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Xerxes

Transferring credit card debt

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I set up before we went and a Nab account, we used it to transfer our savings over whilst rates were ok- not as good as now sadly :-(


 


Kate (34), Lewis (37), Eve (11), Rhys (7), Phoebe (5)

DH granted Citizenship by descent 30/10/09 sub class 100 visa granted 4/12, Arrived 5th Sept 13.:biggrin:

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What exactly does Moneycorp do and do they charge you? Do you transfer your savings into a Moneycorp account and then they transfer it into your Aus bank account?

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I think basically yes. @John from Moneycorp is on the forum and does have a thread all for himself :biggrin:


Husband's Spouse Visa Offshore Application 309/100 Sent 24/09/13

Application Received at Australia House, London 25/09/13 @ 07:49

Payment taken 26/09/13

CO assigned 05/11/13 (WP)

Visa Subclass 100 Partner Migrant Visa granted 30/05/14

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I just wanted to hear from someone who had actually used them instead of getting the "please use my business" spiel!

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I think quite a few on here have used them, they are highly regarded but as in all things, I do think you need to open accounts with a few and then see what exchange rates they are offering, what fees you will have to pay etc and then go with whoever you will get the most AUD for your GBP from!!


Husband's Spouse Visa Offshore Application 309/100 Sent 24/09/13

Application Received at Australia House, London 25/09/13 @ 07:49

Payment taken 26/09/13

CO assigned 05/11/13 (WP)

Visa Subclass 100 Partner Migrant Visa granted 30/05/14

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I just wanted to hear from someone who had actually used them instead of getting the "please use my business" spiel!

 

I am using MoneyCorp to pay of my credit card debt in Germany. I asked the bank to divide it into installments and each month I send money to my MoneyCorp account (takes 1 day) and then to the German account (another day). The exchange rates are not very good (due to small transfers), but I can't think of any other way...


Life Scientist nec (190) Lodged: 25/04/13, Grant: 20/06/13, Living in Sydney since Feb 2014 and loving it!

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How stupid of us- we didn't think it through! Of course we can't afford to emigrate because we don't want to pay off a bill that can potentially be transferred and paid off monthly, why didn't we think of that?!

 

I guess most people would assume that the credit card debt, being at the worst possible rate of interest as most credit cards are, wouldn't be something you'd want to carry if you had money to spare. The fact that, apparently, if you paid back the debt you'd have no money to emigrate is something that worries those of us who have been through the experience, so it's natural that we are concerned for you. Emigrating always costs a sh**load more than you think, so to embark on it when strapped for cash is a very risky thing to do. Having said that, we don't know your circumstances.

 

Can you keep a UK bank account open and carry on paying it from Australia if you don't have a UK address?

 

Yes you can.

Edited by Marisawright

Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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Thanks guys! God my head is spinning!

 

Hi @Xerxes I joined Moneycorp back in the UK. You basically 'buy' currency when you want it or it's at a good rate. So in UK I just did this with my debit card. Then it's credited to your money corp online account then you buy x amount of $ with it and chose a recipient- in my case my NAB bank. Very easy. No fees if you join through Pio I think- although I suspect our rate is slightly less favorable than if we were fee paying customers.

In return it's slight;y different. I do an electronic transfer of $ to a bank account and they then credit them to my account to but GBP in the same way. I have had no hiccups with them and they are very easy to deal with. Whole process takes just a few days this end. I can't recall how long i took other end.

As said before loads of people use them and there are other similar companies as well.


 


Kate (34), Lewis (37), Eve (11), Rhys (7), Phoebe (5)

DH granted Citizenship by descent 30/10/09 sub class 100 visa granted 4/12, Arrived 5th Sept 13.:biggrin:

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