Transferring funds when in Oz
 

We’ve set up an Australian bank account and completed an initial transfer via OzForex, and will hopefully do another transfer (depending on the rates) before we leave the UK next weekend.

However, a large portion of our money will remain in the UK for the time being.

My question is how do we go about requesting large transfers from our UK bank (Lloyds) to the OzForex UK account once we’re in Australia as Lloyds limit internet transfers to a maximum of £10,000 per day. I wouldn’t want to rely on Internet transfers anyway as there’s a delay of 4 working days which isn't helpful when locking in to a rate.

Re: Transferring funds when in Oz
 

Dunno about Lloyds, but with my bank, Smile, i just phoned them up (from Oz, via Say G'day card), and arranged a CHAPS transfer (i think it was called that).

They only asked me the account security questions and then all i had to do was give them OzForex's account details and how much to transfer.

Re: Transferring funds when in Oz
 

We use abbey. Ozforex happy with 4 day BACS transfer, and with abbey you can do it all online with no limits.

We had an esaver account paying 5.9-6.4 as it has a .5% bonus for the first 12 months.

Re: Transferring funds when in Oz
 

Interesting that Abbey has no limits for Internet transfers. I find it a bit annoying and limiting that Lloyds has a 10k limit per day ... but then perhaps feel a bit safer knowing that some criminal can't wipe out all my funds in a single shot :eek:

Re: Transferring funds when in Oz
 

Hi.
We have a Lloyds account in the UK. When I transferred money into Ozforex, I explained that they would allow only £10k per day. Ozforex were fine with that, so long as they had the first payment in their account within the 3 day limit. You still get the rate that you locked in at. Ozforex obviously can't transfer the money into your Aussie account until you have paid them in full. We have had no problems transferring £10k a day.

The first time was £50k, which was over a Bank Holiday weekend.I locked the rate on the Friday & they didn't get the first payment until the Tuesday.

Also, when in Aus we transferred the rest of our money, which again was over 4 days.

Hope this helps and puts your mind at rest.

Chez

Re: Transferring funds when in Oz
 

Thanks for the info. Good to know that Lloyds and OzForex don't baulk at the idea of doing £10k a day for a couple of days in a row, but it could get a bit tedious and slow if you have a couple £100k to do.

Re: Transferring funds when in Oz
 

The last time we did, anything over that 10K limit had to be done by filling in a paper form and sending it to Lloyds [from Oz as well....]

Re: Transferring funds when in Oz
 

My money was in a Barclays account and when we moved to OZ i had to write them a letter requesting the money to be put into Ozforex account. This took time and was a pain to be honest. But once they got my letter they rang me and confirmed how much was to be put in Ozforex acc. Within a couple of days my money was in my OZ acc.