Transferring Currency over to Oz.
Jul 27th 2002, 12:20 pm
#1
Guest
Posts: n/a
Transferring Currency over to Oz.
Hi all.....
I'm in the fortunate situation where I have a (trusted) mate who has already moved
over to Perth WA from the UK.
He has set up a bank account for me over there in his name with $1 in it. I've got
quite a bit of money saved up in a UK bank and have been waiting for the exchange
rate to improve, (as it has now), and then send over the money in an electronic
transfer to the WA account.
There has been a fair bit of talk on the NG about what kind of deals you can get from
can get from various companies who provide an exchange service, and how they will
want to make a profit etc. If I am simply electronically transferring money from a UK
to an Australian account, will I get the full rate (currently $2.92), or will I have
to pay, "hidden", costs, or get a lower rate, etc.
Cheers....... Johnno.....
John Lamont
[email protected]
I'm in the fortunate situation where I have a (trusted) mate who has already moved
over to Perth WA from the UK.
He has set up a bank account for me over there in his name with $1 in it. I've got
quite a bit of money saved up in a UK bank and have been waiting for the exchange
rate to improve, (as it has now), and then send over the money in an electronic
transfer to the WA account.
There has been a fair bit of talk on the NG about what kind of deals you can get from
can get from various companies who provide an exchange service, and how they will
want to make a profit etc. If I am simply electronically transferring money from a UK
to an Australian account, will I get the full rate (currently $2.92), or will I have
to pay, "hidden", costs, or get a lower rate, etc.
Cheers....... Johnno.....
John Lamont
[email protected]
Jul 27th 2002, 1:20 pm
#2
Guest
Posts: n/a
Re: Transferring Currency over to Oz.
Never trust any of your mates, especially where money is concerned 
If you transfer your cash via your bank you pay a flat rate fee (25 GBP via the Abbey
National for me IIRC). I don't believe you get hit for any hidden fees, although
you'll probably find the exchange rate you get might be a few cents less than the
actual rate.
Going via a company like moneycorp, they will arrange a slightly higher rate than a
bank, and you'll be able to transfer your money anytime within a certain period (6
months I think) and still get the agreed exchange rate - even if the actual rate has
plummeted (or risen). You do have to transfer a certain percentage of your cash (15%
springs to mind...) into their bank account within a couple of days of agreeing the
transfer though - and this is how they make their profit...I know of 1 person who
done this, and he made a killing as he transferred a large sum of cash and the rate
had fallen by about 20c by the time he moved his money over.
HTH...
No drunken phone calls tomorrow morning please...LOL...
Cheers,
Chris
--
[email protected] www.chrislove.co.uk "John Lamont" <[email protected]>
wrote in message news:[email protected]...
> Hi all.....
>
> I'm in the fortunate situation where I have a (trusted) mate who has already moved
> over to Perth WA from the UK.
>
> He has set up a bank account for me over there in his name with $1 in it. I've got
> quite a bit of money saved up in a UK bank and have been waiting for the exchange
> rate to improve, (as it has now), and then send over the money in an electronic
> transfer to the WA account.
>
> There has been a fair bit of talk on the NG about what kind of deals you can get
> from can get from various companies who provide an exchange service, and how they
> will want to make a profit etc. If I am simply electronically transferring money
> from a UK to an Australian account, will I get the full rate (currently $2.92), or
> will I have to pay, "hidden", costs, or get a lower rate, etc.
>
> Cheers....... Johnno.....
>
>
> John Lamont
> [email protected]
If you transfer your cash via your bank you pay a flat rate fee (25 GBP via the Abbey
National for me IIRC). I don't believe you get hit for any hidden fees, although
you'll probably find the exchange rate you get might be a few cents less than the
actual rate.
Going via a company like moneycorp, they will arrange a slightly higher rate than a
bank, and you'll be able to transfer your money anytime within a certain period (6
months I think) and still get the agreed exchange rate - even if the actual rate has
plummeted (or risen). You do have to transfer a certain percentage of your cash (15%
springs to mind...) into their bank account within a couple of days of agreeing the
transfer though - and this is how they make their profit...I know of 1 person who
done this, and he made a killing as he transferred a large sum of cash and the rate
had fallen by about 20c by the time he moved his money over.
HTH...
No drunken phone calls tomorrow morning please...LOL...
Cheers,
Chris
--
[email protected] www.chrislove.co.uk "John Lamont" <[email protected]>
wrote in message news:[email protected]...
> Hi all.....
>
> I'm in the fortunate situation where I have a (trusted) mate who has already moved
> over to Perth WA from the UK.
>
> He has set up a bank account for me over there in his name with $1 in it. I've got
> quite a bit of money saved up in a UK bank and have been waiting for the exchange
> rate to improve, (as it has now), and then send over the money in an electronic
> transfer to the WA account.
>
> There has been a fair bit of talk on the NG about what kind of deals you can get
> from can get from various companies who provide an exchange service, and how they
> will want to make a profit etc. If I am simply electronically transferring money
> from a UK to an Australian account, will I get the full rate (currently $2.92), or
> will I have to pay, "hidden", costs, or get a lower rate, etc.
>
> Cheers....... Johnno.....
>
>
> John Lamont
> [email protected]
Jul 27th 2002, 1:24 pm
#3
BE Enthusiast
Joined: Feb 2002
Location: geelong, vic. forever
Posts: 634
Re: Transferring Currency over to Oz.
read thread nearly got 3 dollars to the pound on this newsgroup
Jul 27th 2002, 3:20 pm
#4
Guest
Posts: n/a
Re: Transferring Currency over to Oz.
In <[email protected]> John Lamont wrote:
> Hi all.....
>
> I'm in the fortunate situation where I have a (trusted) mate who has already moved
> over to Perth WA from the UK.
>
> He has set up a bank account for me over there in his name with $1 in it.
You don't need to do that. You can open your own Aus account from the UK. As a
non-resident you'll pay 10% tax instead of whatever rate (47% ?) the Aus
residents pay.
HSBC will let you open an account in Aus from anywhere in the world. I think they pay
4.75% (gross) on deposits of A$2000 or more.
> I've got quite a bit of money saved up in a UK bank and have been waiting for the
> exchange rate to improve, (as it has now), and then send over the money in an
> electronic transfer to the WA account.
>
> There has been a fair bit of talk on the NG about what kind of deals you can get
> from can get from various companies who provide an exchange service, and how they
> will want to make a profit etc. If I am simply electronically transferring money
> from a UK to an Australian account, will I get the full rate (currently $2.92), or
> will I have to pay, "hidden", costs, or get a lower rate, etc.
You will never get the full rate. What gets quoted on the news and on most websites
is an indication of the current trading value. Like shares, there's a "bid" price and
an "ask" price with the indication somewhere in between.
Every company will take a cut of your money. Ignore the claims of "no fees,
no commisson". They all take a slice of your money to cover their costs and
turn a profit.
Shop around and ask what rate you'd get at each. I was offered around A$2.91
yesterday on £200k with CurrenciesDirect. I wasn't registered with them so couldn't
deal, maybe Monday I'll be on their records and ready to act.
> Hi all.....
>
> I'm in the fortunate situation where I have a (trusted) mate who has already moved
> over to Perth WA from the UK.
>
> He has set up a bank account for me over there in his name with $1 in it.
You don't need to do that. You can open your own Aus account from the UK. As a
non-resident you'll pay 10% tax instead of whatever rate (47% ?) the Aus
residents pay.
HSBC will let you open an account in Aus from anywhere in the world. I think they pay
4.75% (gross) on deposits of A$2000 or more.
> I've got quite a bit of money saved up in a UK bank and have been waiting for the
> exchange rate to improve, (as it has now), and then send over the money in an
> electronic transfer to the WA account.
>
> There has been a fair bit of talk on the NG about what kind of deals you can get
> from can get from various companies who provide an exchange service, and how they
> will want to make a profit etc. If I am simply electronically transferring money
> from a UK to an Australian account, will I get the full rate (currently $2.92), or
> will I have to pay, "hidden", costs, or get a lower rate, etc.
You will never get the full rate. What gets quoted on the news and on most websites
is an indication of the current trading value. Like shares, there's a "bid" price and
an "ask" price with the indication somewhere in between.
Every company will take a cut of your money. Ignore the claims of "no fees,
no commisson". They all take a slice of your money to cover their costs and
turn a profit.
Shop around and ask what rate you'd get at each. I was offered around A$2.91
yesterday on £200k with CurrenciesDirect. I wasn't registered with them so couldn't
deal, maybe Monday I'll be on their records and ready to act.
Jul 27th 2002, 3:20 pm
#5
Guest
Posts: n/a
Re: Transferring Currency over to Oz.
"rob" <[email protected]> wrote in message
news:[email protected]...
> In <[email protected]> John Lamont wrote:
> > Hi all.....
> >
> > I'm in the fortunate situation where I have a (trusted) mate who has already
> > moved over to Perth WA from the UK.
> >
> > He has set up a bank account for me over there in his name with $1 in it.
>
> You don't need to do that. You can open your own Aus account from the UK. As a
> non-resident you'll pay 10% tax instead of whatever rate (47% ?) the Aus
> residents pay.
>
Hmm, when I arrived in Australia and opened a bank account I discovered I was being
charged a much higher rate of bank charges - because I didn't have a tax file number.
This wasn't mentioned at all when I joined.
I supplied them with my TFN and, hey presto, the bank charges disappeared.
Now I'm curious as to whether my bank was playing me for a fool or it's the same
situation at them all!!
Anyone have any similar experiences?
> HSBC will let you open an account in Aus from anywhere in the world. I think they
> pay 4.75% (gross) on deposits of A$2000 or more.
>
> > I've got quite a bit of money saved up in a UK bank and have been waiting for the
> > exchange rate to improve, (as it has now), and then send over the money in an
> > electronic transfer to the WA account.
> >
> > There has been a fair bit of talk on the NG about what kind of deals you can get
> > from can get from various companies who provide an exchange service, and how they
> > will want to make a profit etc. If I am simply electronically transferring money
> > from a UK to an Australian account, will I get the full rate (currently $2.92),
> > or will I have to pay, "hidden", costs, or get a lower rate, etc.
>
> You will never get the full rate. What gets quoted on the news and on most websites
> is an indication of the current trading value. Like shares, there's a "bid" price
> and an "ask" price with the indication somewhere in between.
>
> Every company will take a cut of your money. Ignore the claims of "no fees, no
> commisson". They all take a slice of your money to cover their costs and turn
> a profit.
>
> Shop around and ask what rate you'd get at each. I was offered around A$2.91
> yesterday on £200k with CurrenciesDirect. I wasn't registered with them so couldn't
> deal, maybe Monday I'll be on their records and ready to act.
>
Cheers,
Chris
--
[email protected] www.chrislove.co.uk
news:[email protected]...
> In <[email protected]> John Lamont wrote:
> > Hi all.....
> >
> > I'm in the fortunate situation where I have a (trusted) mate who has already
> > moved over to Perth WA from the UK.
> >
> > He has set up a bank account for me over there in his name with $1 in it.
>
> You don't need to do that. You can open your own Aus account from the UK. As a
> non-resident you'll pay 10% tax instead of whatever rate (47% ?) the Aus
> residents pay.
>
Hmm, when I arrived in Australia and opened a bank account I discovered I was being
charged a much higher rate of bank charges - because I didn't have a tax file number.
This wasn't mentioned at all when I joined.
I supplied them with my TFN and, hey presto, the bank charges disappeared.
Now I'm curious as to whether my bank was playing me for a fool or it's the same
situation at them all!!
Anyone have any similar experiences?
> HSBC will let you open an account in Aus from anywhere in the world. I think they
> pay 4.75% (gross) on deposits of A$2000 or more.
>
> > I've got quite a bit of money saved up in a UK bank and have been waiting for the
> > exchange rate to improve, (as it has now), and then send over the money in an
> > electronic transfer to the WA account.
> >
> > There has been a fair bit of talk on the NG about what kind of deals you can get
> > from can get from various companies who provide an exchange service, and how they
> > will want to make a profit etc. If I am simply electronically transferring money
> > from a UK to an Australian account, will I get the full rate (currently $2.92),
> > or will I have to pay, "hidden", costs, or get a lower rate, etc.
>
> You will never get the full rate. What gets quoted on the news and on most websites
> is an indication of the current trading value. Like shares, there's a "bid" price
> and an "ask" price with the indication somewhere in between.
>
> Every company will take a cut of your money. Ignore the claims of "no fees, no
> commisson". They all take a slice of your money to cover their costs and turn
> a profit.
>
> Shop around and ask what rate you'd get at each. I was offered around A$2.91
> yesterday on £200k with CurrenciesDirect. I wasn't registered with them so couldn't
> deal, maybe Monday I'll be on their records and ready to act.
>
Cheers,
Chris
--
[email protected] www.chrislove.co.uk
Jul 27th 2002, 4:20 pm
#6
Guest
Posts: n/a
Re: Transferring Currency over to Oz.
In <[email protected]> Chris Love wrote:
> Hmm, when I arrived in Australia and opened a bank account I discovered I was being
> charged a much higher rate of bank charges - because I didn't have a tax file
> number. This wasn't mentioned at all when I joined.
>
> I supplied them with my TFN and, hey presto, the bank charges disappeared.
>
> Now I'm curious as to whether my bank was playing me for a fool or it's the same
> situation at them all!!
>
> Anyone have any similar experiences?
There may be a difference between savings accounts and bank accounts. I can imagine a
bank account having all sorts of nonsense charges attached to it.
> Hmm, when I arrived in Australia and opened a bank account I discovered I was being
> charged a much higher rate of bank charges - because I didn't have a tax file
> number. This wasn't mentioned at all when I joined.
>
> I supplied them with my TFN and, hey presto, the bank charges disappeared.
>
> Now I'm curious as to whether my bank was playing me for a fool or it's the same
> situation at them all!!
>
> Anyone have any similar experiences?
There may be a difference between savings accounts and bank accounts. I can imagine a
bank account having all sorts of nonsense charges attached to it.
Jul 27th 2002, 7:20 pm
#7
Guest
Posts: n/a
Re: Transferring Currency over to Oz.
John, I used http://www.ozforex.com.au/ recently and found them OK. We were about
A$1,000 better off (on a £10,000 transfer) than if we had used Natwest. You can
actually get an online quote (with charges included) on their site. Dean.
"John Lamont" <[email protected]> wrote in message
news:[email protected]...
> Hi all.....
>
> I'm in the fortunate situation where I have a (trusted) mate who has already moved
> over to Perth WA from the UK.
>
> He has set up a bank account for me over there in his name with $1 in it. I've got
> quite a bit of money saved up in a UK bank and have been waiting for the exchange
> rate to improve, (as it has now), and then send over the money in an electronic
> transfer to the WA account.
>
> There has been a fair bit of talk on the NG about what kind of deals you can get
> from can get from various companies who provide an exchange service, and how they
> will want to make a profit etc. If I am simply electronically transferring money
> from a UK to an Australian account, will I get the full rate (currently $2.92), or
> will I have to pay, "hidden", costs, or get a lower rate, etc.
>
> Cheers....... Johnno.....
>
>
> John Lamont
> [email protected]
A$1,000 better off (on a £10,000 transfer) than if we had used Natwest. You can
actually get an online quote (with charges included) on their site. Dean.
"John Lamont" <[email protected]> wrote in message
news:[email protected]...
> Hi all.....
>
> I'm in the fortunate situation where I have a (trusted) mate who has already moved
> over to Perth WA from the UK.
>
> He has set up a bank account for me over there in his name with $1 in it. I've got
> quite a bit of money saved up in a UK bank and have been waiting for the exchange
> rate to improve, (as it has now), and then send over the money in an electronic
> transfer to the WA account.
>
> There has been a fair bit of talk on the NG about what kind of deals you can get
> from can get from various companies who provide an exchange service, and how they
> will want to make a profit etc. If I am simply electronically transferring money
> from a UK to an Australian account, will I get the full rate (currently $2.92), or
> will I have to pay, "hidden", costs, or get a lower rate, etc.
>
> Cheers....... Johnno.....
>
>
> John Lamont
> [email protected]
