ezvanetree

I am wondering if anyone has had experience transferring money electronically from Australia to an overseas bank account. We have left Australia and have used ANZ (our bank in Aust) to transfer money but their exchange rate was terrible. I have since read on the "Canada" forum about people using companies that are set up to do this but they are solely for people with UK bank accounts. So, are there similar companies in Australia? I looked online briefly but could only find ones that did very specific countries (not Canada). Thanks to anyone who can help me with this!

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

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 tha tmatters 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 trrade 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 therein.

ezvanetree

Thanks Spalen--that was useful information. I looked at the Ozforex site. Seems pretty simple to do. I appreaciate your help.