Transferring money
 

Hi All, Well got our visa grant on Tuesday and we are planning to fly out on the 12 January so its all systems are go, scary stuff :scared: . One of the million and one questions I have going round my head is, how do I get my money there, can I open a bank account from here and transfer that way, or is there another better way of doing things. should have have looked into this before now :o .

Re: Transferring money
 

http://www.migrantbanking.co.uk

If you are transferring a large sum of money, licenced banks are probably the safest option.



Jeremy

Re: Transferring money
 

As well as the commonwealth account I've also set up an account with Ozforex/Tranzfers. Once we get our house sale monies I'll see who offers the best rate and transfer it using them

Re: Transferring money
 

I use HiFX for the transfer of money, they have no charges for this and they can also help setup a bank account over there for you (not sure on exact details as we haven't got that far yet, but give them c all).


www.hifx.co.uk

Re: Transferring money
 

Don't believe their clain about no charges - see the posts warning of HIFX charges.

Rgds

Re: Transferring money
 

Check out Tranzfers for money moving - good rates and very easy.

SS

Re: Transferring money
 

No charges does not always mean better.

£100,000 at 2.2490 = $224,900 less charge of £25.00 = $224,843.78
compared to
£100,000 at 2.2480 = $224,800 less charge of NIL = $224,800.00

The company with NO charges, in the above example, makes more money out of you. And that is at only 0.001 difference in the exchange rate given.

Change the rate difference to 0.005 and it's over a $400 difference.

Obviously smaller transfers can be very different.

I transferred mine with HSBC (UK) to HSBC (Aust) and paid a £10 fee.
The rate I got at the time was very close to the interbank rate.
The normal interbank 1% rate on that day was:
You buy 1 British Pound : 2.842 Australian Dollar
You sell 1 British Pound : 2.784 Australian Dollar
I got 2.795


The normal credit card rate for that day was:
You buy 1 British Pound : 2.871 Australian Dollar
You sell 1 British Pound : 2.756 Australian Dollar

and the cash rate (Tourist) was
You buy 1 British Pound : 2.927 Australian Dollar
You sell 1 British Pound : 2.700 Australian Dollar (a difference of 0.095 or 95 times my first example above)

Pick the wrong rate and.......
£100,000 at
cash rate (Tourist) = $270,000
credit card rate = $275,600
Interbank 1% = $278,400
best HSBC at the time $279,500

The actual Interbank rate was 2.81424, (ie: the figure the banks work on before any profit is made). So at 2.795, they would make £1,924 on a £100,000 transfer.

Or £11,424 profit if they got the tourist rate :D

Now you see how the banks can make money, and thats without ANY charges being applied ;)