findlay_stuart

Hi there,

Quick question, I signed up with OZforex/UKforex and I think i will use them to transfer my funds.

Has anyone used these guys? are they safe? are they the best way to do it? Obvioulsy when transfering such large amounts, you want to be sure!!!

sals

I've used them. All safe and secure. Done one transaction to activate my Westpac acc as still in UK. Did it all on line using internet banking. Safely arrived in my account. Only problem at the minute is the terrible exchange rate compared with earlier this year when I wasn't in a position to move my cash

findlay_stuart

Tell me about it, 2.24, is pretty low, I'm thinking on hangin off til at least 2.30 up if that comes about. Pitty i wasnt going to the USA!

It seems to change by a cent odd every day, but nothing major. Thanks for the info!

scrum

Same here - no complaints at all.

Trish

findlay_stuart

Hi, So i decided to go get a quote today from UKforex, there telling me i can get it at 2.24, when the net clearly shows 2.27? whats with that?

Sounds dodgy to me, does the net just hook you in? or did i get wrong information?

sals

Quite often the rate is lower dependant on how much money you change. I got a better rate for over £10k than I did at same time, on same day for £1500. Also it depends whether, what you where quoted for was a forward rate, cos they are often a bit less than the spot rate but you take your chances with the spot rate. You have to keep watching it and be ready to move if it suddenly spikes. Where as with the forward rate they'll guarantee it and move your money when the rate hits your agreed rate.
God I hope this makes sense I may have confused myself!

Swooty

I see the exchange rate has been creeping up over the last two days, long may it continue

sals

Yep had my rate alert it was over 2.3. Maybe if we all think positive I'll get my rate alert saying it's over 2.5. Now that would be fantastic

Sooty and Sweep

Started a thread, but hey i will ask here aswell.

Hi.

The Scenario

1) Nationwide Flex Current Account
2) OZ Forex account
3) Bankwest Current Account
4) Building Society Account UK Based with the £10,000.00 in it

The exchange rate next week hits 3.5 dollars to the 1 pound sterling

I like that, so i want to exchange my money over at that rate. The trouble is i have to give 90 days notice or lose 90 days interest accrued on my deposit.

Can i buy a 90 days forward contract at the rate of 3.5 to 1 on this day it hits this new high, then in 90 days change my money over to Australian dollars.

Also how long does the process take, why i ask is if you move a large sum, you stand to lose a large sum in interest.

1- Move money from building society account to your Nationwide Flex account, so BACS two days, or CHAPS one day plus £30.00.

2- Move money from your Nationwide Flex account to your OZ Forex account, so BACS two days, or CHAPS one day plus £30.00.

3- Move money from your OZ Forex account to your Bankwest Current Account How Long?

4- Move money from your Bankwest Current Account to your higher rate savings account How Long?


Quite a lengthy process, could take all in all aweek to complete?

Does this sound about right? This is just an example, figures are artificial.


Spot Rate GBP/AUD 2.2873/2.2901


Forward Points Outright Forward Rates

Period Bid Ask Period Bid Ask
1 Month 0.001440 0.002070 1 Month 2.288780 2.292160
2 Months 0.002970 0.003880 2 Months 2.290310 2.293970
3 Months 0.005080 0.006000 3 Months 2.292420 2.296090
6 Months 0.013100 0.015540 6 Months 2.300430 2.305630
12 Months 0.036540 0.041170 12 Months 2.323870 2.331260
2 Years 0.085390 0.093030 2 Years 2.372730 2.383110

So i could lock in today and buy at 2.383110, is this correct?