Jamesy

Aaaagh - good news we have been asked to submit our $100k bond so the visas look like they're on! Bad news OZ $ is 2.43 to the £! Anyone recommend who they have used to convert the currency?

Thanks

Nicki

yvsie

try this...

http://www.xe.com/

or this

http://www.hifx.co.uk/index.asp

dracupg

We used www.ozforex.com.au and found them very good. Beware the rate your are quoted ... it is much more imporant than the commission charged.

Vanou

Why do you say "Beware" ? Isn't it good that the rate they quote is more important than their commission ? Can you explain it further, what was your commission for instance ?

How long did it take to open the account with them ?

Thanx
Vanou

dracupg

Sorry, probably didn’t explain this very well. The point I was trying to make about any of the companies you use to convert you money is that they make their money on the spread between the Bid and Ask (buy and sell) rate of the currency, and it is this you should be looking at rather than any fixed commission you may get charged.

At the moment Ozforex are quoting 2.4307 for every pound. I don’t know how this compares to other companies, but this is where you need to shop around. Note that this rate is the Customer Rate, which is what you or I would get. A lot of companies will quote you the Inter Bank rate, which will appear a lot better.

On a large transfer, a small difference in the rate can mean a lot in terms of AUD in your pocket.

dracupg

Still not reached the dizzy heights of 1999. AUD could get stronger.

Vanou

Thanx for your quick answer !!

You said you used Ozforex services and were happy with them...
Did they offer you good strong guarantees for your tranfer?

Vanou

dracupg

Used them a few times. Money always arrives in Oz bank account in a couple of days. There is plenty info on the website about the process and security etc, but I would look at http://www.ozforex.com.au/payments_safety.htm if you are concerned about risk.