sending large sums of money, UK to Oz.

[thom1980]

Hi, I may be getting a large lump sum from the UK shortly.

 

In terms of exchange rates etc, do these alter with the method of which the money is transferred? Ie; do I get a better rate for a swift (wire) transaction as opposed to a personal cheque or bankers draft?

 

Also, with a larger amount, can I secure a better rate than standard?

[abz123]

MoneyCorp or ozforex are both reputable companies who will give you a better than bank rate.

[thom1980]

MoneyCorp or ozforex are both reputable companies who will give you a better than bank rate.

 

Are you aware of any of the answers in relation to these companies in terms of, or are any any representatives of these companies on here to answer the following questions?

 

 

Are they speculating with the funds or just buying to order?

Are they registered with HM Customs as an overseas money service provider?

Do they have audited accounts at Companies House?

How many staff do they have and what turnover? (Obviously a medium/large established company is more reliable than two guys in a back room, though it’s no guarantee).

Are the funds held separately from the company’s fund. (This way in the event the company goes bust, it’s protected from creditors).

Do they have professional indemnity insurance protecting customers from staff fraud, etc?

Do they have direct access to SWIFT?

 

i ask these, because the amount in in the region of £100-120,000.

[NicF]

We moved over £100k with Moneycorp, but you may not be able to set up an account with them from Australia due to requirements for identity checking for money laundering purposes. I might be wrong about this though. There is a representative from Moneycorp on the forum and a special section for them I think. They are currency traders and fully registered and regulated in the UK. The larger the amount you transfer the better the rate they will offer you, although our financial adviser suggested opening accounts with several of the forex traders and playing them off against each other to get the best rates. They make money on the difference between the rate they give you and the rate they can get on the currency market. I haven't used Ozforex but I believe they are basically the same thing based in Australia.

[thom1980]

Thanks Nik,

 

the he money is coming from the uk, so the account would be set up there by the person sending me the money.

i have just posted the topic on their section which I just noticed.

 

Nik, as you would have done if sent via a bank, were you required to fill out forms to notify HMS Tax due to the large amount?

 

cheers

[abz123]

I also moved a six figure sum through MoneyCorp.

 

There was no need to notify HMRC as it was the proceeds from sale of our property. MC asked what the source of the money was for anti money laundering purposes as Nic mentioned. It may be different if the money is not yours though.

 

Drop MC an email and they will give you a call back at their cost even though you are in Oz and talk you through how it all works and answer any questions/concerns you may have.

 

Definitely not a plug from me, but could not fault their customer service when I used them.