savanna454

With the improving pound to aussie dollar rate its time for us to move our UK house sale money across but very nervous in view of the current financial turmoil.

We banked with First Direct (HSBC) and Nationwide in the UK.

Are the banks still safest compared to a forex broker?

Do brokers always give better rates and how safe are they?

Hutch

Just as safe as a bank. At the end of the day both systems require the transfer of funds via international banking systems. We've transferred sums both small and large through OzForex and have never had a problem. Yes, it's very nerve-wracking when you're dealing with large sums of money, but OzForex wouldn't still be in business if they made a habit of losing people's dosh.

GinaUK

Just to add to Hutch's comment:

Whether you deal with HiFX or Ozforex, your money goes into their account with Barclays Bank. And from there it goes into your nominated Australian bank account.
(HiFX and Ozforex are not related. They just happen to both bank with Barclays.)

They do offer better rates than the banks and with HiFX and Ozforex there are no bank charges at either end.

You need to register before you can use the service. So get that set up sharpish to benefit from the current rates. (Registering doesn't mean you *have* to use them, so register with both - today Ozforex offer a slightly better rate, but tomorrow it may be HiFX.)

Gina

Grayling

Just recently I actually got a better rate with Barclays than some of the exchange companies were offering.

G

comet555

We used Ozforex and I found it to be far less stressful then going through my bank. The first transfer we made was through a bank and it took a full week to get the funds into our account in Oz, the rate was crap too.

When we used Ozforex it only took about 1-2 days so there was far less stress because it was so quick.

Windsor2

Hi Savanna

Hopefully the following info is useful and gives you peace of mind!

When using a currency broker your money goes into a client trust account which is segregated from company funds i.e your money will be protected by their Banker (HiFX's corporate bankers are Barclays). This would then come under any Government guarantee protection currently in place.

When choosing a currency specialist, my check list would be as follows:

- Do they hold your money in segregated client trust accounts. Essentially this means that your funds are held separately from company funds protecting it from creditors etc (as described above).
- Do they have professional indemnity insurance protecting customers from staff fraud etc.
- Do they have direct access to SWIFT. SWIFT is the worlds largest payments and settlements network for domestic and international trades. Direct access ensures you the client benefit from faster payments and enhanced security.
- Do they have audited accounts on their website?
- Any other market memberships or associations? HiFX for example are a member of the IAMTN (International Association of Money Transfer Networks) to lobby the government to try to get the money transfer business regulated as well to protect customers from the smaller brokers.
- How many staff do they have and what turnover? Obviously a medium/large established company is more trustworthy than 2 guys in a room somewhere who have just started up!

Personally if it were me I'd always choose one of the larger brokers. Last year for example HiFX handled over £20billion in foreign exchange and helped over 30,000 private individuals buy and sell currency. Approx 20% of our new business comes direct from customers recommending us to their friends and family. We are also trusted by over 2,000 corporate clients including The Royal Mail, HMV and Dyson.

No doubt you will have heard of Martin Lewis' site moneysavingexpert.com. The link below also contains info which may be of interest.

http://www.moneysavingexpert.com/ban...oney-transfers

Hope this helps. Please feel free to email me directly if I can be of any further assistance.

Mark Bodega
Director - HiFX
www.hifx.co.uk
[email protected]

flodsfive

Ditto for us to. Ozforex quicker and better rate.

tawkins1

We used them to transfer money for our holiday rental which worked out cheaper than doing it thru the bank! Would def recommend

Red_V_Roger

Please somebody remind me... Tranzfers.com is related to Ozforex I think?

Ozforex for moving large amounts Tranzfers for smaller amounts...am I correct?

I have used Tranzfers for many small amounts, but not Ozforex. Soon I will have house buying money type values to move...so I am sure I have read on many posts that Ozforex is better than Tranzfers for these higher values.

Do you need to go through the validation system again to use Ozforex or does their relationship (if any) mean being approved to use one also covers the other?

NowInOz

No, you don't need to go through the validation system again.

You just phone up Ozforex and tell them you now want to use the Ozforex site but are registered on Tranzfers. They then transfer your Tranzfers username and password there and then to the Ozforex site.

You can then do a spot deal through the Ozforex site. Or you to speak to one of their dealers on the phone to book a deal at a specific exchange rate (or do a forward exchange contract or whatever you want to do).

All very easy to do.

Gina

Red_V_Roger

Thanks, I thought that they were connected...I'll get on to it.

NowInOz

Phone them sharpish! Rate has just gone past 2.55!

Phone number from Oz is 1300 300 424. From the UK it's 0845 686 1950.
24 hour service.

Gina

tawkins1

2.66!!!!! now with ukforex!!!!

AndyR

I haven't got an Oz bank account yet as only submitted my visa app yesterday but would love to change at this AUD$ rate.

Can i sign up with Ozforex/Hifx etc and get them to keep the rate from today without me actually changing the funds now as they obviously have nowhere to go at the moment...

Grayling

Ozforex have closed to new clients until next week.

G