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storm posted a topic in Money & FinanceHi all ! Unlike what some seem to say, I find it difficult to know exactly how much it costs to send euros to an Australian bank account held in AUD. There are plenty of nice websites which are involved in transferring money, but few will tell clearly how much it really costs you. They all tell they beat banks rates, they charge no fees etc... but how many AUD do I get when I transfer xxx EUR ? If all those forex specialists have such competitive rates, why is it complicated to get the information ? Why don't they simply give a quote on their main page without having to provide tens of documents and stuff ? At the end what everyone wants to know is : how much will it show on my credit line when I transfer this amount ? I tried today with ozforex, they will basically take 56 AUD for a transfer of 2000 EUR, considering their fees + forex rate. with torfx, I can't get the information. when i request a quote using their online form, it does not send me an actual quote. Can anyone please help and tell how much I would get with torfx, hifx, moneycorp when transferring say 2000 EUR ? Cheers !
Hi All, I was thinking about my options to transfer my savings (Euros) to Australia. After I have read some threads I think there are a few good agencies like moneycorp, worlsfirst & currencyslolutions etc. I can transfer my Euros to their bank account in the UK/France/Germany and then they can convert those Euros to AUD and transfer to my AUD account in Australia. However there is another option that came to my mind but no one has talked about it on this forum. If I open a Euro account in my bank in Australia & then transfer my savings in Euros directly to my Euro account in Australia. Then whenever I find the rate reasonable I can convert a chunk (or may be all) of my Euro savings to AUD. The reason I am thinking about this option is that my current Euro account is in a bank outside of the UK. So, I will have to pay the transfer fee to my bank if I transfer to an agency in the UK (moneycorp, worlsfirst & currencyslolutions) or even if I transfer directly to Australia. My concern is that when I am paying the bank transfer fee in both cases then why should I involve an external agency? What can be the drawback in the second option? I need your opinion guys because I want to make a decision to minimize the financial loss :swoon: