Moving money back to the UK
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People like to pretend to themselves and to others that they are in control. Hence the obsession with exchange rates and transfer costs.
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When we have moved over the years we just use the exchange rate of the day, it is what it is. When we moved back to the UK 5 or so years ago it was way down around $1.40ish, pure chance. We just transferred bank account to bank account and costs were minimal.
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#19
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For those who think it doesn't matter whether you use a bank or a FX broker to transfer funds, have a look at this. The first quote is from the FX broker I use. The second is from my bank. The quotes were obtained within 2 minutes of each other.
Quote Details
You're Transferring: AUD 300,000.00
Recipient Getting: GBP 171,480.00
Rate: AUD/GBP 0.5716
I want to
Convert
AUD 300000
Into
GBP 164160
Exchange rate: 1 AUD = 0.54720 GBP
I wonder if those who 'pooh pooh' doing a bit of basic research into FX rates and transfer methods would be happy to drop £7,320 on the above transaction. Personally, I think it's a great reward for a few minutes of my time.
Quote Details
You're Transferring: AUD 300,000.00
Recipient Getting: GBP 171,480.00
Rate: AUD/GBP 0.5716
I want to
Convert
AUD 300000
Into
GBP 164160
Exchange rate: 1 AUD = 0.54720 GBP
I wonder if those who 'pooh pooh' doing a bit of basic research into FX rates and transfer methods would be happy to drop £7,320 on the above transaction. Personally, I think it's a great reward for a few minutes of my time.
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#20
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For those who think it doesn't matter whether you use a bank or a FX broker to transfer funds, have a look at this. The first quote is from the FX broker I use. The second is from my bank. The quotes were obtained within 2 minutes of each other.
Quote Details
You're Transferring: AUD 300,000.00
Recipient Getting: GBP 171,480.00
Rate: AUD/GBP 0.5716
I want to
Convert
AUD 300000
Into
GBP 164160
Exchange rate: 1 AUD = 0.54720 GBP
I wonder if those who 'pooh pooh' doing a bit of basic research into FX rates and transfer methods would be happy to drop £7,320 on the above transaction. Personally, I think it's a great reward for a few minutes of my time.
Quote Details
You're Transferring: AUD 300,000.00
Recipient Getting: GBP 171,480.00
Rate: AUD/GBP 0.5716
I want to
Convert
AUD 300000
Into
GBP 164160
Exchange rate: 1 AUD = 0.54720 GBP
I wonder if those who 'pooh pooh' doing a bit of basic research into FX rates and transfer methods would be happy to drop £7,320 on the above transaction. Personally, I think it's a great reward for a few minutes of my time.
We used to have a member who lived in Wassaga Beach ON and was an independent FX trader. He disappeared in 2009.
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#21
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You missed my point. I've no problem with shopping around for the best exchange rate on a particular date. But if you want to spend months worrying about transferring a large amount by waiting for "favourable" rates, go ahead. That part is the lottery.
We used to have a member who lived in Wassaga Beach ON and was an independent FX trader. He disappeared in 2009.
We used to have a member who lived in Wassaga Beach ON and was an independent FX trader. He disappeared in 2009.
Woke up the next morning and found out how wrong I was
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I've been using Halo Financial for nearly 10 yrs, they were 5th on that list of brokers in the original link.
You can set rates of exchange up to 6 months in advance and not have to worry about the fluctuation in rates say while your legals are ongoing on the house sale, of course these rates may be better or worse when the day comes to move the funds BUT you know exactly what you are getting.
You can also do regular payments if for example you are continuing to make payments in one country for things like loans, school fees etc. They don't charge a fee on any transfer over £5k and anything under is £15. Regular payment agreements have no fees.
The biggest challenge I had in moving money from TD Canada to the UK was that there is always an intermediary used by the sending bank which adds fees so unless you specifcy all fees to be paid at source you may find you didn't receive what you expected, thats not Halo's fault, whenever I sent money to Canada I always got what I sent (and managed to negotiate with TD to refund the Wire Fee of $17.50).
I sent some money recently to top up my Cad bank account and it was the best rate I could get from anywhere on that date, but of course sometimes you will find better rates with a different broker.
Hope my experience helps you.
You can set rates of exchange up to 6 months in advance and not have to worry about the fluctuation in rates say while your legals are ongoing on the house sale, of course these rates may be better or worse when the day comes to move the funds BUT you know exactly what you are getting.
You can also do regular payments if for example you are continuing to make payments in one country for things like loans, school fees etc. They don't charge a fee on any transfer over £5k and anything under is £15. Regular payment agreements have no fees.
The biggest challenge I had in moving money from TD Canada to the UK was that there is always an intermediary used by the sending bank which adds fees so unless you specifcy all fees to be paid at source you may find you didn't receive what you expected, thats not Halo's fault, whenever I sent money to Canada I always got what I sent (and managed to negotiate with TD to refund the Wire Fee of $17.50).
I sent some money recently to top up my Cad bank account and it was the best rate I could get from anywhere on that date, but of course sometimes you will find better rates with a different broker.
Hope my experience helps you.
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#24
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I've been using Halo Financial for nearly 10 yrs, they were 5th on that list of brokers in the original link.
You can set rates of exchange up to 6 months in advance and not have to worry about the fluctuation in rates say while your legals are ongoing on the house sale, of course these rates may be better or worse when the day comes to move the funds BUT you know exactly what you are getting.
You can also do regular payments if for example you are continuing to make payments in one country for things like loans, school fees etc. They don't charge a fee on any transfer over £5k and anything under is £15. Regular payment agreements have no fees.
The biggest challenge I had in moving money from TD Canada to the UK was that there is always an intermediary used by the sending bank which adds fees so unless you specifcy all fees to be paid at source you may find you didn't receive what you expected, thats not Halo's fault, whenever I sent money to Canada I always got what I sent (and managed to negotiate with TD to refund the Wire Fee of $17.50).
I sent some money recently to top up my Cad bank account and it was the best rate I could get from anywhere on that date, but of course sometimes you will find better rates with a different broker.
Hope my experience helps you.
You can set rates of exchange up to 6 months in advance and not have to worry about the fluctuation in rates say while your legals are ongoing on the house sale, of course these rates may be better or worse when the day comes to move the funds BUT you know exactly what you are getting.
You can also do regular payments if for example you are continuing to make payments in one country for things like loans, school fees etc. They don't charge a fee on any transfer over £5k and anything under is £15. Regular payment agreements have no fees.
The biggest challenge I had in moving money from TD Canada to the UK was that there is always an intermediary used by the sending bank which adds fees so unless you specifcy all fees to be paid at source you may find you didn't receive what you expected, thats not Halo's fault, whenever I sent money to Canada I always got what I sent (and managed to negotiate with TD to refund the Wire Fee of $17.50).
I sent some money recently to top up my Cad bank account and it was the best rate I could get from anywhere on that date, but of course sometimes you will find better rates with a different broker.
Hope my experience helps you.
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#25
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I'm sure this has been asked a billion times but I can't find any threads of it and it would be good for a really up to date account.
Just wondering if anyone has any recommendations/experience on companies on moving a large sum of money back to the UK (from house sale) that have competitive exchange rates and are SAFE. We are looking to move it from New Zealand but most companies are international. Could be best to just go through our bank to my UK bank account, but it would be good to know good alternatives that could get us better rates.
Much appreciated![Smile](https://britishexpats.com/forum/images/smilies/smile.gif)
Just wondering if anyone has any recommendations/experience on companies on moving a large sum of money back to the UK (from house sale) that have competitive exchange rates and are SAFE. We are looking to move it from New Zealand but most companies are international. Could be best to just go through our bank to my UK bank account, but it would be good to know good alternatives that could get us better rates.
Much appreciated
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If you'd like an introduction to my contacts feel free to drop me a PM.
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I have a HSBC UK bank account. Is it worth opening up an international HSBC account ( I'm in the US ) to transfer around $400k ( house sale ) or just use XE or transferwise? Also which would would be best for regular monthly payments under $10k.
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I live in England and have a US and UK HSBC account, and the bulk of my income is paid into my US account. It is extremely easy to move money between the 2 accounts but it is still cheaper to use something like TransferWise for amounts up to $15k. However for the big sums I moved over to buy a house I used the HSBC to HSBC method as the price is competitive at sums over $100k.
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Hi we use Ozforex, I always phone and see the current rates and then transfer money from Aus to the Uk and visa versa, we do not have any problems and have used this company for years they also usually have the best rates as I do still phone around. Good luck with everything
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I live in England and have a US and UK HSBC account, and the bulk of my income is paid into my US account. It is extremely easy to move money between the 2 accounts but it is still cheaper to use something like TransferWise for amounts up to $15k. However for the big sums I moved over to buy a house I used the HSBC to HSBC method as the price is competitive at sums over $100k.
Can I ask what type of US HSBC account you have? From what I've read and understand you need a premium account, which has a minimum deposit of $100k or a S200 fee to open the account. I could, not for the first time, be reading it all wrong.
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