide account now so we can do this - is it just the normal Nationwide current account?
Thanks
It is a standard Nationwide FlexAccount.
Simon
Sep 30th 2006, 10:05 pm
#6
Joined: Jan 2005
Location: Asia Pacific
Posts: 4,922
Re: Moving UK cash quickly to OZ
Originally Posted by sg1964
Hi Centurion,
You are right, that is exactly what I did, they do it as a cash advance, and the only limit to moving funds in one go is that you have enough in your account.
You are limited to the amount that you can draw out from an ATM, but the cash advance over the counter is the same as a purchase, so no difference as a check is done on the swipe and it gets you the approval from your bank.
Simon
You are right, that is exactly what I did, they do it as a cash advance, and the only limit to moving funds in one go is that you have enough in your account.
You are limited to the amount that you can draw out from an ATM, but the cash advance over the counter is the same as a purchase, so no difference as a check is done on the swipe and it gets you the approval from your bank.
Simon
Sep 30th 2006, 10:19 pm
#7
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Thread Starter
Joined: Aug 2005
Posts: 74
Re: Moving UK cash quickly to OZ
Originally Posted by Centurion
So whats the difference between that and getting the money from an atm by using your UK card ? Maybe I'm missing the point since your limited by your atm withdrawl anyway
Hi Centurion,
All ATM's have a daily limit normally 300 quid, but when I went into the Westpac, showed the lady ID, told her i would like $3000 in cash she took my card, swiped it, got an authorisation number, and counted me out the cash. I asked what the limit was and she told me that the only limit was the available funds in the account.
I am going into Westpac early next week to transfer over the house sale proceeds, will let you know if it goes OK.
Simon
