Oz Forex - Losing the Faith
Mar 21st 2013, 10:32 am
#46
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Re: Oz Forex - Losing the Faith
>>I noticed if we do a transfer to RBS a/c we are limited to $50K a time BUT the rate CBA was offering today is about $1.53 to the £. OzForex on the other hand seem to offering $1.4565 today. <<
Are you sure the CBA figure is for the UK > Oz exchange and not the other way? They would be making a loss on that number.
Are you sure the CBA figure is for the UK > Oz exchange and not the other way? They would be making a loss on that number.
Mar 22nd 2013, 10:04 pm
#47
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Re: Oz Forex - Losing the Faith
Yes you do, as you need both a foreign currency as well as AUD account to facilitate the GetRate conversion within HSBC. A basic multi-currency account will do.
Looking at the fantastic rates they offer I would forget about all fx-type places and just use them as the GetRate feature provides stunning rates.
Looking at the fantastic rates they offer I would forget about all fx-type places and just use them as the GetRate feature provides stunning rates.
Apr 17th 2013, 3:43 am
#48
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Re: Oz Forex - Losing the Faith
has anyone done any large transfesr of late and found anyone better than ozforex / hifx
i used hifx a couple of years ago and everything was fine but need to bring over $100k for a house purchase by the end of may so want to make extra sure i am getting the best possible rate
lets just hope it creeps up from this all time low by then ...... if even by just a little bit
i used hifx a couple of years ago and everything was fine but need to bring over $100k for a house purchase by the end of may so want to make extra sure i am getting the best possible rate
lets just hope it creeps up from this all time low by then ...... if even by just a little bit
Apr 17th 2013, 8:33 am
#49
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Re: Oz Forex - Losing the Faith
Post the rate you'd being offered there and I'll see what I can pull off of HSBC's GetRate. But it's going to be very difficult beating the tight spreads of GetRate when converting to AUD, plus you're doing everything within the confines of a single bank, so you don't have to send money to any third parties and the conversion is instantaneous.
Apr 17th 2013, 9:14 am
#50
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Re: Oz Forex - Losing the Faith
cheers i saw you talking about the hsbc getrate feature
do you know would i be able to open an account from over here so that i could use that feature ??
all my money is in various accounts in the u.k at the moment and am going to start moving into santander in the next week or so
i want to leave changing it up right up until the very last moment in the hope that i may get a little bit better rate
i had done all my calculations on the bad rate of 1.6 and watched it drop down to a really really bad rate of 1.45 ish ........ not good
i am willing to gamble on waiting as i have got very much to lose
do you know would i be able to open an account from over here so that i could use that feature ??
all my money is in various accounts in the u.k at the moment and am going to start moving into santander in the next week or so
i want to leave changing it up right up until the very last moment in the hope that i may get a little bit better rate
i had done all my calculations on the bad rate of 1.6 and watched it drop down to a really really bad rate of 1.45 ish ........ not good
i am willing to gamble on waiting as i have got very much to lose
Apr 17th 2013, 9:18 am
#51
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Re: Oz Forex - Losing the Faith
Post the rate you'd being offered there and I'll see what I can pull off of HSBC's GetRate. But it's going to be very difficult beating the tight spreads of GetRate when converting to AUD, plus you're doing everything within the confines of a single bank, so you don't have to send money to any third parties and the conversion is instantaneous.
Apr 17th 2013, 10:42 am
#52
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Re: Oz Forex - Losing the Faith
Yes, the AUD dropped a bit against the £ (mid to high $1.40's) on a downward blip in the stock market due to a downward blip in Chinese growth figures for the last 3 months - mining companies took a bit of a mauling on the expectation of not so fast an increase in orders for minerals from Chinese processors. Maybe the rate will drift northwards a few more cents in the immediate short term or maybe there will be a little profit taking and this will stem any further moves until next set of Chinese/Aus stats?
Apr 17th 2013, 5:06 pm
#53
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Re: Oz Forex - Losing the Faith
Could you pls check the midrate shown at xe.com at the same time as you get a quote - this way we can compare the spread somewhat. I will then do the same, and although I will be pulling rates for the Euro we will also compare it to XE to see how tight both are.
Apr 19th 2013, 8:01 pm
#54
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Re: Oz Forex - Losing the Faith
Only great experiences with Ozfores, used them twice this year and twice last year. Very helpful customer service and only two days for money to show on the "other side" 
Rates were good, if you can wait for the right time to lock it in , in my experience. And no, I'm not getting paid by Ozforex for this post
Rates were good, if you can wait for the right time to lock it in , in my experience. And no, I'm not getting paid by Ozforex for this post
Apr 19th 2013, 11:47 pm
#55
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Re: Oz Forex - Losing the Faith
Would be grateful if you could do a comparison like that above. Just post the XE.com mid-rate and whatever Ozforex is offering at the same time so that we can see how tight the spreads are.
Apr 30th 2013, 9:17 am
#56
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Re: Oz Forex - Losing the Faith
Well, once AGAIN they have messed up my monthly pension transfer. It happens every year three times: Christmas, April and May.
Christmas because my pension is paid before Christmas instead of at month end. April because it is part old rate to the 5th April and partly at the new rate, then again May because the payment is all at the new, indexed, rate.
It doesn't seem to matter whether I remind them in advance: the funds often seem to remain in limb, unrecognised, until I contact them.
Today I was pleased that an email arrived saying the funds were in - then, reading further, that they would not be converted because I have given instructions to hold them until I authorise the conversion. I have been using them for years, with automatic conversion on arrival the standing instruction......
I am considering other options for bringing my funds across.
Christmas because my pension is paid before Christmas instead of at month end. April because it is part old rate to the 5th April and partly at the new rate, then again May because the payment is all at the new, indexed, rate.
It doesn't seem to matter whether I remind them in advance: the funds often seem to remain in limb, unrecognised, until I contact them.
Today I was pleased that an email arrived saying the funds were in - then, reading further, that they would not be converted because I have given instructions to hold them until I authorise the conversion. I have been using them for years, with automatic conversion on arrival the standing instruction......
I am considering other options for bringing my funds across.
Apr 30th 2013, 3:53 pm
#57
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Re: Oz Forex - Losing the Faith
You would reckon a computer would be able to deal with different payments re dates and amounts but apparently not. Good luck with future transfers. I've been very impressed in my dealings with them (UKForex at UK end) so far and they are going to do a one-off transfer for us in a few months so fingers crossed that all goes smoothly!
May 1st 2013, 12:11 am
#58
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Re: Oz Forex - Losing the Faith
You would reckon a computer would be able to deal with different payments re dates and amounts but apparently not. Good luck with future transfers. I've been very impressed in my dealings with them (UKForex at UK end) so far and they are going to do a one-off transfer for us in a few months so fingers crossed that all goes smoothly!
May 6th 2013, 11:33 pm
#59
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Joined: Sep 2007
Posts: 98
Re: Oz Forex - Losing the Faith
The rate I posted was for the HSBC GetRate feature. This is available automatically when you try to convert currencies above a certain threshold. In this case 10k Euro >>> AUD brought it up automatically, but if you'd like then I can check the exact threshold required to use this feature.
Also, this was a conversion to AUD. If you want I can also check if such tight spreads would apply to conversions from AUD to a foreign currency just to make sure that this isn't a 1-way street, which albeit very good, would still require a different solution when converting the other way.
As for the EUR>>>AUD transfer I quoted, this was a real-time quote by the GetRate feature. It gives you the exact amount you will get if you approve the conversion and the exact rate used. You have about 10 seconds to approve or else you can try again later. There are no additional fees of any sort. Once you approve this is the exact amount you will get, guaranteed rate, etc. The conversion is then done instantaneously with the funds showing up in your AUD account straight away.
I believe the GetRate feature is only available during certain hours as it is a live-feature that you have to accept within the approx. 10 seconds I mentioned. But bottom line is that this is a great way to convert to AUD (or possibly the other way too), it works, there are no extra charges of any sort, the rate is guaranteed.
As for sending the money overseas, if you have HSBC accounts and status with them then I believe you can also do instantaneous transfers free of charge, so click here and there and your funds go from Australia to the UK for free and instantly (HSBC credits them instantly - however long it takes them to handle this internally between their banks is none of your concern as you get the money moved right away).
Also, this was a conversion to AUD. If you want I can also check if such tight spreads would apply to conversions from AUD to a foreign currency just to make sure that this isn't a 1-way street, which albeit very good, would still require a different solution when converting the other way.
As for the EUR>>>AUD transfer I quoted, this was a real-time quote by the GetRate feature. It gives you the exact amount you will get if you approve the conversion and the exact rate used. You have about 10 seconds to approve or else you can try again later. There are no additional fees of any sort. Once you approve this is the exact amount you will get, guaranteed rate, etc. The conversion is then done instantaneously with the funds showing up in your AUD account straight away.
I believe the GetRate feature is only available during certain hours as it is a live-feature that you have to accept within the approx. 10 seconds I mentioned. But bottom line is that this is a great way to convert to AUD (or possibly the other way too), it works, there are no extra charges of any sort, the rate is guaranteed.
As for sending the money overseas, if you have HSBC accounts and status with them then I believe you can also do instantaneous transfers free of charge, so click here and there and your funds go from Australia to the UK for free and instantly (HSBC credits them instantly - however long it takes them to handle this internally between their banks is none of your concern as you get the money moved right away).
May 7th 2013, 12:06 pm
#60
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