POW148

I know this thread has been done before but I would like to know how to move money from my UK bank account to my Australian Bank. Who do I use and how do I go about it.

Thanks in advance

Barney

Pollyana

Personally - register with www.tranzfers.com move the money to their UK account, they transfer it to here and pay it into your Aussie account. Its about £7 to do it, takes 2-3 days UK to Aus.

comet555

It depends on how much money you're moving. For smaller amounts then there's Transferz as Pollyana mentioned. Or you could use their sister company Ozforex for larger amounts. We've used Ozforex a bunch of times and have always been happy with the rates and speed.

As you've seen these threads before you'll know there are other companies as well but Transferz and Ozforex usually get recommended the most.

scotgirl1

We are moving to Oz from Scotland in a few weeks. We set up a London transfer account with the Commonwealth Bank of Australia. We transfer money from our domestic account into there, and click that we want to transfer to oz. The bank then activate an account in oz for our money. We just pick up the cards etc when we get there. It costs £15 per transfer.

However, our removal guys told us it is easier to take your uk cheque book with you and write yourself a cheque and pay it into your oz account. That way you don't pay any fees. This seems to be common practise, and it is something we will try. Hope this helps.

Bermudashorts

Doesn't look like a good option to me. International clearing would be slow and there are always costs, even if sometimes they are hidden in a poor exchange rate.

I would recommend Ozforex too, the exchange rates we got were very good.

Wendy

Yep, Ozforex for me too.

No fee, fabulous exchange rate and the money was in the bank within 24 hours.

NickyC

That's about the worst thing to do. It's not common practice, it will cost you heaps in fees/charges and take weeks.

Don't think taking financial advice from removal guys is a smart idea.

Pollyana

Can't be that common, it doesn't get mentioned on here!! Sounds like a very odd way of doing things

killerhales

If I recommend OxForex again will they send me another Christmas present like last year?

ozhappy981

And another recommendation for Ozforex and Tranzfers. They are the same company, Tranzfers is for smaller amounts and Ozforex for larger (from memory I think anything above $2,000 counts as "large").

Unless things have changed, they are part of Macquarie Bank.

comet555

I've never heard of anyone writing cheques from a UK bank. It would definitely not be something I would try unless I spoke with the bank first to see if there would be holds and what the rates typically are.

I had to deposit a cheque from Canada once and they told me overseas cheques took about 6 weeks to clear, I think the UK ones were probably quicker though. All in all the cheque took 5 weeks and the rates were really crappy. So I'd steer clear of cheques if you wanted the money quickly.