Transferring money from UK to Australia

[ozziepom1963]

Can anyone on here give me some info on the best and cheapest way to transfer money from the UK for my 76 year old mum who has just received her contributory parent visa. I have spoke to the commonwealth bank in London who will transfer to the commonwealth bank in Australia for free if its over £10,000

Anyone had any experience in this?

[NicF]

Don't use a bank. It's not so much about the fees as the exchange rate. I'd use an FX company like Moneycorp or HiFX, although as you are in Australia you might have to use an Australian based company so that you can open an account with them. The best way is to open accounts with three or four different places then phone round each to see who will give the best exchange rate and use them. You can check what exchange rate the bank would give as well and compare with the others.

[Alaska]

The one I've seen recommended by a few people is Ozforex but don't have any personal experience.

 

From the UK we used TorFX but they forgot to transfer our money (did eventually)!

[rammygirl]

I have used OZFOREX/UKFOREX many times without issue always get a good rate and no fees - except any imposed by the banks at either end.

 

As said you need to register first due to money laundering regs etc. but it doesn't take long and you can do things on-line or speak to a real person any time of day or night (depending on where you are), they are really helpful.

 

I hear good things about Moneycorp too but have not used them.