elty

We are moving out to perth in mid june but i am leaving some money in the u.k until exchange rates are more favourable.My bank(abbey) has informed me that if i want to move large amounts of money to oz in the future i have to go into the branch in person to authorise which obviously might be a bit costly on flight back and forth.Does anyone have any reccommendations of where i should put said funds to allow me easy access and no red tape if i wish to transfer any of it.......cheers in advance

mark2

Hi elty,
We leave for adelaide mid june. Try clydesdale bank they have branches in u.k. n aus, so they dont charge for transfers, they have been really helpful also

cranston

First Direct are the best UK bank I ever had.

I also have an account with Citibank and they are fine. They have easy and quick transfers from Citi UK to Citi OZ too.

Iwannabethere

I'm happy to look after anyone's money!

paul30

if you have internet banking leave you're money where it is then when it's time to transfer it use a company like HiFx or ozforex (rates a lot more reasonable than your bank)

JenJen

We got a third party mandate and a telephone authorisation thingy done through HSBC last week, so my dad can put money in and pay things for us using our accounts. We can also call up and authorise large money transfers.

Jen

elty

cheers for all your replies.
The only real problem i have is that even if i want to move a large amount to hifx in the future for transfer abbey need me to go into my branch to authorize.Basically i need an account that i can manage online or by phone with no restrictions on moving large amounts of money.

JenJen

Surely if we can fill out paperwork to authorise the bank to move large sums of money by phone then you should be able to ?

Jen

elty

You would think so wouldn,t you.But no, they don,t want to know .

JenJen

Valued customer eh ?

elty

Apparently it,s "company policy".Blimey anyone would think it was my money!
ABBEY......its about US and YOUR money.

mark2

We were in same position, so we had to tranfer all our money to new bank. The interest rate isnt as good but at least we can get to it when we need it, n also if we tell them rate we r willing to transfer they do that automatically for you. But looks like u will have to move your money to one of the banks recomended above, then you will find it easier to get at.

asprilla

I don't have any recommendations, but I would suggest that you give some thought to the possibility that exchange rates aren't going to get much better over the next few years.

Or, think of it this way.....are the benefits of leaving it in the UK and possibly changing it at 45p per dollar, worth the risks of leaving it and being forced into changing it at 55p per dollar ?

As long as you are comfortable with the risks, then you've got no worries.

cheers

Amazulu

Try Alliance and Leicester Offshore. They are based in the Channel Islands. There is no problem setting it up and moving money from overseas and their interest rates are among the best available.

travelbug

I'm glad i've just read this thread as i also bank with Abbey and just assumed that come the time we go that i would have no problem leaving my money in the Abbey - and setting up an online banking account - and managing transfers etc via that....
I think i need to go into my branch sometime soon to see if i'm advised the same thing.....as i've found before that what one member of staff tells you is quite often different to what someone more experienced/senior might tell you!