weetoz Posted July 30, 2013 Share Posted July 30, 2013 I set up a classic and isaver account with NAB. they sent me my account details. Ive sent some money over with moneycorp, but i cant log on to my NAB account until ive got my bank card. So how do i know its gone through? I have noticed something very important with money corp though. They offer free money transfers for pomsinoz users. But they offer a lower exchange rate than the acutal exchange rate, thats how they make money. So if you are sending over several grand you could be losing out on 100 pound. Im not sure what exchange rates your bank will offer but it might be worth the 10-20 they charge to make transfers. Link to comment Share on other sites More sharing options...
Alaska Posted July 30, 2013 Share Posted July 30, 2013 We just went into the bank to check if it had arrived. ETA: Sorry are you still in the UK? Can you phone them in that case. Link to comment Share on other sites More sharing options...
Notts Posted July 30, 2013 Share Posted July 30, 2013 NAB will write to you to confirm receipt, a few days after it arrives in your account. Moneycorp and similar brokers have a margin of up to 1% compared to the mid-market rate - the bank margin is about 5%. Link to comment Share on other sites More sharing options...
weetoz Posted July 30, 2013 Author Share Posted July 30, 2013 Will they send me an email, im still in UK. What do you mean by this margin rate? Banks take 5% of the exchange rate for themselves? Link to comment Share on other sites More sharing options...
Guest GeorgeD Posted July 30, 2013 Share Posted July 30, 2013 I have noticed something very important with money corp though. They offer free money transfers for pomsinoz users. But they offer a lower exchange rate than the acutal exchange rate, thats how they make money. So if you are sending over several grand you could be losing out on 100 pound. Im not sure what exchange rates your bank will offer but it might be worth the 10-20 they charge to make transfers. When you say Moneycorp offer less than the actual exchange rate...this isn't strictly true. Like most other Forex companies they will advertise an indicative rate on their website, but the rate you get depends on the changing rate at the second you do the transfer. It also depends on other things like the size of the transfer....larger transfers get better rates than small ones. If you transfer over GBP5K, you will get a better rate than under. It means they don't need to have several different rates for the different transactions published on the front of their website. I haven't used Moneycorp personally, but this is the same with other Forex Providers I have used. With HiFX their website always tells you exactly the rate and what you will get when on the other side. It updates every 5 seconds. You have to log in to see it...and the rate is always slightly different from the rate on the front page...but when you carry out the transaction, you get exactly the rate and value on the screen when you hit submit... Having said all of this, for any reasonable size transfer you will still get a significantly better outcome with a Forex Provider compared to a bank. The banks give you a much lower rate, basically because they don't do as much of it as the specialists who are set up for that sole purpose. ETA: So basically there is no 'actual' exchange rate for them to vary from. There are lots of different rates which vary depending on your transaction at a specific time...your rate for your transaction when you come to do it is the only rate you should pay any attention to. Link to comment Share on other sites More sharing options...
Notts Posted July 30, 2013 Share Posted July 30, 2013 What do you mean by this margin rate? Banks take 5% of the exchange rate for themselves? The rate published in the press is the average of the actual rates for buying and selling the currency on the financial markets. The actual rates at which anyone can buy or sell currency from a bank or other provider is slightly different, which is how dealers cover their costs and make money. The amount of this difference (the margin) varies - generally banks work on a bigger margin (I.e. a worse deal for the consumer) than specialist providers. Link to comment Share on other sites More sharing options...
Guest Rebecca at NAB Posted July 30, 2013 Share Posted July 30, 2013 Hi, There are a few ways in which you can check your account before you arrive in Australia and make sure that your funds have arrived. Our teams based in Australia or London will be happy to confirm your balance for you. A request can be asked for either via email or over the phone. Please note that our London team don't have access to the NAB systems though so we do have to wait overnight to have confirmation from our colleagues. We can also arrange for you to have 'view only' Internet banking before you arrive. This means that you can sign on to NAB Internet Banking and check your balance, but will not be able to transact on the accounts until you have been identified in Australia. To arrange this, please call our London office or send an email to our Melbourne based team on the details below. London office 0141 958 7533 migrant.banking@eu.nabgroup.com Melbourne office nab.migrant.banking@nab.com.au Cheers Rebecca NAB Migrant Banking I set up a classic and isaver account with NAB. they sent me my account details. Ive sent some money over with moneycorp, but i cant log on to my NAB account until ive got my bank card. So how do i know its gone through? I have noticed something very important with money corp though. They offer free money transfers for pomsinoz users. But they offer a lower exchange rate than the acutal exchange rate, thats how they make money. So if you are sending over several grand you could be losing out on 100 pound. Im not sure what exchange rates your bank will offer but it might be worth the 10-20 they charge to make transfers. Link to comment Share on other sites More sharing options...
littleLinnie Posted July 31, 2013 Share Posted July 31, 2013 I have an NAB account and have not left the UK yet. The London team can set up internet banking for you. In fact, I've even been able to get the NAB app on my iphone and can log into my account. Can't do anything but see my accounts but thats all I need right now. The team set it up in under super quick less than a day fro me sending the request to me setting it up with my passwords etc. Link to comment Share on other sites More sharing options...
Ashleysimpson1993 Posted August 28, 2013 Share Posted August 28, 2013 I had the same problem but I called the UK office and they arranged to have my NAB ID emailed to me so I can now use Internet Banking and the App for iPhone! Link to comment Share on other sites More sharing options...
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