Safin

Maybe I missed the boat a bit on this but in case it bounces back up to 2.70 and i do get there how do i pay ozforex? ie is their account in australia or is it in UK too.

I ask because it appears that our nationwide account can only do uk payments and transfers online and you need to take a form in to do a SWIFT transaction - a tad tricky from QLD - or post it which takes too long. Please correct me if I am wrong here.

Safin

yogita_dabasia

Hi, you an pay to their UKForex account held with Barclays. We bank with N/W too and this is how we have undertaken our transactions, hth

Pollyana

You pay from your UK account into their UK account. They then move it to their Aus account, and then into your Aus account.

Safin

Are you trading through OZforex or UKforex? I've registered with the oz one as that's where I am but can't find a way to get uk money to oz banks!!!!!

Hoping you can deal with the oz one but pay the UK one - anyone?

*oh looks like we can, thanks pollyana*

Pollyana

The whole point of using a company like this is that they do the bit where it changes currency.

So all you do is pay the money to them on the side of the world where it already is - so if your money is in Aus, you pay it into their Aus bank. If your money is in the UK, you pay it to their UK bank. They then send it across the world and it magically turns into the other currency on the way and lands in THEIR bank on the other side.
They then pay it from their bank into yours.

It works both ways, I've done it and once you've done it a couple of times it seems easy but I have to admit its a bit hard to think about at first!

dnex721

Hi

Just wanted to say - i love the thread but went on the OZforex site used calculator awesome rate and then tried to regiseter ... they are not accepting any more registrations until next week ...aagghhhhhh

Bev

Australia_bound?

Are you wanting to send money to the UK or get your money out in Aus?

Safin

Thanks Pollyanna. Like you say I am sure it'll seem simple once I've done it once.

I am trying to £ in the UK across to $ in Aus from one bank to another. It seems I can do it via OZforex, though not directly nationwide to Aus bank without going in in person or posting the swift request! But then I'll probably get better rates with ozforex anyway so won't worry about trying to do it directly.

johnpod

Hi we also use nationwide and hae had no issues re chaning money over as long as you have your card reader. You just set up a payment system on your on-line account, Ozforex will give you their account and sort codes no's and then you just move the money straight across - you have to do it in 10,000K blocks though as can't do more than this in one transaction.

Hope this helps, if you need more info send me a PM

Ali

dnex721

HI

Money to OZ

Thanks
Bev

Australia_bound?

Why not draw it out with cashcard in Aus? I know Nationwide offer this as a free service as I've used my cashcard in many countries and always get an excellent rate

hitchcock71

thats how we have done it x shame its only 10,000 a time though should be more but at least we can do it -

carlap

Just wondering if you paid in 10k blocks, did you do them all within 5 mins, or take a day or two. I have to pay from various accounts including Nationwide (3 days to transfer), Cahoot (4 days), Natwest (1 day).

I assume if you transfer, say 50k, they wait until you have sent them 50k then transfer that amount. But how long will they wait before the deal is cancelled, is there any problems doing it bit by bit ?

I was thinking of doing a forward rate, specifying 2 weeks from now as the maturity date. But I don't know if you have had the hassles I have in trying to get through. Spot rate is much easier and they have now set up auto confirmation on the deals.

Just checked the rate, clicked the 'go' button on 2.63 - closed for the weekend AAAHHHHH !

MelAndDan

You can do them within 5 minutes or 5 seconds or whatever. No need to log out and log back in. You set up a new payee, say UKForex. Then you pay them £10k. Then you select to do another payment; select UKForex again (once its set up, it'll be available from a drop-down menu), pay them another £10k - and so on until you've paid them the full amount.

Ozforex are aware that it takes up to three days for the money to arrive in their Barclays account. It's no problem.

Mel

savanna454

We have Nationwide Flex (UK) & Nationwide International (Offshore) accounts.

The Flex Debit card works in all the ATMs in OZ and you get the Visa Corporate Rate with 0% loading.

It gives the best rate available with a debit card.

See here: http://www.moneysavingexpert.com/tra...money#topcards

You can calculate the rate you get here:

http://www.corporate.visa.com/pd/con...jsp?src=ex_rez

Our debit cards give $1200/day ($600his/$600hers)

BACS transfers on our UK account (internet banking) are limited to 10K per transaction on "pay anybody" but you can keep repeating the transaction as long as there are enough funds!

So you could do 100K to Ozforex as 10x10K transactions which should all arrive in their account 3 days later (fingers crossed!)

Joking aside and to avoid any problems down the track with a large amount we're more comfortable with a single CHAPS transfer via telephone/fax banking (see below) but this service is not free.

Transfers between our two accounts are same day and foc Offshore > UK (can't remember UK > Offshore)

We use CHAPS for large amounts and this is same day but they charge 20 quid at the moment. (usually 25 quid)

Any large payment (eg 100K to Ozforex) needs to be setup before transfer but this can easily be done on the day and is accepted by fax.

Just as well as we can't "pop-in" from Melbourne!