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Transferring money

Transferring money

Old Apr 5th 2002, 11:47 am
  #1  
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Default Transferring money

I read alittle while age that people were using indepentant companies to help transfer money to australia

Why??? Why not just open an account with say the commonwealth bank and transfer your money with them????

Would this not be easier (they have a migrant service in london - u can open an account and not even travel to london)

Please could u advise pros and cons of using a bank??????
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Old Apr 5th 2002, 4:35 pm
  #2  
Winnie
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Default Re: Transferring money

"Tambo" <[email protected]> wrote in message
news:[email protected]...
    > I read alittle while age that people were using indepentant companies to help
    > transfer money to australia
    >
    > Why??? Why not just open an account with say the commonwealth bank and transfer
    > your money with them????
    >
    > Would this not be easier (they have a migrant service in london - u can open an
    > account and not even travel to london)
    >
    > Please could u advise pros and cons of using a bank??????

IANA financial expert but:

The currency companies say they offer better rates. However one went bust recently
owing lots of people money, of course.

We've used a bank (two actually) and found them excellent - I'm not sure it's worth
the risk for the extra few cents....

Winnie
 
Old Apr 6th 2002, 4:50 am
  #3  
Jaj
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Default Re: Transferring money

I think some people were attracted by 'better' exchange rates compared to what they
could get from a bank.

In the light of the Exchange Direct plc collapse, in which some migrants have been
caught up, I would suggest only using properly licensed retail banks at both ends of
the transaction.

Routing funds from your UK bank account to the Commonwealth Bank in London, and
onwards to the Commonwealth in Australia is probably as safe as the banking
system allows.

Jeremy

    >On 5 Apr 2002 14:05:08 GMT, Tambo <[email protected]> wrote:

    >I read alittle while age that people were using indepentant companies to help
    >transfer money to australia
    >
    >Why??? Why not just open an account with say the commonwealth bank and transfer your
    >money with them????
    >
    >Would this not be easier (they have a migrant service in london - u can open an
    >account and not even travel to london)
    >
    >Please could u advise pros and cons of using a bank??????
    >
    >
    >
    >--
    >Posted via http://britishexpats.com
 
Old Apr 6th 2002, 4:50 am
  #4  
Dkc
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Default Re: Transferring money

Tambo <[email protected]> wrote in message
news:<[email protected]>...
    > I read alittle while age that people were using indepentant companies to help
    > transfer money to australia
    >
    > Why??? Why not just open an account with say the commonwealth bank and transfer
    > your money with them????
    >
    > Would this not be easier (they have a migrant service in london - u can open an
    > account and not even travel to london)
    >
    > Please could u advise pros and cons of using a bank??????

If you are moving large sums of money, a reputable bank is your best bet. They will
give you rates competitive with any independant company. We are headed to NZ and
used the National Bank of New Zealand. They were prompt, helpful and even faxed a
letter to the NZ Embassy once we had met the deposit requirements. I have talked to
them on the phone several times - they have even called me back promptly after
leaving voice mail.

Save yourself the anguish and stress - find a reputable bank and be safe.
Jockeying for the highest exchange rate but not being secure isn't worth the
higher exchange rate.

Good luck

Darryl
 

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