Exchanging Money-wow Its Was So Easy!
 

Hi
Just thought I would mention that today I changed half of my savings into dollars using HIFX. I am very impressed with the service. For ages now I have been worried sick about how I was gonna get my money out to Oz. I didn't fancy walking through customs with £100,000 in my back pocket. Any way I have now managed to open a bank account in Oz, online with the CITIBANK and get 5.4% into the bargain and when I explained to HIFX that I wanted to take advantage of the high exchange rate but do not have the bank account open yet they said, No probs, just pay us %10 of the deal and we will hold it in trust with Barclays bank until your account is open! Then when we are ready they will transfer the funds and we pay them the balance-GREAT. It is so nice to finally have this part sorted! So if anyone has any worries like mine then please check the out-Oh and if you use them, please mention that Sindy Dowden reccommended you and they will send me a bottle of wine!!!

Re: Exchanging Money-wow Its Was So Easy!
 

which account did you open for the 5.4%???

Re: Exchanging Money-wow Its Was So Easy!
 

found it. online cash manager

Re: Exchanging Money-wow Its Was So Easy!
 

do you have to be an Auusie Citizen to open an account ? Can you open it remotely from the UK as a UK Citizen ?

thanks
C

Re: Exchanging Money-wow Its Was So Easy!
 

I've just registered and got an account number. now downloaded forms to fill in. i've given my UK address and will add covering note

Re: Exchanging Money-wow Its Was So Easy!
 

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what do you mean by 10% of the deal?? £10,000???
thanks,
al

Re: Exchanging Money-wow Its Was So Easy!
 

Sounds like it. Most 'forward contracts' require 10% within 3 days or so

Re: Exchanging Money-wow Its Was So Easy!
 

[what im asking is "did it cost you ten grand to do this transaction 2 or was the amount a deposit for them to start the process and therefore how much did they charge you for the whole deal?/
thanks and sorry for the ignorance.
alk

Re: Exchanging Money-wow Its Was So Easy!
 

I traded £60,000 at a rate of A$2.52 per pound. As my account in Oz is not operational yet (and I am not an ozzie citizen, and I have given my UK address), they have asked for 10% of the deal. So I am going to be invoiced for £6000 via the post and I have to send them a cheque. I can request the remaining funds as soon as my account is open. You have 2 years to request the remaining funds, so you can leave the money sat in your account gaining interest for 2 years after doing the deal. They do not draw money from your account, they deposit the funds into your oz account first then you send them the money.

Hope this helps.

Re: Exchanging Money-wow Its Was So Easy!
 

so it will cost you 6 grand in the long run???

Re: Exchanging Money-wow Its Was So Easy!
 

No not at all-sorry for being ambiguous. It doesn't cost anything at all, it is all built into the share price. They trade at slightly below the banks trade rate and make a little bit per pound traded so in the long run they make a little bit very often (that's how they described it to me). The 6 grand is a deposit to secure the deal. I get that back when I pay the remaining funds. I traded £60000 and I get the equivalent dollars at a rate of A$2.525 to the pound. But even if the rate drops to A$2.35 again I still get A$2.525, so I am happy! I probably could have got a bit more if I paid straight away but I have no account open yet to deposit it. I am hoping the Citibank will have processed my application by Mid Jan when I can the complete the deal. If they drag their feet I have no worries as I have 2 years to complete if necessary. A good idea if you are trying to sell your house etc. and want to get the best rate but dont have to funds freed up yet!

Re: Exchanging Money-wow Its Was So Easy!
 

I've just followed you lead and opened a citibank account. Just about to send the forms.

5.4% interest is pretty good, and is calculated daily and applied monthly so you get a better compound interest effect than having it applied annually like most of the UK accounts do.

Thanks for the tip

Re: Exchanging Money-wow Its Was So Easy!
 

You're welcome-glad to be of service!

Re: Exchanging Money-wow Its Was So Easy!
 

thanks for the explanation, better keep this up top so you get your crate of wine!!

Re: Exchanging Money-wow Its Was So Easy!
 

That would be nice!