sunnysun Posted June 24, 2012 Share Posted June 24, 2012 Anyone else having this problem? Moving money from uk to Oz using a leading money transferring company, yet when I go on their website home page they display an exchange rate of 1.5479, yet when i try to book this deal I'm only offered 1.5205. Not paying for money to be transferred, could this be the problem? Many thanks Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted June 24, 2012 Share Posted June 24, 2012 I've moved your post out of Moneycorps forum as you don't say you are using them. All forex companies use mid market rates, I don't know a lot about it but I think you only get that rate if you transfer millions Link to comment Share on other sites More sharing options...
dalejaneaustralia Posted June 24, 2012 Share Posted June 24, 2012 Hi the rates you see on exchange websites etc is the bank rate. You'll never achieve this rate, it is usually approx 0.25 below. John from Moneycorp is a member on the forum, he'll give a more thorough version of the above! It's not too bright at the minute is it! Sent from my iPad using Tapatalk HD Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted June 24, 2012 Share Posted June 24, 2012 Hi the rates you see on exchange websites etc is the bank rate. You'll never achieve this rate, it is usually approx 0.25 below. John from Moneycorp is a member on the forum, he'll give a more thorough version of the above! It's not too bright at the minute is it! Sent from my iPad using Tapatalk HD I saw a post somewhere the other day that said its going to hit 145 :cry: I really feel for you all Link to comment Share on other sites More sharing options...
sunnysun Posted June 24, 2012 Author Share Posted June 24, 2012 I no rate is rubbish a moment. We are using Moneycorp but didn't want to mention it, just can't get head round why two rates. Link to comment Share on other sites More sharing options...
Guest Posted June 24, 2012 Share Posted June 24, 2012 what is the reason you don't get charged for transferring money from £ to $ if you mention PIO ? Link to comment Share on other sites More sharing options...
rammygirl Posted June 24, 2012 Share Posted June 24, 2012 Always check rates, I have never paid fees for using Ozforex most do not charge, although your banks might charge something you need to check with them. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted June 24, 2012 Share Posted June 24, 2012 I no rate is rubbish a moment. We are using Moneycorp but didn't want to mention it, just can't get head round why two rates. Hopefully John can explain tomorrow, I know he has mentioned it before but I'm useless on these things. It is common in the industry though. Link to comment Share on other sites More sharing options...
sunnysun Posted June 24, 2012 Author Share Posted June 24, 2012 Mention Poms in Oz and the transfers are free even next day. Any saving helps. xx Link to comment Share on other sites More sharing options...
devon67 Posted June 24, 2012 Share Posted June 24, 2012 yes just transferred at 1.52 and its going to go down so ill be doing another load soon Link to comment Share on other sites More sharing options...
ghost Posted June 24, 2012 Share Posted June 24, 2012 I think the difference is where they make their money ! Link to comment Share on other sites More sharing options...
dalejaneaustralia Posted June 24, 2012 Share Posted June 24, 2012 We opened our account with NAB and got no transaction fees through them, wasn't aware of the PIO thing. Can't vouch for other companies but we sent our first batch over a few weeks ago with Moneycorp and everything was very straight forward, no complaints. As for the rates....pah! Link to comment Share on other sites More sharing options...
devon67 Posted June 24, 2012 Share Posted June 24, 2012 nothing we can do about it so not worth worrying about really Link to comment Share on other sites More sharing options...
Guest John from Moneycorp Posted June 25, 2012 Share Posted June 25, 2012 Hi all The exchange rates you may have seen on websites, and elsewhere on the internet, is the rate commonly known as the 'Interbank rate'. This is the live rate at which international banks trade currency in their millions. Displaying this is intended to give an indication of the exchange rate only. The rate that all clients receive is generally known as the commercial rate, and will differ from customer to customer, based on many variables such as time of transfer, amount being transferred, frequency etc. When transferring money overseas, some key factors to consider when using a specialist company (as opposed to a bank) are the following: the number of years the company has being operating, do they have the necessary regulations, how many customers do they help per year, and how reputable they are. Thanks John Link to comment Share on other sites More sharing options...
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