Transferring money

[Guest christinestewart41]

I've been looking at the commonwealth bank who can transfer my money from their account in London to an account in Brisbane. Seems all above board but im anxious, has anyone else used them?? or can give advice

[Dan Collins]

Relax

 

Transferring via a bank is straight forward, though if you were nervous you could always move money in parcels. You risk the rate going against you though and the receiving bank may charge a fee at the other end; several times if you transfer in parcels. Read the material you've been given about the transfer or talk to the bank a little more for reassurance.

 

I would recommend you shop around for another quote though from an currency exchange business; there are many though the ones here might be a start. They make their money in the margin between the buy and sell price, though some may charge a fee and or both.

 

A good friend transferred some money and got 3p/$ better thank his bank (going from Aus to the UK) and got an extra £12,000. Banks make money, fair enough, but you should make sure it's not at the expense of you, so do take time to be sure to compare your deal.

 

Good luck.

[Guest carole38]

I use Hifx!! It doesnt cost transferring money from UK but costs $15 from Aus to UK.

[devon67]

use moneycorp, no charge and you get a better rate than the bank, tell them youre with a member of PIO

very efficient and easy to do as long as you have a bank account in oz

[Guest GeorgeD]

Banks are safe, but the most expensive way to send funds...you will see the least at the far end.

 

Forex companies are equally as safe and will get you a significantly larger sum at the far end than a bank, especiallyf ro larger sums. I used HiFX, and MoneyCorp come highly recommended by other users. A word of advice, to open an account with a Forex Company they need to see some ID/proof of address from you, same as a bank would to open an account. Open accoutns with at elast a couple of them before you want to move money and then see who will offer you the best deal right at the time when you want to move the money. Even a fraction of a percentage difference is a significant amount of money for a large transfer

[Guest Nige Richy]

I have registered with several including monetcorp and when I need to transfer from UK to Oz ring them all. Easy and simple takes around 3-5 days to do it though

[Guest The Pom Queen]

I have registered with several including monetcorp and when I need to transfer from UK to Oz ring them all. Easy and simple takes around 3-5 days to do it though

Don't forget to tell Moneycorp you are a PIO member then you get no fees