glittababe

Just need some advice really about money (yes again)!!!!! What do we do about transferring it to aussie $$$$'s? Do we need to set up an account in aus then do it, or do we use one of these HIFX accounts? Not sure of the next stage really. Don't know whether to leave it in the UK account as long as possible as the exchange rate is low at the mo, or transfer it and get it over and done with. Ahhh I'm confused!!!!!

Mrs Jackaroo

You need to set up at account with HIFX etc and then transfer it when you're ready (account open in Oz etc).

The exchange rate may be on the low side at the moment but the interest rates in Oz are higher so its swings and roundabouts - you could do really well if you leave it in a high interest account in Oz.

We're only taking across £10,000 so we're just going to transfer it across through our bank - anything for an easy life at the moment!

HTH

Rach xxxx

spalen

If you use HIFX you have to have a target bank account already setup. Their transfers involve phone calls to broker + faxing order documents.

I used them first time and now use Tranzfers

Check these two threads I replied to out
http://britishexpats.com/forum/showthread.php?t=360913 (Post #10)
http://britishexpats.com/forum/showthread.php?t=361322

It explains different ways to move money around between UK and Aus.

If you need some money but not all of it with tranzfers you can setup multiple trades or 'buckets' of funds. Like 4 x 10k or 4x5k or whatever. Then select ' I will convert' option when setting them up. Its all easy... Then when you want/need a bucket of money or the excange rate is ok for you then you log on and chose 'trade' and the money moves. Or of course leave it in uk bank account and do it that way one 'lump' at a time.

Goodluck!.

lostpom

HIFX are OK - I've used them loads.

Min. transfer is 10K GBP (at spot rate, i.e. whatever they decide to give you)

If you want to specify a rate, I think the min. amount is 15K GBP

lostpom