Moving money from Oz to UK regularly

grimmy · 20-03-2008, 08:32 PM

I am due to be transferring over to Sydney quite soon and I am going to be renting out my UK property as I do not intend to stay in Oz past the 4 years that my temporary visa allows.
The problem I have is the rent that I can demand will not cover my mortgage so will mean that I need to send back about £500 every month to cover the mortgage payments.
Does anybody have any advice of the most cost effective way of doing this?

Regards...Paul

Les & Woz · 20-03-2008, 08:43 PM

Hi Paul
Would have thought a BACS payment through the bank would be the best. If you open a Nationwide Account I don't think they would charge to receive a payment in $'s which they would then convert to £'s. Give them a ring to find out. I expect the Aussie bank will charge but can't see it being much for an electronic transfer but who knows - someone on here probably will.

Good luck.

Les

Pinhead · 20-03-2008, 11:56 PM

Quote:

Originally Posted by grimmy

I am due to be transferring over to Sydney quite soon and I am going to be renting out my UK property as I do not intend to stay in Oz past the 4 years that my temporary visa allows.
The problem I have is the rent that I can demand will not cover my mortgage so will mean that I need to send back about £500 every month to cover the mortgage payments.
Does anybody have any advice of the most cost effective way of doing this?

Regards...Paul

Get in contact with Hifx in Sydney. You'll be able to set up a regular payment in GBP from your oz AUD account at a fixed rate.
The only cost you may incur is if your bank isn't one of the major merchant banks (e.g HBOS, Nationwide) in which case the payment will go through another bank at a cost of approx £12-£16.

mudhut29 · 04-05-2008, 05:19 PM

I also had to xfer cash to uk and to OZ from uk.
For GBP500 per month I would use online bank xfer used to cost me $22 and was transacted almost immediately.
Other people like HiFx will give you a better exchange rate; so good for large sums.
Might give you a better deal for a regular xfer.

Paul~D · 09-05-2008, 05:30 PM

HI mate

I had this problem recently but in the opposite direction. what ever bank you ise they will charge you for sending fund overseas. BACS is free but only works between two countrys that are part of europe, i think any way - as im sure i was having that problem. a £500 payment was costing me £35 a time to send so over the year i spent £420 just on sending money. the rule is use a currency broker. i have mentioned this a few times before but go to www-currencyfinder-co-uk. they will search all of the major currency firms to find the best quote for your amounts. i now pay nothing for sending funds out and i get a better exchange rate.

BRAMBLE · 09-05-2008, 06:44 PM

We have opened up an HSBC account in the UK and OZ and we can transfer money either way via the internet and if you are a premier customer there is no charge.

Sarah

Quoll · 09-05-2008, 10:02 PM

I always do a bank transfer over the internet from St George to my a/c at the Coop. I think it costs me about $20 and is done in an instant. I think I can even have a scheduled payment out of the account if I wanted one.

janinecooksey · 13-05-2008, 05:26 AM

I send money every month to my Mum and Dad through Paypal, only takes them 3 days to recieve the money and there is minimal charges.

Jan