td1

Hi,

Daft question probably- but if I am moving my money when I go to Oz using a company such as HIFX, do I have to be in the U.K, Australia or either?

I know I have read about this before but my brain is scrambled just now with other stuff and I just cant remember!!!!

Suni&Jay

Either, but you will need bank account in oz to transfer it to.

spalen

I think with Tranzfers - but not HIFX - on tranzfers you can

- Put your money into tranzfers system without committing either an exhange rate or a target account.

- If you dont want all your money at once then setup small buckets of money - so if youve got 20k put in 4 x 5k trades. Setup the trade chosing hte option to 'i'll convert' , they'll send you an email saying pls deposit 4 lots of 5 grand in barclays bank acount xxx xxx xxx etc in UK.

- When you get to aus open yourself a bank account (can be done instantly in many banks) . Get home, log onto tranzfers - update your profile with the target account from the Aussie bank ,

- when you want the money - you chose 'convert' button on the trades list and they'll convert and you get the money about 24 hrs later in your aussie account.

Ring them to check but I think this is how it works. They are very good indeed and ultra friendly. They advertise on here as ozforex too. - same company.
I knowthis all sounds complicatdbut its no worse than doing a bank transfer on online banking. If you do leave your money in your UK account to move it later then beware of daily transaction limits or you may find it takes you a loooong time to move money across at 2k a day and 7 quid a time .

From memory HIFX trading was all done via faxes and stuff. They said they wouldnt do a trade like this or let you put your money 'into ' hifx wihtout a committed trade because they didnt work that way - so only tranzfers I know of as one who lets you 'store' money in their system. Yes you dont get interest on it but given the massive hassles with leaving money in a uk account etc etc just for a few quid interest this one looked the best option.

tranzfers are 100% safe - lots of people have used them on here Iuse them regularly.

With HIFX if you register in UK then move to australia you have to re-register in Australia - with lots of ID that you may not have. Like driving licence, address, etc - this was a major pain in ass for me. Tranzfers however is one registration from UK and it stays worldwide.

spalen.

SuperSeagulls

Hi

I used tranzfers without any problems at all. It was very easy indeed (all done online) and their customer service was excellent (if for any reason you needed to speak to anyone).

SS

Suni&Jay

Thanks for that Spalen, I have dealt with HIFX and they have been ok. I have also set up an account with UKFK but not transfered any money with them yet.

td1

Thanks for the advice- it is now one less thing I need to be stressing over

OzTennis

Yes, I think it is fair to say that the likes of HIFX might be better for larger amounts and the likes of Tranzfers/OzForex might be better for smaller amounts or regular transfers. Just as a matter of interest I got a quote from Tranzfers website a few mins ago and it was a fair bit below what I got from HIFX last week - unless the £ has strengthened by a couple of cents in the last week I'm glad I chose HIFX.

OzTennis

td1

Not that I am a financial whizz kid or anyhthing but I have signed up to get daily rates from a few different companies and at the moment HIFX always seems to have a slightly better rate.

spalen

Dont believe anything until you actually talk to them both about how much you want to transfer.

HIFX website rate is NOT the rate you get for 5k , 10k, or 30k maybe for 40k or 100k?... for example.. likewise Tranzfers rate I think changes on volume.

There is a vast difference between the spot rate - and the rate you get as a punter.

So when time comes - ring around. But for what you wanted to do - ie preload money in UK wihtout a destination aussie account - then tranzfers are the only ones I know who do it. HIFX definitely will not.

td1

I realise that the rate they show wont be the rate I get but it just helps me keep an eye on things.

As you say, the day I come to actually move the money I will be doing a lot of phoning around!!!

OzTennis

Just be aware that the rate quoted by HIFX in your daily email is the interbank rate (i.e. for dealings between banks) and not what you or I might get which is usually a cent or two below - it also varies depending on the amount you wish to transfer. My comparison between HIFX and Tranzfers/OzForex, albeit not at the same time was for the same amount (HIFX $2.3540, Tranzfers/OzForex $2.3380).

OzTennis