Thomaz

I currently have my pounds in a Commonwealth Bank short-term holding account whilst waiting for a better rate (so far I have been waiting six months for that coveted $2.52). The money (+GBP100K is earning 2% Net Interest). The rate offered by the bank is usually around 0.5% lower than the commercial rate. There are no transfer fees on amounts greater than GBP30K.

The question is, can I do better?

I’ve heard people rave about Halewood International. Do they offer interest whilst holding the money? And, more importantly, do they offer a better exchange rate than the bank?

Finally, is it worth trying to negotiate a better rate from these people? I never was one to haggle much in the past but since arriving in Australia I’ve become quite good at it… at least that’s what the salesman in Bing Lee told me.

Thomaz

Anyone else using the Commonwealth Bank to tranfer money?

All I seem to see is people using HIFX... they can't be that good can they?

dillon

I used a company called Exchange Direct (02078781878) in London. They will give you very close to FOREX rates and have nil fees. You can leave the money in any instant access account in a UK bank and once you have given ED your details you can ring up and buy on the phone and then transfer the money to them. They will tranfer the AUD to any account that you specify. It's pretty much like having a currancy trading account. I found this to be way cheaper than any bank could offer, and you can track what the FOREX markets are doing on Teletext (Chan4 page529 I think).
Only snag is you have to trade over £10,000.

Thomaz

Thanks, I will check them out.

I use this site to check the rate -

http://focus.comdirect.co.uk/en/quic...isenkurse.html

ScuntoBris

We used comm bank to transfer sterling to dollars and find it straight forward enough. We are now getting 5% interest on our current account in Australia.

Thomaz

I suppose it does make sense to transfer as soon as you can and start receiving more interest on your money.

5% is a lot better than anything I could get in the UK but do you know what it works out at after tax?

graham__smith

You will pay 10% witholding tax on the interest made on your oz account. Assuming you are non resident.