XE, Torfx etc.
Any recommendations for the best company to use to transfer the proceeds from the sale of our house etc. from our bank in NZ to our UK account ?
We haven't moved any money around for at least 5 years now, so we are somewhat out of touch. We used to use HIFX before and never experienced any problems. Any things to watch out for? Obviously we will let both banks know what we are doing in advance. As always TIA. |
Re: XE, Torfx etc.
Originally Posted by Chocolate eclair
(Post 13189849)
Any recommendations for the best company to use to transfer the proceeds from the sale of our house etc. from our bank in NZ to our UK account ?
We haven't moved any money around for at least 5 years now, so we are somewhat out of touch. We used to use HIFX before and never experienced any problems. Any things to watch out for? Obviously we will let both banks know what we are doing in advance. As always TIA. You need to set up an account with them before hand but with large transfers, you can speak to a broker for the best rates. |
Re: XE, Torfx etc.
If the amount is large enough, over maybe NZD50k-100, consider asking your bank about a "dealing desk rate", you might find that it is competitive, and you'd have the comfort of knowing your money will be traceable within the banking system if it doesn't show up in your account when expected.
|
Re: XE, Torfx etc.
Originally Posted by old.sparkles
(Post 13189860)
I've used OFX to transfer money in both directions - including proceeds of house sale.
You need to set up an account with them before hand but with large transfers, you can speak to a broker for the best rates. |
Re: XE, Torfx etc.
Originally Posted by Pulaski
(Post 13189927)
If the amount is large enough, over maybe NZD50k-100, consider asking your bank about a "dealing desk rate", you might find that it is competitive, and you'd have the comfort of knowing your money will be traceable within the banking system if it doesn't show up in your account when expected.
|
Re: XE, Torfx etc.
Originally Posted by old.sparkles
(Post 13189860)
I've used OFX to transfer money in both directions - including proceeds of house sale.
You need to set up an account with them before hand but with large transfers, you can speak to a broker for the best rates.
Originally Posted by Pollyana
(Post 13189988)
Seconded for OFX, used them for many years. going in both directions
He will take a look at OFX. |
Re: XE, Torfx etc.
Originally Posted by Chocolate eclair
(Post 13190010)
It will be a wee bit higher than that . .
|
Re: XE, Torfx etc.
I used to use OFX but I usually find that Wise (formerly Transferwise) give me a better rate. We'll be transferring house sale proceeds and super balances to the UK from Aus this way.
https://wise.com/ |
Re: XE, Torfx etc.
Originally Posted by ianandhelena
(Post 13190221)
I used to use OFX but I usually find that Wise (formerly Transferwise) give me a better rate. We'll be transferring house sale proceeds and super balances to the UK from Aus this way.
https://wise.com/ |
Re: XE, Torfx etc.
Originally Posted by old.sparkles
(Post 13190756)
I'd double check when you are ready - and get a deal rate before deciding. I just did a quick compare on standard rates and OFX was better.
I just logged in to both my OFX and Wise accounts and did a simultaneous comparison. On AUD 100,000 to GBP, OFX=52,750, Wise= 53198 i.e. +0.85% better. On AUD 500,000 to GBP, OFX=263,950, Wise=266,157 i.e. 1.01% better. |
Re: XE, Torfx etc.
Originally Posted by ianandhelena
(Post 13190866)
Interesting.
I just logged in to both my OFX and Wise accounts and did a simultaneous comparison. On AUD 100,000 to GBP, OFX=52,750, Wise= 53198 i.e. +0.85% better. On AUD 500,000 to GBP, OFX=263,950, Wise=266,157 i.e. 1.01% better. Thanks for posting your results - good to see the difference. Is the Wise account easy to set up? |
Re: XE, Torfx etc.
Originally Posted by old.sparkles
(Post 13190868)
I only have OFX so don't know if that impacted my result.
Thanks for posting your results - good to see the difference. Is the Wise account easy to set up? |
Re: XE, Torfx etc.
Originally Posted by ianandhelena
(Post 13190874)
Same procedure as opening any other account with a financial institution.
|
Re: XE, Torfx etc.
Originally Posted by old.sparkles
(Post 13190756)
I'd double check when you are ready - and get a deal rate before deciding. I just did a quick compare on standard rates and OFX was better.
I would be interested to know how you did your comparison so that OFX came out ahead, given that comparing Wise and OFX’s front-page results (i.e. not logged in) say that Wise gives you more bang for your buck. |
Re: XE, Torfx etc.
Originally Posted by ianandhelena
(Post 13191151)
What are “standard rates”?
I would be interested to know how you did your comparison so that OFX came out ahead, given that comparing Wise and OFX’s front-page results (i.e. not logged in) say that Wise gives you more bang for your buck. On the rates, I can't repeat the result I had, so either I misread something - or misentered the value - or checked market rate not deal rate. Don't know, but every other time Wise has come out in front |
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