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darey

Transfering Into an aussi Bank

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Hello,

 

Looking to transfer around £7k (UK) into an aussi account. At the moment Commonwealth is looking like the best to me as they seem to have less fees than NAB.

 

I want to avoid transfer fees if possible. Also read that banks take commission on money entering an account in this manner.

 

Is this correct and what is the cheapest, even better FREE, way of doing this transfer into an Aussi account please?

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Hi darey

When I went on my whv I transferred £5k into NAB simple process took about 4/5 working days if done before 2pm. Set it all up from the UK.

Barclays charged £25 not sure what NAB did but if I cant remember cant be that bad ay! Picked up my account card in branch no fuss.

Depending what visa your going over on like I did was to take a copy if they asked about proving funds.


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Guest GeorgeD

Don't use a bank to do the transfer, you will get significantly less money than if you use a Foreign Exchange specialist like MoneyCorp. You can get 1%-3$ better in terms of rate compared to a bank...and even for under ten thousand, that could be a few hundred dollars better doing it with the specialist compared to a bank.

 

NAB have a fee free account too.

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You have posted this in the moneycorp forum is it a question for Moneycorp or do you want it moving? I know if you transfer funds using Moneycorp in to NAB not only do you get a better exchange rate but there are no fees.


If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.

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Don't use a bank to do the transfer, you will get significantly less money than if you use a Foreign Exchange specialist like MoneyCorp. You can get 1%-3$ better in terms of rate compared to a bank...and even for under ten thousand, that could be a few hundred dollars better doing it with the specialist compared to a bank.

 

NAB have a fee free account too.

 

 

What about using MoneyCorp etc for transferring into ANZ. Is it the same deal? I'm looking into re-opening my old ANZ bank account.

 

 

Edit: not to worry. Just called ANZ, I'd have to open up a new account as my old one is dormant anyway

Edited by mw291073

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Guest GeorgeD

MoneyCorp will give you the same rate and not charge you any fees irrespective of which bank you are sending to. If the bank wants to charge you, that's up to them...but remember that paying fees and getting a beter rate can still mean you get more money than doing it with zero fees and a poorer rate. The important thing to look at is how much money you will get at the far side, not how it is made up of rates vs fees.

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MoneyCorp will give you the same rate and not charge you any fees irrespective of which bank you are sending to. If the bank wants to charge you, that's up to them...but remember that paying fees and getting a beter rate can still mean you get more money than doing it with zero fees and a poorer rate. The important thing to look at is how much money you will get at the far side, not how it is made up of rates vs fees.

AFAIK Moneycorp have a deal with NAB so you wouldn't get charged for receiving the money.


If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.

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thanks all. A friend who works at a bank in Oz is going to open me a NAB account and will use moneycorp to transfer as they also have a deal with poms in oz. Brilliant. Thanks PIZ. and thanks for all the other comment, appreciate it

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Hello,

 

Looking to transfer around £7k (UK) into an aussi account. At the moment Commonwealth is looking like the best to me as they seem to have less fees than NAB.

 

I want to avoid transfer fees if possible. Also read that banks take commission on money entering an account in this manner.

 

Is this correct and what is the cheapest, even better FREE, way of doing this transfer into an Aussi account please?

 

The bottom line is that the big 4 banks in Australia will all cry out loud "no fees" but that's fine but they clip you on the exchange rate which can be up to 3% - so on $100k they could be making $3000. I strongly suggest you resist the bait that they will open an account in Oz for you and instead use a specialist in the area. I now bugger all about Moneycorp but I am in the industry so I know what I am talking about. Good luck


Steve Elliott

Registered Migration Agent (MARN 1804671)

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