zbettyboop

Hi All

Was wondering if anyone has transfered money form UK to Australia.
If so was it easy and how much does it cost.

Thanks Beth

tabby

We use www.hifx.com, they were great you just phone them up and ask to open a account, they send you paperwork which you can mail or fax back.Once your account is up and =running you phone and ask to speak to a trader who will explain all your different options (spot rate, forward rate etc.....) and how they work, they give you the rate and the total amount you receive there is no charge as they lump loads of peoples money together and this is how they make there money (I think) we kept an eye on the rate at www.xe.com and we reckon you get 2-3 cents less than the rate there and remember don't be afraid to barter for more as this may get you an extra 1/2 - 1 cent more per pound

ABCDiamond

I used HSBC UK to HSBC AU, and negotiated a very good rate with them. Cost £10

But the rate is more important than any charges. eg:
£50,000 at 2.401 = $120,050
£50,000 at 2.400 = $120,000

.001 = $50 difference on that sum. .01 = $500 etc

My saving was in the $'000's region, so I didn't worry about £10

TraceyW

We did all of ours with the Commonwealth.

Opened a London bank account with them. Put all of our dosh into it, they transfered it.... free of charge and they also matched the rate Hifx were offering!

Went into the Commonwealth in Perth City, got all of our cards etc, drew all of the money out by cheque and bunged it into a bank account with a bank that don't charge silly money every time you so much as fart in the direction of an ATM!

stutess

how long had you banked with HSBC in the uk before you made the money transfer.I use another bank here at the minute, but went to see HSBC about an aussie account. They were really helpfull, so I might try the same route as you.

ABCDiamond

About 5-6 years I think.

Amanda&Paul

You can transfer your sterling to any bank in Aus. Just need to go into your bank over here and ask for that bank's swift code and GBP settlement instructions. Most will accept GBP and often offer a better rate in Aus than in UK even HIFX. I work in International banking here in Brisbane and a customer of ours just made an extra $8000 on £100K transfer using bank here to convert rather than HSBC in UK. She was emmigrating - made me a bit nostalgic. Always worth doing your homework and comparing rates on offer over the course of a week. As Diamond says it is the rate that you need to worry about not the fees.

Coulterk

Key thing is to get comparitive quotes at the same time from different places.

I used hifx after getting 3 quotes from other banks.

Lindsay Clan

We use Custom House in the UK to do all our money transfers and they are very good and very competitive.

Lorraine