We are busy looking for companies to transer our money to Oz, probably going to use Hifx in the end (I hadnt heard of them before, but they have such good reviews on PIO so must be reliable!!). Has anyone transferred money recently, and what rate did you get? How much can you negotiate? If they offer lets say $2.05 to the pound, can you push it up to $2.10-$2.15 or is that taking the mickey? I'm not very good at haggling, but dont want to get ripped off either!!!
I can recommend HiFx as I'm sure many others can as well. I like your idea of haggling with the FX people but sadly it doesn't work quite like that. I wish it did! When you go onto HiFx's website or any of the other FX specialists for that matter, you will see that they advertise an 'indicative rate'. This is what is known as the 'inter-bank rate' which is exclusive to the banking trade. I find it a little annoying myself because it makes us (the general public) think we can have that very same rate.
What you will find is that if you have a large amount of dosh to exchange, you may well find you can negotiaite close to that rate but not with smaller amounts.
I do know though that you won't be able to haggle over that rate....which is a big shame!
I have been using Moneycorp. So far, for amounts from £3k to £120k and the rates i have been given were not very far off the "interbank" rates. As we speak the interbank rate is $2.061 and the spot rate with moneycorp is $2.059. No fees whatsoever with Moneycorp either. Forward rates would be a bit better if you know how far in advance you will need the money.
I bought land in Aus last February and got $2.47. Is it really that bad now. When we sell our house i'm dreading changeing the money over.
We used a firm whose name i forget, but have it somewhere, who's rates where better than anyone else i could find at the time. I'll find it and post their name.
Darren
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Welcome to visatown - submitted 28.08.07 gained 3.7.08...
We've used HIFX a couple of times and found them very good,mate of mine works for the parent company and the've used them to make regular payments to Spain and said they've had no trouble.You can haggle a bit but not much,try it you'll be no worse off and it's not as if you know the other person at the other end of the phone,be cheeky.Fred
a good tip to anyone changing watch the markets every day and from my non professional experience i have found at the end / beginning of the month on interest rate reviews is the best time to change and Friday uk time is the best time to buy the dollar ........... oh and hindsight is a curse lol my fist exchange was 2.45 my last just recent was 2.1185 both via lloyds bank ( hifx and moneycorp could not match spot rates )
Hi, We moved down here 7 months ago and got 2.465. We used Hifx who were very good at the UK end however the money ended up going into a ANZ bank account - and it wasnt ours!!! It took a long time to come down here and for a while we were really worried! We found it eventually and had it transferred (only just at no cost to ourselves....) to our own bank account!! (Westpac). Overall in the UK they were fine, just be careful. We changed a lot of money and were really lucky with our rate. If I did it again I have to confess I dont think I would use Westpac - they charge for EVERYTHING!!! We have since opened a decent rate account with Bendigo Bank and our son has opened one with Commonwealth. Hope it helps....
I will speak to HiFX tomorrow and let you know what rate we get (will try haggle a bit, even better I will ask OH to try haggle for me!!). Paul thanks for the advice about moneycorp, I will also give them a try.
Jo, $1.98 seems so low. Psychologically I really hope I get something over the 2 mark, even if its just $2.01! You must have got an excellent rate in Feb 2005…I wish I could go back in time!
Graham, I hope you are right and the end/beginning of the months is the best to change because we plan to do it any day now. I might even wait till this Friday just to test your theory!
Thistles and gum trees – oh no, we have just opened an account with Westpac. Dammit! Will look into other banks when we arrive, hopefully one close to home (wherever that may be!).
Darren, sorry to be the bearer of bad news, it really is that bad! Good thinking of you to buy land when it was $2.47 wish we had planned that far ahead!
HiFX will always be as competitive as we can be on the rate we give to you. Obviously the rates we give are determined by the markets and the "inter-bank" rates, and apologies if this sometimes comes across as misleading information. Please be honest with your dealer and if you have a better quote from elsewhere then let them know.
Thistles and gum trees - interesting feedback re: Westpac as HiFX have an afifliation with them in the UK and they waive all charges for HiFX customers for the first 6 months. I do know most Aussie banks charge for everything (their excuse is, unlike the UK banks, they give you a service!) but would be interested with other people's feedback on this matter.
Any questions then please feel free to get in touch.
