Nearly got 3 Ozzie dollars to the pound
Jul 26th 2002, 6:20 pm
#16
Guest
Posts: n/a
Re: Nearly got 3 Ozzie dollars to the pound
In <[email protected]> kitkatz wrote:
> What's the advantage of using companies like these rather than the normal
> highstreet bank?
The big advantage is the 'buy now, pay 10% now and the rest later" option.
Always remember that you'll NEVER get the rates quotes on sites like yahoo. Anyone
offering to change from one currency to another will make a profit.
I talked to one company today, on an exchange of £200k, they would take off AU:1.5c
per pound exchanged. At (one of) today's rates that's a fee of 1.5/292.5 = 0.5%, i.e.
£1025 fee on a £200k exchange.
If you exchange smaller amounts, you're likely to get a worse rate.
I was in an UK branch of HSBC the other day and they showed me an exchange rate (not
the tourist rate) of 2.865 when sites like yahoo showed a rate of 2.895. So they were
skimming off around 3 cents per pound or 1%.
> What's the advantage of using companies like these rather than the normal
> highstreet bank?
The big advantage is the 'buy now, pay 10% now and the rest later" option.
Always remember that you'll NEVER get the rates quotes on sites like yahoo. Anyone
offering to change from one currency to another will make a profit.
I talked to one company today, on an exchange of £200k, they would take off AU:1.5c
per pound exchanged. At (one of) today's rates that's a fee of 1.5/292.5 = 0.5%, i.e.
£1025 fee on a £200k exchange.
If you exchange smaller amounts, you're likely to get a worse rate.
I was in an UK branch of HSBC the other day and they showed me an exchange rate (not
the tourist rate) of 2.865 when sites like yahoo showed a rate of 2.895. So they were
skimming off around 3 cents per pound or 1%.
Jul 27th 2002, 12:20 am
#17
Guest
Posts: n/a
Re: Nearly got 3 Ozzie dollars to the pound
Many people using Exchange Direct plc in December 2001 discovered a significant
*disadvantage* of companies like these compared to a high street bank when their
money disappeared when ED collapsed.
I would at the very least ask some very searching questions about the security of any
organisation to which you plan to entrust your lifes savings.
Jeremy
>On Fri, 26 Jul 2002 15:28:44 GMT, rob <[email protected]> wrote:
>In <[email protected]> kitkatz wrote:
>
>> What's the advantage of using companies like these rather than the normal
>> highstreet bank?
>
>The big advantage is the 'buy now, pay 10% now and the rest later" option.
>
>Always remember that you'll NEVER get the rates quotes on sites like yahoo. Anyone
>offering to change from one currency to another will make a profit.
>
>I talked to one company today, on an exchange of £200k, they would take off AU:1.5c
>per pound exchanged. At (one of) today's rates that's a fee of 1.5/292.5 = 0.5%,
>i.e. £1025 fee on a £200k exchange.
>
>If you exchange smaller amounts, you're likely to get a worse rate.
>
>I was in an UK branch of HSBC the other day and they showed me an exchange rate (not
>the tourist rate) of 2.865 when sites like yahoo showed a rate of 2.895. So they
>were skimming off around 3 cents per pound or 1%.
*disadvantage* of companies like these compared to a high street bank when their
money disappeared when ED collapsed.
I would at the very least ask some very searching questions about the security of any
organisation to which you plan to entrust your lifes savings.
Jeremy
>On Fri, 26 Jul 2002 15:28:44 GMT, rob <[email protected]> wrote:
>In <[email protected]> kitkatz wrote:
>
>> What's the advantage of using companies like these rather than the normal
>> highstreet bank?
>
>The big advantage is the 'buy now, pay 10% now and the rest later" option.
>
>Always remember that you'll NEVER get the rates quotes on sites like yahoo. Anyone
>offering to change from one currency to another will make a profit.
>
>I talked to one company today, on an exchange of £200k, they would take off AU:1.5c
>per pound exchanged. At (one of) today's rates that's a fee of 1.5/292.5 = 0.5%,
>i.e. £1025 fee on a £200k exchange.
>
>If you exchange smaller amounts, you're likely to get a worse rate.
>
>I was in an UK branch of HSBC the other day and they showed me an exchange rate (not
>the tourist rate) of 2.865 when sites like yahoo showed a rate of 2.895. So they
>were skimming off around 3 cents per pound or 1%.
Jul 27th 2002, 1:20 am
#18
Guest
Posts: n/a
Re: Nearly got 3 Ozzie dollars to the pound
In <[email protected]> JAJ wrote:
> Many people using Exchange Direct plc in December 2001 discovered a significant
> *disadvantage* of companies like these compared to a high street bank when their
> money disappeared when ED collapsed.
>
> I would at the very least ask some very searching questions about the security of
> any organisation to which you plan to entrust your lifes savings.
Good point.
One question I did ask was whether the money would be held in a "client account". In
theory, the company can't touch money in such and account (held at a respected bank)
without permission from the customer.
I just did some reading up on ED. Seems they didn't use client accounts.
Anyone have any more "must ask" questions we should ask ?
> Many people using Exchange Direct plc in December 2001 discovered a significant
> *disadvantage* of companies like these compared to a high street bank when their
> money disappeared when ED collapsed.
>
> I would at the very least ask some very searching questions about the security of
> any organisation to which you plan to entrust your lifes savings.
Good point.
One question I did ask was whether the money would be held in a "client account". In
theory, the company can't touch money in such and account (held at a respected bank)
without permission from the customer.
I just did some reading up on ED. Seems they didn't use client accounts.
Anyone have any more "must ask" questions we should ask ?
Jul 27th 2002, 6:42 am
#19
BE Enthusiast
Joined: Feb 2002
Location: geelong, vic. forever
Posts: 634
Re: Nearly got 3 Ozzie dollars to the pound
i have just used halewood international foreign exchange, they sent me a lovely booklet with info in it. i did ask were my 10% would be while waiting and yes the do use sepprate client accounts, i also spoke to moneycorp on the phone who didnt seem anywhere near as helpfull, halewood is the company allan collett recomended earlier in this thread. i got 2.88 a$ will see wather i should have hung it out or not. but it was only a month or 2 ago i was basing buying a house and a car on on A$ 2.5 and that was higher than the actual rate then so were very happy. (at the moment). there is no penalty for early redemption. and although i have gone for 6mth forward exchange they said this can be extented if ineed too. all the best shaun
Jul 27th 2002, 7:19 am
#20
Guest
Posts: n/a
Re: Nearly got 3 Ozzie dollars to the pound
Rob I was under the impression that ED were using client accounts, but the funds got
misappropriated anyway.
If you found any website with more details, I'd be interested to know. Fortunately
I'm not a victim of this personally.
Jeremy
>On Fri, 26 Jul 2002 23:20:00 GMT, rob <[email protected]> wrote:
>In <[email protected]> JAJ wrote:
>> Many people using Exchange Direct plc in December 2001 discovered a significant
>> *disadvantage* of companies like these compared to a high street bank when their
>> money disappeared when ED collapsed.
>>
>> I would at the very least ask some very searching questions about the security of
>> any organisation to which you plan to entrust your lifes savings.
>
>Good point.
>
>One question I did ask was whether the money would be held in a "client account". In
>theory, the company can't touch money in such and account (held at a respected bank)
>without permission from the customer.
>
>I just did some reading up on ED. Seems they didn't use client accounts.
>
>Anyone have any more "must ask" questions we should ask ?
misappropriated anyway.
If you found any website with more details, I'd be interested to know. Fortunately
I'm not a victim of this personally.
Jeremy
>On Fri, 26 Jul 2002 23:20:00 GMT, rob <[email protected]> wrote:
>In <[email protected]> JAJ wrote:
>> Many people using Exchange Direct plc in December 2001 discovered a significant
>> *disadvantage* of companies like these compared to a high street bank when their
>> money disappeared when ED collapsed.
>>
>> I would at the very least ask some very searching questions about the security of
>> any organisation to which you plan to entrust your lifes savings.
>
>Good point.
>
>One question I did ask was whether the money would be held in a "client account". In
>theory, the company can't touch money in such and account (held at a respected bank)
>without permission from the customer.
>
>I just did some reading up on ED. Seems they didn't use client accounts.
>
>Anyone have any more "must ask" questions we should ask ?
Jul 27th 2002, 9:44 am
#21
BE Forum Addict
Joined: Apr 2002
Location: From Worcestershire to Perth WA
Posts: 1,106
Re: Nearly got 3 Ozzie dollars to the pound
Hi All
Spoke to a guy at Halewood the other day, he was really good explained everything to me . But what i also liked is he said if i give you todays rate , you can check elsewhere and your own bank to see if you can get a better rate !! So he didnt just try and grab custom , which i thought was very professional. He quoted on that day 2.89 , HSBC on the same day said 2.9024, !!!We will go with HSBC as we have opened a account with them in Australia and it just seems easier all around. But would reccomend Halewood .
Joanne and Paul
Spoke to a guy at Halewood the other day, he was really good explained everything to me . But what i also liked is he said if i give you todays rate , you can check elsewhere and your own bank to see if you can get a better rate !! So he didnt just try and grab custom , which i thought was very professional. He quoted on that day 2.89 , HSBC on the same day said 2.9024, !!!We will go with HSBC as we have opened a account with them in Australia and it just seems easier all around. But would reccomend Halewood .
Joanne and Paul
Jul 27th 2002, 10:00 am
#22
Forum Regular
Joined: Jun 2002
Posts: 107
Re: Nearly got 3 Ozzie dollars to the pound
Hi - how did you open the HSBC account in Oz?
J
J
Jul 27th 2002, 3:20 pm
#23
Guest
Posts: n/a
Re: Nearly got 3 Ozzie dollars to the pound
In <[email protected]> jopaulss wrote:
> Hi All Spoke to a guy at Halewood the other day, he was really good explained
> everything to me . But what i also liked is he said if i give you todays rate , you
> can check elsewhere and your own bank to see if you can get a better rate !! So he
> didnt just try and grab custom , which i thought was very professional. He quoted
> on that day
> 2.89 , HSBC on the same day said 2.9024, !!!We will go with HSBC as we have opened
> a account with them in Australia and it just seems easier all around. But would
> reccomend Halewood . Joanne and Paul
I wonder if the rate rose between talking to the two
The UKP/AUD rate rose 3cents on Thurday for example.
http://quote.yahoo.com/q?s=GBPAUD=X&d=c&t=5d
> Hi All Spoke to a guy at Halewood the other day, he was really good explained
> everything to me . But what i also liked is he said if i give you todays rate , you
> can check elsewhere and your own bank to see if you can get a better rate !! So he
> didnt just try and grab custom , which i thought was very professional. He quoted
> on that day
> 2.89 , HSBC on the same day said 2.9024, !!!We will go with HSBC as we have opened
> a account with them in Australia and it just seems easier all around. But would
> reccomend Halewood . Joanne and Paul
I wonder if the rate rose between talking to the two
The UKP/AUD rate rose 3cents on Thurday for example.
http://quote.yahoo.com/q?s=GBPAUD=X&d=c&t=5d
Jul 27th 2002, 4:20 pm
#24
Guest
Posts: n/a
Re: Nearly got 3 Ozzie dollars to the pound
In <[email protected]> kitkatz wrote:
> Hi - how did you open the HSBC account in Oz?
I opened (still in the process of doing it) an account with HSBC in Aus on Wednesday.
Go to www.hsbc.com, choose Australia and follow the links to online applications. At
the end of it, they'll email you two forms. One is a 'client acknowledgement and
signature' form. The other is a proof of ID form which can be taken to a bank along
with a photocopy of your passport. Ignore the comment about the witness needing to
know you for 12 months if the witness is a bank.
They'll send the account number AFTER receiving the 2 forms in the post.
> Hi - how did you open the HSBC account in Oz?
I opened (still in the process of doing it) an account with HSBC in Aus on Wednesday.
Go to www.hsbc.com, choose Australia and follow the links to online applications. At
the end of it, they'll email you two forms. One is a 'client acknowledgement and
signature' form. The other is a proof of ID form which can be taken to a bank along
with a photocopy of your passport. Ignore the comment about the witness needing to
know you for 12 months if the witness is a bank.
They'll send the account number AFTER receiving the 2 forms in the post.
Aug 6th 2002, 6:45 am
#25
Banned
Thread Starter
Joined: Mar 2002
Posts: 756
Re: Nearly got 3 Ozzie dollars to the pound
Getting there
Tuesday, August 6, 2002
1 British Pound = 2.95942 Australian Dollar
1 Australian Dollar (AUD) = 0.33790 British Pound (GBP)
Median price = 2.95645 / 2.95942 (bid/ask)
Estimated price based on daily US dollar rates.
Tuesday, August 6, 2002
1 British Pound = 2.95942 Australian Dollar
1 Australian Dollar (AUD) = 0.33790 British Pound (GBP)
Median price = 2.95645 / 2.95942 (bid/ask)
Estimated price based on daily US dollar rates.
