Guest Jean95 Posted August 21, 2013 Share Posted August 21, 2013 Haven't posted for a while. To recap my hubby and I are moving back to Scotland after 26 years in Australia. Reasons are many and varied. I miss my family who are all in Scotland, my husband is not coping with the increasingly hotter summers, serious illness on my part (but nearly out of the woods now thank goodness but it made us reassess what we wanted to do), and we have a lot of assets in Australia which when we liquidate them will go a lot further in the UK. We will be staying with my sister until we can buy a house so not worried about that aspect. Also don't need to find work right away, if at all, so don't have to be concerned about that either. I am looking for advice on moving our cash from Australia back to the UK. We have an account to send it to but am in a bit of a quandary as how or rather who to use to transfer it. I have looked at a couple including HIFX and Moneycorp on this site. Also have been advised to look at HSBC but not sure I like the reports about this bank in the UK press. Also asked my bank. They would charge me $32 for the transfer but I suspect will pay me quite a significantly lower rate of exchange. Think of all those massive profits the big four are pulling in and it has to come from somewhere so I would rather it wasn't from me. I feel I have given them enough of my hard earned in the past 26 years. :twitcy: Never having done this before, not sure of what exchange rate I should expect. Would it be the amount listed on the world markets? Very much a novice.:laugh: I want to get the best deal I can so if anyone has any input it would be much appreciated. Thanks Link to comment Share on other sites More sharing options...
Guest Posted August 21, 2013 Share Posted August 21, 2013 Ozforex should do the trick Link to comment Share on other sites More sharing options...
jen85 Posted August 21, 2013 Share Posted August 21, 2013 You can also use XE.com, all you need to do is setup an account and you get a decent rate and free transfers. Link to comment Share on other sites More sharing options...
Quoll Posted August 21, 2013 Share Posted August 21, 2013 I usually use Tranzfers - my first transactions were free and the exchange rate I got was better than the bank was predicting. You can plug your $ amount into their wizard (you can do this with most exchange sites) and get a prediction for how much you will get in £. It's been very straightforward thus far. Try them all and see which one looks best. Link to comment Share on other sites More sharing options...
Guest Jean95 Posted August 22, 2013 Share Posted August 22, 2013 Thanks for your replies guys. Bank rates are terrible and I am definitely not considering them. I have found a couple on Choice website and have registered with World First which was one that they recommended. Will also register with Ozforex and see who offers the best deal. Link to comment Share on other sites More sharing options...
Guest GeorgeD Posted August 22, 2013 Share Posted August 22, 2013 Open accounts with more than one. On the day you want to transfer, use whoever gives you the best rate. Rates fluctuate on a minute to minute basis. Don't go by the rate on the front page of anyone's website...you will generally get a different rate depending ont eh size of your transfer. With HiFX you have to log in to your account and enter how much money you are going to transfer (for example, more than 5K get a better rate than under 5K) Definitely use a Forex provider rather than a bank. For larger transactions you will see a significantly better amount at the far side with a Specialist. I have used HiFX in the past for Uk to Oz transfers. Link to comment Share on other sites More sharing options...
Guest Jean95 Posted August 22, 2013 Share Posted August 22, 2013 Thanks GeorgeD. Have registered with two and they have both phoned me back. Amount will be over $5K and quotes are similar with one about $50 higher. The market is moving all the time of course and has went up $20!!! in the past half hour. Lol Link to comment Share on other sites More sharing options...
billynomates Posted August 24, 2013 Share Posted August 24, 2013 I've used xe.com for nearly two years now and until this very morning I've been happy with them. Today I looked at booking a transfer of AUD to GBP. Normally their spread means about 2.5 cents on the quoted rate. Today it appears to be over 6.5 cents (quote for transfer is 1.7918 when the exchange rate is 1.7245). I don't know if this is a "feature" of attempting to do this at the weekend, but if it's not I'll be moving my business elsewhere. Link to comment Share on other sites More sharing options...
le petit roi Posted August 24, 2013 Share Posted August 24, 2013 Something else to consider. You do need to consider this for planning the date of the transaction; when you move the money from your account into the account of whichever Forex company you decide to go for, you will only be able to move your maximum daily bank limit at any one time. This means that if you are transferring a larger amount, it may take several days. If you wish to move the money from your bank account in a single transaction, you will probably have to make the request to your bank and they may make a charge for this. Link to comment Share on other sites More sharing options...
Sydney Posted August 25, 2013 Share Posted August 25, 2013 Haven't posted for a while. To recap my hubby and I are moving back to Scotland after 26 years in Australia. Reasons are many and varied. I miss my family who are all in Scotland, my husband is not coping with the increasingly hotter summers, serious illness on my part (but nearly out of the woods now thank goodness but it made us reassess what we wanted to do), and we have a lot of assets in Australia which when we liquidate them will go a lot further in the UK. We will be staying with my sister until we can buy a house so not worried about that aspect. Also don't need to find work right away, if at all, so don't have to be concerned about that either. I am looking for advice on moving our cash from Australia back to the UK. We have an account to send it to but am in a bit of a quandary as how or rather who to use to transfer it. I have looked at a couple including HIFX and Moneycorp on this site. Also have been advised to look at HSBC but not sure I like the reports about this bank in the UK press. Also asked my bank. They would charge me $32 for the transfer but I suspect will pay me quite a significantly lower rate of exchange. Think of all those massive profits the big four are pulling in and it has to come from somewhere so I would rather it wasn't from me. I feel I have given them enough of my hard earned in the past 26 years. :twitcy: Never having done this before, not sure of what exchange rate I should expect. Would it be the amount listed on the world markets? Very much a novice.:laugh: I want to get the best deal I can so if anyone has any input it would be much appreciated. Thanks Ozforex is very good. Have used them several times for large-ish amounts of money. A huge difference compared to high streetbanks.... Syd. Link to comment Share on other sites More sharing options...
billynomates Posted August 25, 2013 Share Posted August 25, 2013 Ozforex is very good. Have used them several times for large-ish amounts of money. A huge difference compared to high streetbanks.... Syd. That's good to hear as I'm thinking of opening an account with them if xe doesn't improve its rate by Monday. I've only skimmed their website and I've not found a huge amount of information - do you know if they have any account fees (i.e. any charges for just having an account)? Link to comment Share on other sites More sharing options...
Sydney Posted August 25, 2013 Share Posted August 25, 2013 That's good to hear as I'm thinking of opening an account with them if xe doesn't improve its rate by Monday. I've only skimmed their website and I've not found a huge amount of information - do you know if they have any account fees (i.e. any charges for just having an account)? No fees at all. Found them helpful and the money is transferred quite quickly. Even asked the bank if they could compete with their rates and they said no chance. Good luck.... Syd. Link to comment Share on other sites More sharing options...
jen85 Posted August 26, 2013 Share Posted August 26, 2013 What does everyone mean by largish amounts of money? Say over $100k, abit wary about transferring large amounts of money online when its not done by the bank. Who would be the best for this? Or are they all the same. Link to comment Share on other sites More sharing options...
Sydney Posted August 26, 2013 Share Posted August 26, 2013 Yes. Sent that amount and no probs. You open an account with them, get an agreed rate for the amount you want to transfer and give them details of the account you want the money transferred to. What the banks charge is criminal. The difference in transferring £100k back to the UK could amount to a holiday or even a small car. Good luck.... Syd. Link to comment Share on other sites More sharing options...
billynomates Posted August 26, 2013 Share Posted August 26, 2013 XE update: The rate seems to be back to normal now, so maybe it's some default weekend enormous margin, or some "feature" of the money markets, or solar flares. jen85 - I understand what you mean about being wary, and for me the definition of a largish amount of money would be in the thousands to tens of thousands. When I opened my XE account, I did a test transfer of $10 before entrusting them with anything larger. Note that with XE I don't think there's much difference (if any) in the rate for $10 or $10'000, so you could move more smaller chunks if it made you feel more comfortable. Link to comment Share on other sites More sharing options...
patsmb Posted August 26, 2013 Share Posted August 26, 2013 Haven't posted for a while. To recap my hubby and I are moving back to Scotland after 26 years in Australia. Reasons are many and varied. I miss my family who are all in Scotland, my husband is not coping with the increasingly hotter summers, serious illness on my part (but nearly out of the woods now thank goodness but it made us reassess what we wanted to do), and we have a lot of assets in Australia which when we liquidate them will go a lot further in the UK. We will be staying with my sister until we can buy a house so not worried about that aspect. Also don't need to find work right away, if at all, so don't have to be concerned about that either. I am looking for advice on moving our cash from Australia back to the UK. We have an account to send it to but am in a bit of a quandary as how or rather who to use to transfer it. I have looked at a couple including HIFX and Moneycorp on this site. Also have been advised to look at HSBC but not sure I like the reports about this bank in the UK press. Also asked my bank. They would charge me $32 for the transfer but I suspect will pay me quite a significantly lower rate of exchange. Think of all those massive profits the big four are pulling in and it has to come from somewhere so I would rather it wasn't from me. I feel I have given them enough of my hard earned in the past 26 years. :twitcy: Never having done this before, not sure of what exchange rate I should expect. Would it be the amount listed on the world markets? Very much a novice.:laugh: I want to get the best deal I can so if anyone has any input it would be much appreciated. Thanks Most banks give you the chance to DIY ie I can transfer from mu Aussie bank straight to my UK bank doing online banking -it costs $20 and has a daily rate of 75,000.00 worth getting the fascility on your Aussie account even if you don't use it Link to comment Share on other sites More sharing options...
coolcat1966 Posted August 26, 2013 Share Posted August 26, 2013 I've just actually transferred a 100k + amount using HIFX -have to say excellent service and rates and the whole thing was done in a few days , kept me updated each step of the way and very impressed with the service, No fees incurred for larger amounts and way better than bank rates. Just thought I would recommend them as its always something to consider when moving back and the way the market is going at the moment its hard enough trying to 'predict' if its going to get better or worse without having to worry about who your dealing with Link to comment Share on other sites More sharing options...
Kel1 Posted August 27, 2013 Share Posted August 27, 2013 i wish i had taken my money out sooner from Aus, the dollar is falling so quickly right now. We are doing it this week hopefully via Moneycorp. I would recommend all those returning to look into the future of the dollar and get your money out quick! the signs don't look good! Link to comment Share on other sites More sharing options...
Sydney Posted August 30, 2013 Share Posted August 30, 2013 Interesting article in Telegraph. http://www.telegraph.co.uk/finance/personalfinance/expat-money/10252220/When-moving-large-sums-youre-better-off-with-a-currency-broker.html Link to comment Share on other sites More sharing options...
le petit roi Posted August 30, 2013 Share Posted August 30, 2013 Interesting article in Telegraph.http://www.telegraph.co.uk/finance/personalfinance/expat-money/10252220/When-moving-large-sums-youre-better-off-with-a-currency-broker.html What's interesting about it? This thread contains more information on the subject than the article. 'Money for old rope' springs to mind if the articles author received payment. Link to comment Share on other sites More sharing options...
Guest Jean95 Posted August 31, 2013 Share Posted August 31, 2013 Yes it was a sizeable amount of money and the bank transferred it to the company we used. They did charge me $30 though but most people have a daily limit of about $10000 so coughed up the bank fee and got it done in one transaction. Link to comment Share on other sites More sharing options...
Sydney Posted August 31, 2013 Share Posted August 31, 2013 What's interesting about it? This thread contains more information on the subject than the article. 'Money for old rope' springs to mind if the articles author received payment. Only trying to helps mate. The article in a national newspaper just confirms the trend to shy away from retail banking when moving large amounts of money. Link to comment Share on other sites More sharing options...
Zack Posted September 4, 2013 Share Posted September 4, 2013 I've just actually transferred a 100k + amount using HIFX -have to say excellent service and rates and the whole thing was done in a few days , kept me updated each step of the way and very impressed with the service, No fees incurred for larger amounts and way better than bank rates. Just thought I would recommend them as its always something to consider when moving back and the way the market is going at the moment its hard enough trying to 'predict' if its going to get better or worse without having to worry about who your dealing with Have you got a phone number for HiFx.Everything seems to be done online,Which i don't trust to much.When your sending so much money,I have heard nothing but good things about Hifx.will send ours in two lots with two dealers 1st contact who has opened a joint bank account with HSBC in the Uk,and HiFx.I see today both Hifx and 1st contacts rates are above .58/ Bank rate is .54.But we got alot more for our house and land than we hoped.To think the Aussie was up to .68 only a few months ago.Time to go before the bottom realy falls out of Australia.The last time we wanted to go home the rate was only .34.So not whingeing.Don't have to work now,just find a nice cosy home in a leafy green village with a pub.just found out after being here so long we get a percentage of our Aussie pension,on top of our Uk pensions.So thats great news. Link to comment Share on other sites More sharing options...
Thistle13 Posted September 4, 2013 Share Posted September 4, 2013 Have you got a phone number for HiFx.Everything seems to be done online,Which i don't trust to much.When your sending so much money,I have heard nothing but good things about Hifx.will send ours in two lots with two dealers 1st contact who has opened a joint bank account with HSBC in the Uk,and HiFx.I see today both Hifx and 1st contacts rates are above .58/ Bank rate is .54.But we got alot more for our house and land than we hoped.To think the Aussie was up to .68 only a few months ago.Time to go before the bottom realy falls out of Australia.The last time we wanted to go home the rate was only .34.So not whingeing.Don't have to work now,just find a nice cosy home in a leafy green village with a pub.just found out after being here so long we get a percentage of our Aussie pension,on top of our Uk pensions.So thats great news. How are you managing to getan Aussie pension? I take it you are currently pension age? Link to comment Share on other sites More sharing options...
Marisawright Posted January 19, 2014 Share Posted January 19, 2014 How are you managing to getan Aussie pension? I take it you are currently pension age? You can get your Aussie pension in the UK but you have to claim it in Australia first - and you can only do that if you've reached pension age. Leave Australia before then and you get nothing. What you can do is use your Australian work experience to qualify for the full British pension, but it's a poor exchange because the full British pension is only 110 pounds a week. We're similar ages to you and we can't afford to sacrifice the Aussie pension, which means we have a couple of options. One is to delay the move until we're 65. The other idea was to go now, and come back when we're 65 to claim - but we've just found out, there's a residential qualification too, which means we'd have to stay for two years. The reason it's so difficult is that the pension agreement between Australia and Britain has lapsed. Where an agreement exists, you can claim from overseas - so if we moved to Spain, Italy or Greece, for instance, we could claim from there, no need to come back to Oz at all! So we're wondering if we could go to the UK now, then move to Italy at 65 to claim the pension, then move back to the UK. One thing to remember is that the Aussie pension is means-tested. We've got some assets so we wouldn't get much pension at first - certainly not enough to be worth coming back for. There's a calculator on the Centrelink website where you can work out what you'd get. So what we'll do is check that regularly as our savings dwindle, and plan to come back (or move to Europe!) when the amount is worth making an effort to get. That may mean we can relax for several years in the UK before we have to do anything. Link to comment Share on other sites More sharing options...
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