youcanlaugh

Take a look at www.hifx.co.uk & www.ozforex.com.au

You want to use a proper currency trader for that sum. We will be. I've opened accounts at these 2 places so that I'm ready.

They offer much better rates than the banks.

Wozza

I have heard of HIFX, but with a large sum of money, what commission rate do they charge?

Woz.

youcanlaugh

The currency houses don't charge commision, and their rates always seem far better than the banks, so you gain both ways. Some will charge a fixed fee to transfer the funds to the final destination (around 30 quid), but others don't. HIFX handle all of the post offices currency trades, so they are big players, and they all have migration experts (with regard to people in our position moving our funds out there) that you can chat to for free whenever you like, and they also offer several ways of hedging your bets (forward orders etc)

I'm going to use either HIFX or ozforex. Depends what they offer on the day. Ozforex gave me a fixed rate about the bank rate, so for instance is the bank rate was 2.40, they will give you 2.40-(small fixed rate - where they make their money), so they are very open.

Sounds like I'm on commision doesn't it. I'm not. I'd just like us all to get the best deal we can, and stop the big UK banks taking a huge chunk of our case before we even get there.

If you have any questions, feel free to ask. Although I am no expert, I've looked into this a fair bit.

Wozza

Thanks for the reply. If HIFX don't charge commission, how do they make their money? Is it a fixed fee as well, is it a percentage? How long does it take to set up an account with them as I guess i will need to get a move on.

Thanks,

Woz.

youcanlaugh

You can set up an account online, but you need to send (can be emailed or faxed) a copy of a utility bill, or something of the kind. Same goes for ozforex. They make their money on the difference between the bank interchange rate and the rate they offer you, so the banks may be trading between each other at 2.40 (not the rate you would get!), and hifx will offer it to you for 2.3985 so it is really a percentage. The rate varies depending on how much you change. OzForex gave me a rate based on the total amount I will be transfering, and I get that rate even on the initial 100K bond even though there is no obligation to change the rest of my money with them. The banks all appear to charge a far higher % (eg. 2.385) plus charge a commision. Cheeky gits. The strange thing is, the banks are not required to show how much money they charge/make when it comes to foreign currency transactions, so you never see the amount in their end of year reports. I have no idea why that is, but it means that really, we have no way of seeing what kind of % they charge. The only way you could find out is to phone them all and ask for the "spot rate", which is the rate at that exact moment in time. The problem there is that the spot rate changes literally every second.

Wozza

OK. So how do Ozforex do it if you don't mind me asking and which in your opinion would be the better of the true (all things being equal that is?).

Woz.

Bed Of Roses

Your in mate

Congratulations mate

Itll be the next step for us the bond request we had meds done and they should have arrived at Sydney today.
I was looking at investing with Western they seem to be giving the best rate at the moment

Be interested in the the answer to the above too?!

teach

Hiya Woz,
Congratulations, I would say you are in. It usually takes between 10 - 21 days to issue visa after lodging bond, ours took a bit longer as our CO went on extended leave. It was only because I got curious and sent e-mail which bounced back saying he was having a looooonnngggg holiday that I found this out. Sent same e-mail to alternative addie, they replied asking me to be patient as they were allocating a new CO. Visa granted following working day.
Won't be long now.
Sarah

alwin328

Hello ..

My case is different ... AOS took five months medicals & PCC submitted in Nov-2004, My assurer got bond request and will submit bond on teusday- 12th April. Meantime, my CO send an email saying that he is awaiting the AOS approval to finalize my application. I hope my my application will be successful but not sure how long.. Can u plz. advice friend... Skilled Aus. Sponsored Category /...


Thanks

youcanlaugh

Hi Wozza,

I've spoken to both of them, and they are both good. I have a sneeky feeling that OzForex may offer a slightly better rate, but you won't really know for sure until you put them to the test. With OzForex, they have to receive your funds before you execute a deal (unless you bank with Barclays in which case you can transfer funds the same day - you have to let them know so they can set the flag on your account). With HIFX it appears you can trade immediately and send funds up to x days later (but you'd have to double check that). HIFX are based in Windsor, OzForex are based in Sydney, but they do stay open during UK business hours. I think they are a smaller setup.

So, after all that you'll notice I haven't actually answered the question. Clever eh?

One thing I would recommend is phoning them both and chatting to their migration section. You'll soon get a feeling who you would prefer to deal with, or at least put your mind at rest about using their service.

Let me know what you think.

Bed Of Roses

Nice reply ever thought of running for Government could be a Blair babe with that sort of side step.

Great info though still cant make me mind up with these two either

are there any other firms do the same sort of thing?

Wozza

So, after all that you'll notice I haven't actually answered the question. Clever eh?

One thing I would recommend is phoning them both and chatting to their migration section. You'll soon get a feeling who you would prefer to deal with, or at least put your mind at rest about using their service.

Let me know what you think.[/QUOTE]

Thanks - I will ring them both although I do have a question for youas you have looked into thins. Earlier on in the thread, you said that they offer a better rate, however, you then said the way they make their money, if I understood this right, is by keeping the difference in what their rate is and that of the banks. Therefore, you only get the bank rate anyway, please correct me if I am wrong here. If that is the case and with some banks not charging commission on exchange rates now, I can't see the benefit of using someone like HIFX or have I missed something here?!?!?

Help!!

Woz.

bridiej

I've been recommended one by a friend who's Mum just moved to Spain: www.currenciesdirect.com

youcanlaugh

Hi Woz,

The term "bank rate" is a bit misleading. This is the rate that banks charge each other, not what banks offer the public. Think of it as the wholesale price. The banks/currency dealers then add their % and then offer it to us lot at the retail price.

Wozza

Given that rates are a much of a muchness and my other half works in a bank, would it not be worth considering exchanging through the bank where she would not be charged any commission?

Woz