melaniee

What do people think the best way to transfer £ to $. I have heard people like HiFx charge loads. Any advice appreciated. We are already here.

lynnlovessun

Was planning on using HIFX as I thought they were better than going through bank will be interested to hear the answer to this one too - As far as I know you phone HIFX and agree a forward contract of an exchange rate and when they manage to get that exchange rate they transfer the money.

Lynn

wmoore

I compared HIFX to my bank and HIFX was way cheaper. I got 2c better on their exchange rate, plus no fees (my bank wanted to charge GBP45.

But if you're transferring less than GBP5000, HIFX won't touch it, try Tranzfers instead for smaller amounts.

I've used both and both are efficient and helpful.

melaniee

No charges with HIFX? I heard they charge 2% of what you are bringing over? Can anyone clarify?

SuperSeagulls

I used HIFX to lodge my bond - I think they cream 3c or something off the exchange rate as their commission (when looking at the charts on their website) but it was still far better than a bank.

SS

Pootle

I don't know about HIFX but surely they don't charge 2%!! We only brought over $30000 as have not sold house yet. Transferred it with migrant banking and were charged £15. If 2% was charged it would be $600 (and alot more if you transfer over house money)

Ruth

And&Mez

Hi, i was referred to www.tranzfers.com by wmoore to transfer our 5000AUD to our sponsor. They charge £7 per transaction and are really easy to use. I have found them to be great. Spoke to a very helpful aussie bloke when I had a query (mmmm) . Would highly recommend them. Mary

melaniee

Well that is what I thought! 2% is mad!!

Have heard tranzfers are good though

SnapOff

HiFx do NOT charge, they make there money by dropping the rate a couple of cents below the interbank rate, ie the rate they do the deal at is better than the one you get and they keep the difference. But they still seem to give a better rate than the banks etc and competitive with other currency dealers.

Jonahs_mummy

We are going to open an acct with Migrant Banking (Commonwealth Bank)

Oakie

The main man on money saving, Martin Lewis has given tips on this in the past. The best question is not to ask what the charges are, or what the exchange rate is, but how many dollars will I get for xx pounds.

You could spend hours calculating out figures, working out the commision etc and still not get the right figure. To a certain extent, the rate and charges are irrelevant. Phone round a few brokers and banks and find out how many dollars you will get after all exchanges and fees have been taken, and go with however gives you the biggest figure. Easy peasy.

racheybabe

I was wondering if any of you had thought of using the Nationwide Flex Account, which charges no fees when you use your card abroad. I have opened an account and will use the card to pay for bits and bobs. Their exchange rate is pretty good too!!!

spalen

Exchange Rates will almost certainly be much worse ont he natwest transfer than on specialists like HIFX and Tranzfers.

So if you're only doing a few quid - then yes Natwest will be ok

If you are doing regular but varying amounts then I cannot recommend tranzfers strongly enough. They are easy to register with , its all online , they process the transaction in less than 48 hrs end-to-end, you can keep control and watch it all happen. You can elect for them to auto-exchange for you or just 'hold' the money whilst you watch it and decide when to buy the $. They are briliant.

HIFX are good too - but not really as flexible or easy to use as Tranzfers. HIFX you need to phone up, fax things, etc. Tranzfers is all email and onine. HIFX is harder to register with (in my experience). They may offer a better rate for large deals than Tranzfers do - like the 'whole' proceeds of your house equity I'd use HIFX. HIFX will allow you to set a rate for a whole year and buy at that rate every month on a fixed value transfer.

If anyone says their service is free - they're either the first international bank operating as a charity ... or they're getting their money from the exchange rate , just like ht epost of office or travel agent. You shop around / compare rates and go with the best $$ for pounds.

Personally Ive used HIFX and now use tranzfers, I havent looked back since using them and Ive recommended them to lots on here. Please do me a favour and sign up with my referral - I only need a few more to get me a free ipod ;-) . I am nothing to do with them and wouldnt cheapen my reputation for an ipod ;-) they are great. Truly.
Click here to refer and add to my ipod fund (doesnt cost you anything, go on!)
http://www.tranzfers.com/refer.asp?r=ijcollins

Or here to register without adding to my ipod fund :-(
www.tranzfers.com

fraser

The commonwealth banks rate is better than both tranzfers and Currencies direct

ABCDiamond

It would be interesting to compare the actual $ per £ on some actual example transactions, preferably on the same dates, between the different options. As Oakie suggests. But I doubt if that would be easy to do.

I haven't used my UK card much recently but I did get a net $2.3411 to the £ on the 3/6/05, on the HSBC card, (no fees charges). Anyone else have a transaction on that day with a different account ?

With the banks here, I have noticed that the Diners Club card gives about a 3% better deal when spending overseas, than the ANZ card does.