lang81

Hi there,

Has anyone used Currency Solutions to transfer their money to OZ and if so how was the service ? I have also been told to look at HIFX. Has anyone used them ?
Your recommendations would be appreciated.

Thanks.

Poppy

I was recommended SJM and the guy sounds great, also Halo. I was told to try the smaller ones as they give better rates. I haven't got a link for them unfortunately, but try google.

I haven't sorted ours out yet, but hopefully will be soon. We are going to try and borrow some money as a deposit to secure the rate as it may go right down, who knows!!

Good luck

lang81

When are you hoping to transfer your money ?

Poppy

Around end of October or beginning of November which is when we are going.
We are renting our house out here and trying to get a buy to let mortgage to release some equity for us to take with us.

How about you?

michelle005

Hi you could open an australian bank account in the UK, the commonwealth bank has a branch in London. You open an account there before you leave then transfer your money into that account. The account will stay active for 2 years in which time you can transfer money whenever you like. That's what we did.

spalen

You are better off using a foreign exchange broker HIFX (www.hifx.com) or www.tranzfers.com are two. Tranzfers are more friendly and have had better feedback on here + other sites - if you do register use my referral id if you like so i get more brownie points

http://www.tranzfers.com/refer.asp?r=ijcollins

If you dont want to use my referral :-(

www.tranzfers.com

When you look at the rates to compare on their websites - you need to ignore the rates offered on the 'front page' only the rate that you get inside the website is the one that matters when you actually want to trade.

With Tranzfers you can 'load' money into tranzfers -so you can for example put 5 x 5Kpounds lump sums into the tranzfers system - send them the money , then step on plane. When you get over here you open your bank account, logonto tranzfers website - chose one of the 'lumps' of money and click on the 'trade' button, 24hrs later the money is in your account in Ausie Dollars or GBP going the other way. The reason you would split the money up like this is to be able to manage the exchange rate - or if the rate is fantastitc when you move then do it all in one go - its up to you. They charge 7 quid per transaction. They are tremendously easy to use.

HIfX will not let you 'front load' like this . If you register in UK for HIFX you have to -re-register again in Australia since they have regulation rules stipulating you cannot trade in australia on a UK account. HIFX trading is all done via fax + Phone - Tranzfers is all online just like online banking. Tranzfers use barclays bank. Trading with HIFX involves faxing multiple 'instructions' and making phone calls to trader etc, its a pain in the ass to be frank.

Tranzfers is all online, you can track your money - see what stage its at, and they are a phone call away both UK end and Aus end so you get help when you need it. I have used them 15+ times for amounts from 1kgbp to 20kgbp. Tranzfers + Ozforex are same company.

If you leave money in a uk bank account and plan to transfer it later - be aware of the daily banking limits for the account a 1k per day transfer limit becomes a pain in ass.

Do Not exhange your money at post office / via your bank - they will really cream money off you compared to the deal you get at HIFX or Tranzfers.

Finally - Read the insiders guide to foreign exchange article on BE under articles, written by the chap who runs Ozforex/Tranzfers - its pretty impartial and good advice contained there.

You can open an account from UK and do it through that bank but be careful of the rates you are offered and any fees to make the total exchange rate compared to what HIFX or Tranzfers will quote you. There is on hassle opening a bank account here - In the first 2 weeks of arrival you can walk into a bank wiht passport with recent landing-stamp in it and open an account , they count the fact that you've just arrived as enough to open the account + your rental/short term residence address. We opened with bank of queensland and were given cards, and account nbrs right there over the counter immediately.

I hope this helps - Tranzfers are rock solid , lots and lots ofpeople have used them.

CathnPaul

A very very informative post that spalen...think a little karma to be sent as a thank you to be honest....we are in the process of opening a HIFX account and were not aware of what happens at the other end...some more questions to be asked I think.

tonik25

We have just opened an Ozforex account and have been impressed with them so far. We are leaving in November and have used a lump sum to agree a rate. I must admit I was very daunted at the prospect of the money transfer but it seems to be fairly straightforward.

joanc

We have and still do use Tranzfers and Moneycorp. I like Moneycorp as you can actually speak to someone, and they don't charge for doing the transactions. Thier rate was also better than Tranzfers , they are open to bargaining.
Joan C

Pollyana

I have to echo Spalen's praise of Tranzfers - always been very helpful, and you can talk to someone if you need to. Been using them regularly for three years and have nothing bu good to say about them

spalen

You can negotiate with Tranzfers too . If you're doing a decent amount you can call them and discuss first , read the article in 'articles' section of thsi website - it explains how to get best bargains.