Mullso Posted July 25, 2012 Share Posted July 25, 2012 OK this may soundlike a really stupid question / issue. I have 3 bank accounts in the uk all linked with internet banking. My plan was to open an Oz bank account when I arrive then transfer from my Uk account to my Oz account. In the world of internet and global banking presumes this would be a given?? So why use MoneyCorp or anyone else ??? Am I missing something here ??? Thanks Link to comment Share on other sites More sharing options...
Jit7 Posted July 25, 2012 Share Posted July 25, 2012 Companies like moneycorp ensure you get a good exchange rate rather than what the bank quotes Link to comment Share on other sites More sharing options...
Cerberus1 Posted July 25, 2012 Share Posted July 25, 2012 You will usually get a better exchange rate from a forex company than from your bank and the fees will usually be lower as well. Link to comment Share on other sites More sharing options...
Guest Posted July 25, 2012 Share Posted July 25, 2012 High street banks charge rediculous prices to move money around the world. I used Moneycorp to move a chunk of money to Australia free of charge as I was a NAB customer. Since moving to Australia my partner has been using tnt forex to transfer regular amounts of money back to the UK for $ 5 dollars a transfer with no fees at the other end. This company is favoured by travellers around the world and has proved reliable to us :-) Link to comment Share on other sites More sharing options...
Mullso Posted July 25, 2012 Author Share Posted July 25, 2012 Great Thanks everyone ! Link to comment Share on other sites More sharing options...
Goochie Posted July 25, 2012 Share Posted July 25, 2012 I looked extensively at this and found that forex companies are only useful for moving large sums. They seem to be very good at promoting their apparent benefits and I'm convinced they do very well out of people on this forum. However, for paying small'ish sums of money, I found my own bank (Natwest) offered a service which was very simple and the cost of the transfer was within a few pounds (less than a tenner) of the well known Forex companies. Much like the use of a migration agent Vs. doing it yourself, I think these places are staffed by slick sales people but in reality it's just smoke and mirrors. Link to comment Share on other sites More sharing options...
Guest gazkeenan Posted July 25, 2012 Share Posted July 25, 2012 The transaction cost may be similar but the actual exchange rate is a lot more expensive with the bank. If you are transferring money in the order of hundreds or more pounds then it will make a difference. Link to comment Share on other sites More sharing options...
Goochie Posted July 25, 2012 Share Posted July 25, 2012 I compared the total cost of the transfer. Basically, if I transferred 100 pounds to my Oz account, how many dollars will I get after fees etc. Very little difference in real terms. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted July 25, 2012 Share Posted July 25, 2012 You will see a huge difference if you are transferring large funds across, I would also say that the exchange rate will be better using any forex company. Also something to bear in mind is that not only will the bank charge you a fee for sending the money, most banks will charge for receiving the money, I'm not sure your bank fees but I get charged $25 for receiving, so if they are charging something similar to send then there isn't much left of that 100. If for example you used Moneycorp and had a NAB account here then you would see your full 100 (no fees) and a better exchange rate Link to comment Share on other sites More sharing options...
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