What if I take a bank draft in AUS $?
 

Hi,

I have read in this forum about transferring money electronically to Australia by migrants from the UK.

Could I instead take a AUS $ bank draft from UK to Australia and deposit it after I open a new account?

If anyone has done this or if you know the pros and cons of doing this as opposed to sending it via a forex transfer company, please let me know.

Cheers,
Mike

You can do that but to keep charges down for you it needs to be drawn on an Aus bank.

Much simpler and cheaper, open an Aus a/c (open it now from the UK, eg with HSBC Australia) and send yourself a telegraphic transfer from your UK bank a/c.

Many thanks!

Mike

it will also take donkey's to clear. I used to work in an offshore bank and what you have to do is send the cheque back to the bank it is drawn on and ask them to make a payment to cover it, you will probably get charged for this as well.

Lynn

Re: What if I take a bank draft in AUS $?
 

I would have thought if you got a bank draft in A$ from a UK bank, it
should be drawn on an Australian bank and hence should clear quickly.


But I've not got any A$ bank drafts from the UK recently, so maybe I'm
wrong.

Jeremy


    >On Thu, 31 Oct 2002 13:53:00 +0000, lynn kennedy wrote:
    >it will also take donkey's to clear. I used to work in an offshore bank
    >and what you have to do is send the cheque back to the bank it is drawn
    >on and ask them to make a payment to cover it, you will probably get
    >charged for this as well.
    >Lynn
    >--
    >Posted via http://britishexpats.com

Re: What if I take a bank draft in AUS $?
 

I buy AUS$ drafts from Barclays, they are drawn on a bank in Sydney so they
clear very quickly. For cheques below AU$20,000 they charge £9 and can do
them while you wait. For larger amounts they charge £20 and they take 24
hours. I think the prices compare very well to transfers etc. It's how I
plan to take funds when we got our visa.....

Paul

"uk2oz" wrote in message
news:[email protected]...
    > Hi,
    > I have read in this forum about transferring money electronically to
    > Australia by migrants from the UK.
    > Could I instead take a AUS $ bank draft from UK to Australia and deposit
    > it after I open a new account?
    > If anyone has done this or if you know the pros and cons of doing
    > this as opposed to sending it via a forex transfer company, please
    > let me know.
    > Cheers,
    > Mike
    > --
    > Posted via http://britishexpats.com