JAMFC

My parents want to transfer some GBP to me here in Australia, what's the best/easiest/most cost efficient way to do this?

I have a 28 degrees card but they've just told me the GBPs would need to be exchanged to AUDs first before being put on the card. Is a straight bank transfer usually the best?

Thanks

Bermudashorts

The best way would be to use a broker like ozforex for example as the rates are better, but it does need setting up first. However if it is a one off, then maybe yes just ask the bank.

Tramps_mate

They can use UKFOREX at their end. Took me about a week to validate myself with them.

If you need it ASAP then the bank may be best..

Pollyana

Depending on how much it is have a look at www.tranzfers.com - they are part of Ozforex but deal in smaller amounts.

Alfresco

Also have a look at:

http://www.exchange4free.co.uk/

Prudi

OH and I used Citibank. I set up a UK Citibank account (with minimum opening amount), and he set up an Australian Citibank account (with monthly maintenance fee), and we were able to make free online immediate transfers between the two accounts. Worked for us.

JAMFC

Thanks everyone, I'll look into all the suggestions.

Forget to mention, they don't use internet banking at all and when they've sent small amounts of money in the past for gifts etc they go into their branch and do it from there. This time it's about GBP 40K so the rate is a bit more important. By how much do the rates usually vary anyway?

ozzieeagle

A non posting ex brit told me of a method he uses, which I've never seen mentioned on here before.

Get a trusted familymember to send their credit card, and pin number to you which enables UK bank account access to you and transfer the money GBP into their account.

When your finished you simply post back the card.

I could definitely do this in reverse if I wanted to send AUD to Aus as my Brother is 100 pct trustworthy vice versa with me and him... Therefore if my Father wanted to send me cash again in the future... just transfer into my brothers account, my Brother posts his credit or debit card with overseas debit set up and voila.

Bermudashorts

I don't get it. Can you explain again....

ozzieeagle

If I want to send Aus Dollars to the UK then I send my Aus Credit Card/Debit Card to the UK by post and give my Brother the pin number and voila there is the cash.

If I wanted to send money from the UK to Aus... I would transfer any UK money I had in an account to my Brothers account via net banking and he would send his Credit/Debit card to me with his pin number I would be able to access the money at any ATM. The usual way I get money from the UK is from My Father who doesnt like having excess funds in his bank account.... He is on a full council pension plus the OAP and has plenty of excess cash that he distributes to my Brother/Sister and myself a couple of times a year..

The cards get posted back when your finished.

Kiwipaul

I assume you mean use the card in an ATM to withdraw cash.

This is fine for small amounts but their are daily limits on withdrawals from ATM (Barclays has a limit of 300 pounds) and to transfer 40,000 this way would involve one hell of a lot of withdrawals and take approx 500 days. Also the exchange rate is good but you get hit with fees which nullifies the good exchange rate.

Using a specialist exchange transfer company is far better but requires internet access. Failing that go into your branch and ask them to do the transfer for you. You will be hit with fees but it will be better than using a card.

ex reg

For £40k I'd use OzForex or UKForex as others have suggested.
There are a couple of other similar companies who do the same and supposedly have slightly better rates.
I've used UK Forex for about the same amount and they were sound.
No problem.
For 40k what's a week to set up.

Buzzy--Bee

Ozforex is very easy to set up and very quick to use.

BB

TangoBlue

Using a debit card that isn't yours is an offence and illegal...

Pollyana

Not to mention the danger of it getting lost in the post .....