Ozforex vs. HiFX (read the small print!)
Jun 18th 2007, 11:53 pm
#46
Forum Regular
Joined: Jun 2006
Location: Albany WA
Posts: 157
Re: Ozforex vs. HiFX (read the small print!)
We did a CHAP's transfer to avoid that problem. Before we left the UK we got my dad to be an authorised signatory on our account so he went into our bank yesterday and organised it. I e-mailed him all the details; the CHAP's transfer cost £30.
Jun 19th 2007, 5:58 am
#47
BE Enthusiast
Joined: Jul 2006
Location: Now Perth! Kalamunda
Posts: 690
Re: Ozforex vs. HiFX (read the small print!)
Hi,
One thing people should consider is whether Ozforex is giving you the best rate. I assumed they would be better than the UK bank and we opened an account, however when we came to transfer the proceeds of a house sale and asked both the bank and Ozforex what rate they would give us the bank was considerably better... just something to bear in mind, don't always assume Ozforex or HiFX will be better..
Cheers
Chris
One thing people should consider is whether Ozforex is giving you the best rate. I assumed they would be better than the UK bank and we opened an account, however when we came to transfer the proceeds of a house sale and asked both the bank and Ozforex what rate they would give us the bank was considerably better... just something to bear in mind, don't always assume Ozforex or HiFX will be better..
Cheers
Chris
Jun 19th 2007, 7:49 am
#48
Banned
Thread Starter
Joined: Dec 2004
Location: Tapping (Perth)
Posts: 2,619
Re: Ozforex vs. HiFX (read the small print!)
NatWest Current Account: Only allow you to transfer up to £10,000 out of your account per day. [You'll do the maths how many days it'll take you to transfer your life savings.]
Nationwide FlexAccount: Allow you to transfer up to £10,000 per transaction. You can have as many transactions per day as you like (and that includes as many transactions to the same person - they mention that specifically).
Halifax Variable Websaver Account: You can transfer up to £2 million per day (but they reserve the right to stop you in your tracks if they suspect criminal activity or if the amount transferred out interferes with their business activities).
Nationwide are the only one of the above who actually explain this on their web site. The other two don't mention it - not even in the terms and conditions for the account
.As someone else has said, some accounts allow you to do a CHAPS transfer. But you need to be in the UK to make that happen or have someone as an authorised signatory on the account who can then make that happen while you're in Oz. (If your account is entirely web-based, i.e. the only way to get money in or out is via internet banking, then you usually can't do a CHAPS transfer.)
Gina
Jun 19th 2007, 8:03 am
#49
Forum Regular
Joined: Apr 2007
Location: Yorkshire
Posts: 120
Re: Ozforex vs. HiFX (read the small print!)
I thought I'd give some examples of the above:
NatWest Current Account: Only allow you to transfer up to £10,000 out of your account per day. [You'll do the maths how many days it'll take you to transfer your life savings.]
Nationwide FlexAccount: Allow you to transfer up to £10,000 per transaction. You can have as many transactions per day as you like (and that includes as many transactions to the same person - they mention that specifically).
Halifax Variable Websaver Account: You can transfer up to £2 million per day (but they reserve the right to stop you in your tracks if they suspect criminal activity or if the amount transferred out interferes with their business activities).
Nationwide are the only one of the above who actually explain this on their web site. The other two don't mention it - not even in the terms and conditions for the account.
As someone else has said, some accounts allow you to do a CHAPS transfer. But you need to be in the UK to make that happen or have someone as an authorised signatory on the account who can then make that happen while you're in Oz. (If your account is entirely web-based, i.e. the only way to get money in or out is via internet banking, then you usually can't do a CHAPS transfer.)
Gina
NatWest Current Account: Only allow you to transfer up to £10,000 out of your account per day. [You'll do the maths how many days it'll take you to transfer your life savings.]
Nationwide FlexAccount: Allow you to transfer up to £10,000 per transaction. You can have as many transactions per day as you like (and that includes as many transactions to the same person - they mention that specifically).
Halifax Variable Websaver Account: You can transfer up to £2 million per day (but they reserve the right to stop you in your tracks if they suspect criminal activity or if the amount transferred out interferes with their business activities).
Nationwide are the only one of the above who actually explain this on their web site. The other two don't mention it - not even in the terms and conditions for the account
.As someone else has said, some accounts allow you to do a CHAPS transfer. But you need to be in the UK to make that happen or have someone as an authorised signatory on the account who can then make that happen while you're in Oz. (If your account is entirely web-based, i.e. the only way to get money in or out is via internet banking, then you usually can't do a CHAPS transfer.)
Gina
We have a Cahoot account which is totally online. I have confirmed with them that we will be able to organise a transfer whilst in Oz. Apparently no problem (although still in the UK and haven't actually tried this as yet). We are able to do this in one of two ways, ie online via BACS (no cost, but will take 4-5 working days to transfer) or via CHAPS, (same day transfer, cost £25, slight problem you have to phone them direct between 9am and 11am to organise a CHAPS and get a same day transfer).
Also no monetary limits to the transfers.
Last edited by boyz119; Jun 19th 2007 at 8:04 am. Reason: Add details
Jun 19th 2007, 8:08 am
#50
BE Forum Addict
Joined: Jul 2005
Location: Poole, Dorset
Posts: 1,217
Re: Ozforex vs. HiFX (read the small print!)
Thats really interesting reading and definately something to bear in mind when the time comes for us to transfer money.
Thanks for posting.
Thanks for posting.
Jun 19th 2007, 8:09 am
#51
Always the last to leave.
Joined: Jul 2005
Posts: 1,399
Re: Ozforex vs. HiFX (read the small print!)
I am with Halifax and able to do a chaps transfer without being in the UK [up to 50,000 pounds, and they had to be notified by 2pm so the transfer would be made to the other account by 5pm on the same day] online with Halifax you can do a transfer of 15,000 pounds per day free of charge, but it takes 3-4 days for the money to reach the other account. My BF is with NatWest and able to do a chaps transfer also, but had to send a letter confirming it first.
Jun 19th 2007, 8:36 am
#52
BE Enthusiast
Joined: Jul 2006
Location: Now Perth! Kalamunda
Posts: 690
Re: Ozforex vs. HiFX (read the small print!)
I thought I'd give some examples of the above:
NatWest Current Account: Only allow you to transfer up to £10,000 out of your account per day. [You'll do the maths how many days it'll take you to transfer your life savings.]
Nationwide FlexAccount: Allow you to transfer up to £10,000 per transaction. You can have as many transactions per day as you like (and that includes as many transactions to the same person - they mention that specifically).
Halifax Variable Websaver Account: You can transfer up to £2 million per day (but they reserve the right to stop you in your tracks if they suspect criminal activity or if the amount transferred out interferes with their business activities).
Nationwide are the only one of the above who actually explain this on their web site. The other two don't mention it - not even in the terms and conditions for the account.
As someone else has said, some accounts allow you to do a CHAPS transfer. But you need to be in the UK to make that happen or have someone as an authorised signatory on the account who can then make that happen while you're in Oz. (If your account is entirely web-based, i.e. the only way to get money in or out is via internet banking, then you usually can't do a CHAPS transfer.)
Gina
NatWest Current Account: Only allow you to transfer up to £10,000 out of your account per day. [You'll do the maths how many days it'll take you to transfer your life savings.]
Nationwide FlexAccount: Allow you to transfer up to £10,000 per transaction. You can have as many transactions per day as you like (and that includes as many transactions to the same person - they mention that specifically).
Halifax Variable Websaver Account: You can transfer up to £2 million per day (but they reserve the right to stop you in your tracks if they suspect criminal activity or if the amount transferred out interferes with their business activities).
Nationwide are the only one of the above who actually explain this on their web site. The other two don't mention it - not even in the terms and conditions for the account
.As someone else has said, some accounts allow you to do a CHAPS transfer. But you need to be in the UK to make that happen or have someone as an authorised signatory on the account who can then make that happen while you're in Oz. (If your account is entirely web-based, i.e. the only way to get money in or out is via internet banking, then you usually can't do a CHAPS transfer.)
Gina
