phillllip Posted January 4, 2013 Share Posted January 4, 2013 What are the risks of transfering money to Australia? I'm moving soon to Brisbane and I have about USD$20k savings. I know it's not that much, but I feel very comfortable with this money. I set my NAB account today. I'm planning to send something like 7.5k first and than when I arrive and check that everything is fine to make my dad send me the other 12.5k. I don't know but I can't just go and transfer everything, 'what if' is always in my mind? What is the worst case scenario? I don't plan to use Moneycorp, because the amount of money I want to transfer is not big enough I guess. I'm also from Bulgaria and I'm not sure if Moneycorp are registered here, so I prefer to be careful on this matter. Link to comment Share on other sites More sharing options...
rammygirl Posted January 7, 2013 Share Posted January 7, 2013 using a company like moneycorp or ozforex will get you a better rate than a bank. You can use them for small amounts too but the rate is better the more you transfer. You should discuss with the bank where the money is about transfers, they should allow you to do this from Oz via the phone, on-line or by fax if you arrange it with them before you leave. WE have used ozforex several times and have had no problems. never used Moneycorp but lots on here swear by them. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted January 7, 2013 Share Posted January 7, 2013 Have a word with John at Moneycorp, people even transfer small amounts like $100 using them. I'm sure they will be able to help, my friend was in Turkey and used them. Link to comment Share on other sites More sharing options...
phillllip Posted January 7, 2013 Author Share Posted January 7, 2013 I received my NAB account details today. And Now I'm ready to transfer money to Oz. I made my decision to use straight bank transfer of half my money and than my father will bank transfer me the rest of the money, once I'm in Australia. Link to comment Share on other sites More sharing options...
Candygirl Posted January 7, 2013 Share Posted January 7, 2013 If you change your mind Phillip, can recommend Moneycorp. We have an account with them and regularly send back money backwards and forwards to the UK from Spain and intend to use them for our transfers to Aus when we need to. Their rates are also a lot more competitive than the banks. Link to comment Share on other sites More sharing options...
Steve Elliott Posted January 9, 2013 Share Posted January 9, 2013 You just need to bear in mind that the average bank will charge an arm and a leg to transfer funds - Not so much in additional charges but more of a case in the exchange rate offered - you could be up to 3% or more worse off using one of the major banks as opposed to say an Ozforex. Link to comment Share on other sites More sharing options...
Guest guest68546 Posted January 11, 2013 Share Posted January 11, 2013 I've used HiFx a few times with no problems....as recently as 3 weeks ago to transfer $AUS to Euros for my mate going back to Ireland for Xmas. $15 is the total fee charged and although it was a relatively small sum, he tells me that the total Euros he received still came out a good bit better than what the banks were going to give him. It would need to be a special deal or a last resort before I would use banks for currency transactions again. Registration is relatively easy and the best bit is, once registered, you can do it all in the comfort of the house. No need to stand in bank queues and you get to see the exchange rate live. Link to comment Share on other sites More sharing options...
QuinninOz Posted May 27, 2014 Share Posted May 27, 2014 Hi Guys, Think it is worth pointing out that it really depends on the amounts you are sending. As the amounts increase the fees become less as a percentage and the rates offered also typically improve. Worth shopping around IMO, but also keeping an eye on the long term trend of exchange rates too. I have saved gobs of cash this way. All services are also different - some a phone based and others want you to use the internet for transactions. Link to comment Share on other sites More sharing options...
citation560XL Posted May 27, 2014 Share Posted May 27, 2014 Money corp is a safe bet. You dont need have money corp in your country to open an account. they just needed address and identity proof. I opened mine form the Middle east and the transfers were simple. You get a better rate too. I did small amounts usd 10K approx but you can do a big amount at one shot for better rate Link to comment Share on other sites More sharing options...
tina0101 Posted May 27, 2014 Share Posted May 27, 2014 We use moneycorp to transfer our £ to AUS$ and, at the moment, are only sending a few hundred each time. It's been really easy and hassle-free so far. Link to comment Share on other sites More sharing options...
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