Bank Accounts & Sending Money Over

[Candygirl]

We have not opened a bank account as yet as I need to look at them further, but what I would like to know is, do the banks charge for sending money over? I know that the bank charges in Oz are very different to what we are used to in Europe, i.e. do they charge commission for receiving the money into an account?

 

We would like to send over enough to begin with for rental bonds, vehicles etc and start up costs, but am not sure whether there will be a charge for this.

 

What did you Guys do?

 

TIA Lorraine

[John2012]

Hi

Dont use banks to send money, they have high charges and not good to deal with. I would suggest using a company like Moneycorp. I often transfer funds from my Lloyds TSB UK account to my Australian Commonwealth Bank account at no charge. The transfer usually takes 2 working days if you opt for the express transfer.

 

The good thing with Moneycorp is that you can "buy a deal", that is, buying Oz dollars with UK money but you can keep your money with Moneycorp until you are ready to transfer.

 

I think Moneycorp make their money from transfer exchange rates and not from charging customer fees.

 

Have a look, it might be of use.

[Candygirl]

Hi

Dont use banks to send money, they have high charges and not good to deal with. I would suggest using a company like Moneycorp. I often transfer funds from my Lloyds TSB UK account to my Australian Commonwealth Bank account at no charge. The transfer usually takes 2 working days if you opt for the express transfer.

 

The good thing with Moneycorp is that you can "buy a deal", that is, buying Oz dollars with UK money but you can keep your money with Moneycorp until you are ready to transfer.

 

I think Moneycorp make their money from transfer exchange rates and not from charging customer fees.

 

Have a look, it might be of use.

 

Hi Thanks for the advice.

 

We are already customers of Moneycorp and agree they are fantastic!

 

I am not sure whether the banks over there charge you to pay money in. I seem to remember previously that the more we had in our current account, they charged us interest for having it there or something.

[fifi69]

Wow, you got money. Reckon your really part of that Costa del Crime lot. Money laundering is a serious offence Lorrine lol.

 

joking apart, we too used moneycorp to send over our bond money etc. half the family opened NAB accounts before coming, it turned into a hit of a pain for them. Cards sent to wrong branches, having to be re-ordered, waiting ages, you get the picture.

Moi had too bloody much on my plate to do that, so arrived on then Friday, went to bank on Monday, only had to provide the 100 point evidence, voila, my account and card all set up face to face, the good thing about that was got told a lot more. Things like, interest only added at end of month, so just keep it in your current type account then at the end of the month change it over to your savings account, get interest, then move it back again.

[Candygirl]

Wow, you got money. Reckon your really part of that Costa del Crime lot. Money laundering is a serious offence Lorrine lol.

 

joking apart, we too used moneycorp to send over our bond money etc. half the family opened NAB accounts before coming, it turned into a hit of a pain for them. Cards sent to wrong branches, having to be re-ordered, waiting ages, you get the picture.

Moi had too bloody much on my plate to do that, so arrived on then Friday, went to bank on Monday, only had to provide the 100 point evidence, voila, my account and card all set up face to face, the good thing about that was got told a lot more. Things like, interest only added at end of month, so just keep it in your current type account then at the end of the month change it over to your savings account, get interest, then move it back again.

 

:biglaugh:

 

Costa Del Crime is about right. It is the banks who are the banditos here. When we sent some money over just before we moved, they charged us €800 to receive it:mad:

 

We turned up and opened our accounts previously with the Commonwealth in Perth and I remember it being relatively pain free, but thought I would try and be more organised this time, sometimes you can be too organised I suppose.

 

I will look at the different banks and then decide. I just did not want to get Moneycorp to send a transfer and then get lumbered with a commission charge for receiving it.

[NicF]

I'm pretty sure we've never been charged for receiving money from Moneycorp in our Australian bank accounts.

[Candygirl]

I'm pretty sure we've never been charged for receiving money from Moneycorp in our Australian bank accounts.

 

Thanks.

[PeepingTom]

Thanks.

 

I have used UKForex to transfer money between my UK bank account to the Westpac account.. No charges both ways and no fees charged by UKForex for transfers over 3000 GBP. I checked the rates (by getting a quote but not finalising it) just now with another forex provider HiFX and UKForex was way better. HiFX was offering 1.5088 while UKForex was offering 1.5199.

[Candygirl]

I have used UKForex to transfer money between my UK bank account to the Westpac account.. No charges both ways and no fees charged by UKForex for transfers over 3000 GBP. I checked the rates (by getting a quote but not finalising it) just now with another forex provider HiFX and UKForex was way better. HiFX was offering 1.5088 while UKForex was offering 1.5199.

 

Thanks for that.

[dazeybear]

Moneycorp has a limit of 30k per deal I believe - does anyone have any recommendations for moving a larger sum? e.g. 90k

 

Would it be better to do a money market deposit for 1 transaction than 3 transactions with moneycorp? Who would be best for a money market deposit?

 

I have a UK HSBC account and they say all I need to do is go into a branch when I arrive in Aus with photo ID and proof of address and they will open an account for me straight away.

[memmymooch]

I opened an account with ANZ a few months ago and today transferred chunk of money to that via Tor fx, Lloyds charged me £30 to do it all in one go though:( otherwise its daily 10k through online. I spoke with ANZ yesterday and they have ordered my debit cards so will be waiting for me to collect just as soon show with passport for ID check

[NicF]

Moneycorp has a limit of 30k per deal I believe - does anyone have any recommendations for moving a larger sum? e.g. 90k

 

Would it be better to do a money market deposit for 1 transaction than 3 transactions with moneycorp? Who would be best for a money market deposit?

 

I have a UK HSBC account and they say all I need to do is go into a branch when I arrive in Aus with photo ID and proof of address and they will open an account for me straight away.

 

​We moved £150k with Moneycorp. Don't know why you'd think they have a 30k limit.

[runslikeafish]

We've moved reasonable (not huge!) amounts of money both ways and haven't been charged to send or receive - other than the foreign exchange broker (HiFX, TorFX, MoneyCorp etc).

 

As someone mentioned earlier, it's worth checking with a few currency brokers for the best rate at that time, it does make a difference.

[Guest John from Moneycorp]

Moneycorp has a limit of 30k per deal I believe - does anyone have any recommendations for moving a larger sum? e.g. 90k

 

Would it be better to do a money market deposit for 1 transaction than 3 transactions with moneycorp? Who would be best for a money market deposit?

 

I have a UK HSBC account and they say all I need to do is go into a branch when I arrive in Aus with photo ID and proof of address and they will open an account for me straight away.

 

 

With Moneycorp, you can transfer your money using our online system or over the telephone – if you transfer money using the online system there is a limit of £30k per deal.

 

You can transfer any amount over the telephone.

 

If you need any further information please feel free to private message me.

 

Many thanks

 

John