Captain0 Posted October 8, 2014 Share Posted October 8, 2014 Hi all, I am looking to set up a bank account with a bank that will allow me to make regular Aud$ transfers from the UK without incurring charges each time I make a deposit. Does such a bank exist? If not which one is the best of the bunch? Thanks. Link to comment Share on other sites More sharing options...
peterc1983 Posted October 8, 2014 Share Posted October 8, 2014 I use MoneyCorp to do exactly this. Every month I send at a minimum £1k to my MoneyCorp account, and then when the exchange rate is good I buy the dollars, and send it onward to my Australian account (NAB). If you're a member of this website, transactions are free at MoneyCorp due to a special offer. Even if you were paying the charge, I think it's fairly reasonable (flat rate of £7 I think it was) - obviously better if you send in bulk rather than so frequently in this case. The MoneyCorp/NAB forums on here will help you. They have a 'sticky' post outlining how to do this. Link to comment Share on other sites More sharing options...
Marisawright Posted October 8, 2014 Share Posted October 8, 2014 Hi all,I am looking to set up a bank account with a bank that will allow me to make regular Aud$ transfers from the UK without incurring charges each time I make a deposit. Check out Citibank. In Australia, their Citibank Plus account has fee-free international transfers and their exchange rate is good. It would be worth checking if it is the same in your country. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted October 8, 2014 Share Posted October 8, 2014 We used Moneycorp there are no fees at either end as Peter has mentioned plus it is a better exchange rate than the banks. Link to comment Share on other sites More sharing options...
Guest Posted October 8, 2014 Share Posted October 8, 2014 Currency fair depending on how much you transfer...Will get a better rate than Moneycorp Link to comment Share on other sites More sharing options...
tina0101 Posted October 9, 2014 Share Posted October 9, 2014 We use Moneycorp. Easy to use, no fees and have never had any problems. Link to comment Share on other sites More sharing options...
Captain0 Posted October 10, 2014 Author Share Posted October 10, 2014 Thanks for all your replies. I'll investigate some of the options. The last time I transferred money to Wespac they took $50 in charges so I had to send another $100 to pay for the $50 shortfall. i.e. took another $50 charges on $100. Link to comment Share on other sites More sharing options...
MARYROSE02 Posted October 10, 2014 Share Posted October 10, 2014 I just use my existing UK online banking account with Smile to transfer money to my account with ANZ. Smile sent me a Card Reader this year, and it's 'easy as' to arrange transfers with it. I must check how much they are charging me for the FX transfer though. Unless the charge is included in the amount they transferred to Australia (in GBP) I can't see a charge on my UK account? When I use my Smile VISA Debit card I get slugged all right with each transaction I make in OZ - 82 quid for paying a 3,000 quid bill a couple of months back, so I've learnt from that experience that it's better to transfer funds to my ANZ bank account. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted October 10, 2014 Share Posted October 10, 2014 Thanks for all your replies. I'll investigate some of the options. The last time I transferred money to Wespac they took $50 in charges so I had to send another $100 to pay for the $50 shortfall. i.e. took another $50 charges on $100. That is the best thing about Moneycorp and NAB you don't get hit with that $50 charge as Moneycorp pays it Link to comment Share on other sites More sharing options...
Veronique Posted October 10, 2014 Share Posted October 10, 2014 Thanks for all your replies. I'll investigate some of the options. The last time I transferred money to Wespac they took $50 in charges so I had to send another $100 to pay for the $50 shortfall. i.e. took another $50 charges on $100. I have made 3 GBP/AUD transfers via WORLD FIRST within the last 3 months and all have been fee free and trouble free and their margin can be as little as 1/3rd of 1.0% which means they take ,at current exchange levels about a half a cent for every 1 GBP exchanged cheers Barry Link to comment Share on other sites More sharing options...
Skippy1 Posted October 11, 2014 Share Posted October 11, 2014 Currency fair.....have not got a better rate anywhere else and only a $4 transaction fee.......... Link to comment Share on other sites More sharing options...
Captain0 Posted October 11, 2014 Author Share Posted October 11, 2014 Hi, I have just used moneywise to transfer $2500 The rate was spot on and the charge £6.50 Just checked their rate = 1.85073 XE is = 1.84943 My bank and a trader has quoted 0.2% on a larger amount off the inter bank rate. Any idea what rate Moneycorp would offer? I currently use a Santander credit card which allows purchases in any currency at near inter bank rates for no fee. You are charged for cash withdrawals but I always clear card as soon as I make one. Link to comment Share on other sites More sharing options...
srh82 Posted October 11, 2014 Share Posted October 11, 2014 http://www.hifx.co.uk or http://www.hifx.com.au Never use my bank directly because of ridiculous fees at both ends and the transaction time is longer. I have transferred thousands of pounds through this website with no problems whatsoever. Link to comment Share on other sites More sharing options...
Guest Posted October 11, 2014 Share Posted October 11, 2014 Hi,I have just used moneywise to transfer $2500 The rate was spot on and the charge £6.50 Just checked their rate = 1.85073 XE is = 1.84943 With the figures quoted you would have been better off using XE. Moneywise :: $2500/1.85073 = 1350.82GBP + 6.50GBP fee = 1357.32GBP XE :: $2500/1.84943 = 1351.77 + 0 fee = 1351.77GBP A saving of 5.50GBP for had you gone with Xe.com. Link to comment Share on other sites More sharing options...
Guest Posted October 11, 2014 Share Posted October 11, 2014 We always used HiFx - there was a special offer through Westpac at the time we moved and stuck with them ever since. We just kept our Nationwide account open and transferred the money to/from that using Hifx. Hifx used to be 'fee free' - of course they made their money in the exchange rate - that then changed and for relatively small amounts there is a $15 fee but better exchange rates (there is no such thing as 'fee free' really- these are businesses after all!) With small amounts of currency (which I would assume monthly is) a lower fee probably works out better. Link to comment Share on other sites More sharing options...
Captain0 Posted October 11, 2014 Author Share Posted October 11, 2014 Yes you are right I did not know XE were fee free. I typed the wrong name in it was Transferwise I used and their fee works out just under 0.5% so I would not use them for larger amounts anyway. Moneycorp would have cost £1351.57 and they are endorsed by many of the users of this site but it does no harm to keep checking rates. It would be good to have regular comparisons published here or does such a site exsist? Link to comment Share on other sites More sharing options...
Guest Posted October 11, 2014 Share Posted October 11, 2014 We use HiFX as no fees and good rates. Link to comment Share on other sites More sharing options...
QuinninOz Posted October 16, 2014 Share Posted October 16, 2014 Hi all,I am looking to set up a bank account with a bank that will allow me to make regular Aud$ transfers from the UK without incurring charges each time I make a deposit. Does such a bank exist? If not which one is the best of the bunch? Thanks. Just read through everyone comments and there is a little more to this story. It is helpful to understand how banks and money transfer companies work. In general a bank that sends money internationally does not have a bank account in the receiving country. This is why you get hit with a fee at the receiving end. The receiving banks make a tidy profit from theses international fees. A money transfer company like many of the ones mentioned here on the other hand has a bank account in the receiving country as well as the country of origin. This means they can do all the local transfers and withdrawals for free. They still usually charge a small fee for the service, but usually way less then a bank. So to answer your question; Avoid the banks - use a money transfer service! If you shop around some even offer fee free transactions - all have much better interest rates then a bank. Link to comment Share on other sites More sharing options...
Marisawright Posted October 16, 2014 Share Posted October 16, 2014 It is helpful to understand how banks and money transfer companies work. In general a bank that sends money internationally does not have a bank account in the receiving country. This is why you get hit with a fee at the receiving end. A money transfer company like many of the ones mentioned here on the other hand has a bank account in the receiving country as well as the country of origin. This means they can do all the local transfers and withdrawals for free. Aha, that makes sense now. I was wondering how Citibank were able to offer much better rates and fee free transactions on international transfers - it's because they're in both countries. Link to comment Share on other sites More sharing options...
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