MissEmma Posted December 3, 2012 Share Posted December 3, 2012 We are set to move back to the UK early next year. Just wondering how others have gone about transferring money back to the UK? I am currently with the Commonwealth. However, would it be easiest to open an Australian account with HSBC, and then transfer with them as they have branches throughout the UK? Any advice would be much appreciated. Thank you! Emma Link to comment Share on other sites More sharing options...
Rupert Posted December 3, 2012 Share Posted December 3, 2012 Do you already have the UK bank account? I don't think that opening up an HSBC account in Australia will help with much. It is pretty easy to send money back with a borker like Ozforex, Moneycorp or HIFX. Link to comment Share on other sites More sharing options...
TerryDXB Posted December 3, 2012 Share Posted December 3, 2012 Firstly, don't use a major bank - you'll get either a scabby exchange rate or get hit by fees (or both). You'll need a UK bank account - I've got accounts with Nationwide and Halifax and have transferred to both with no fees/costs at either end I've just done my last ever transfer of money from Oz to the UK and have been using OzForex for nearly all my transactions over the last few years and they've worked well for me. Just open an account (jump through the hoops to prove who you are - but you do that with anyone) - then go online to check the rates and strike a deal (better rates with larger amounts) - you pay them the $ using BPAY from your Oz current account. The first time you transfer money to a UK account (or any beneficiary) you get a request to phone them (or they call you) to verify that this is a valid request. I started off by using a company who frequent this site, but just shortly after my first deal they closed down their Oz operation and were unable to give me an explanation why, so I moved on. Link to comment Share on other sites More sharing options...
MoLeannan Posted December 3, 2012 Share Posted December 3, 2012 Hi Emma We opened a British Pound account with HSBC as we currently don't have an active account in the UK. When we get back to the UK and activate my account we'll be able to transfer the money over. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted December 3, 2012 Share Posted December 3, 2012 Hi Emma You could use Moneycorp just shout for John on here and he will guide you through the process Link to comment Share on other sites More sharing options...
Flathead Posted December 3, 2012 Share Posted December 3, 2012 HSBC exchange rates are far higher than other banks and not much less than the money exchange brokers........you can also change money to sterling before it is transferred which means you can move it to any bank and still get the HSBC daily rate. Link to comment Share on other sites More sharing options...
CAvey Posted December 3, 2012 Share Posted December 3, 2012 Hi Emma, I would use a broker rather than a bank as others have stated, their rates are better in my experience. I have previously used Moneycorp however more recently UkForex rates have been better. It doesn't matter which account you have in uk, I currently have Westpac in Aus and transfer to Barclays, its really easy to do. Link to comment Share on other sites More sharing options...
fourcorners Posted December 3, 2012 Share Posted December 3, 2012 We use Personal FX, they've been very helpful and give us pretty good rates. We first of all fix our rates, then we have a few days to transfer the money in Aus$ to them. Then they make the conversion into pounds and deposit this into our UK account. Doesn't matter which bank you have here, or which bank you have in the UK. However when you state the date by which you will transfer the $$ to them, you need to bear in mind how long it takes payments to clear, and check with your bank how much you can transfer at once. We are with NAB and our daily transfer limit is at the maximum of $15k. So if we want to transfer more than that, we have to make several separate payments over a few days. When you open a UK account also set up a high interest internet account with them. Also bear in mind the typical savings account interest rate over there compared to over here. You have to weigh up the possible differences in exchange rates between now and when you move back, and also differences in potential interest you could be earning in either country. Or you could hedge your bets and transfer half now, half nearer your move date (unless the exchange rate starts to look like its getting a bit iffy). Link to comment Share on other sites More sharing options...
Guest guest74886 Posted December 4, 2012 Share Posted December 4, 2012 We use Personal FX, they've been very helpful and give us pretty good rates. We first of all fix our rates, then we have a few days to transfer the money in Aus$ to them. Then they make the conversion into pounds and deposit this into our UK account. Doesn't matter which bank you have here, or which bank you have in the UK. However when you state the date by which you will transfer the $$ to them, you need to bear in mind how long it takes payments to clear, and check with your bank how much you can transfer at once. We are with NAB and our daily transfer limit is at the maximum of $15k. So if we want to transfer more than that, we have to make several separate payments over a few days. When you open a UK account also set up a high interest internet account with them. Also bear in mind the typical savings account interest rate over there compared to over here. You have to weigh up the possible differences in exchange rates between now and when you move back, and also differences in potential interest you could be earning in either country. Or you could hedge your bets and transfer half now, half nearer your move date (unless the exchange rate starts to look like its getting a bit iffy). You can usually make the payment in one go if you go in to the local branch of your Aus bank branch with ID and details of the transferees. Link to comment Share on other sites More sharing options...
fourcorners Posted December 4, 2012 Share Posted December 4, 2012 You can usually make the payment in one go if you go in to the local branch of your Aus bank branch with ID and details of the transferees. Unfortunately I can rarely get to our bank when it is open. We are both away from town every day from 6.30am until 4.30pm and the bank closes at 4pm. It is much easier for us to do the payments online, even if we do it in two or three parts. I just love the banking hours in this town! Link to comment Share on other sites More sharing options...
Peach Posted December 4, 2012 Share Posted December 4, 2012 You can usually make the payment in one go if you go in to the local branch of your Aus bank branch with ID and details of the transferees. This is usually the most expensive way of making the transfer (poor exchange rate, high bank fees). Hence why people use forex companies for a better deal. Link to comment Share on other sites More sharing options...
fourcorners Posted December 4, 2012 Share Posted December 4, 2012 I don't think Oz to France meant doing the international transfer through the bank. I think he meant making the Aus$$ payment to the FX company via the bank branch rather than via online banking. Link to comment Share on other sites More sharing options...
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