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bobfromdinaspowys

peer to peer money swap

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Hi All, been in Aus. for 18 years and loving it. have accumulated some funds in uk and looking to bring some over. is anyone interested in a direct swap Aus. dollars for GBP.

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Wouldnt that be awfully difficult to co-ordinate ?

 

One of you would have to "go" first and trust the other one to come good in turn.

 

Bill

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I can think of a lot of reasons why someone might want to do this but sadly none of them are legal.


 

 

 

 

 

 

 

 

 

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yes Bill, but life is full of risk. I would make sure the id and location of the other person were proven and possible police clearence.

 

Just seeing if there is any interest.

 

Regards, Bob

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Why is it illegal? Currency fair, wesell etc. are doing this but taking a cut in the process.

 

If it's just money you've been accumulating and not missing, why not do something like foreign currency trading? Especially with the dollar being so low, you're taking a mighty cut with your £=$ offer.


ACS: 26-Aug-14 | ACS +ve: 2-Sep-14 | Medical: 13-Nov-14 | IELTS: 22-Nov-14 (R:9, W:9, L:9, S:9) | UK PCC: 3-Dec-14 | Oz PCC: 18-Dec-14 | EOI submitted (65pts): 6-Dec-14 | Invite: 19-Dec-14 | Lodged: 19-Dec-14 (Onshore) | Granted: 17-Feb-15 (Yay!)

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Why is it illegal? Currency fair, wesell etc. are doing this but taking a cut in the process.

 

 

I didn't say what you are proposing is illegal. I said the reasons I could think of why someone would want to do it were all illegal.


 

 

 

 

 

 

 

 

 

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Thanks for the clarification Freckleface, no illegal activity involved, all income declared on tax return, just not brought over due to fees involved in bringing several amounts over instead of one transfer. Thanks again, Bob

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Hi Jonny, excuse me, new to this. I should clarify, I would expect the appropriate exchange rate, (i think it's called the mid market rate), to be used, not one for one. That way both parties benefit. Regards, Bob

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is anyone interested in a direct swap Aus. dollars for GBP.

 

Ahh, that's the bit that made me think you meant £=$ (which made it seem quite dodgy in my mind). I'm not sure the best way to transfer large amounts of money so good luck with that :)


ACS: 26-Aug-14 | ACS +ve: 2-Sep-14 | Medical: 13-Nov-14 | IELTS: 22-Nov-14 (R:9, W:9, L:9, S:9) | UK PCC: 3-Dec-14 | Oz PCC: 18-Dec-14 | EOI submitted (65pts): 6-Dec-14 | Invite: 19-Dec-14 | Lodged: 19-Dec-14 (Onshore) | Granted: 17-Feb-15 (Yay!)

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Like I said Jonny, new to this!! it just goes to show how how one person says something can be interperated in a different way by someone else. I would think that the best course would be to swap several smaller amounts rather than one large sum. this would limit risk as I see it. Regards, Bob

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I'll be waiting at the airport with a large suitcase full of used notes with non-sequential serial numbers.

 

Be sure to bring yours too :biglaugh:

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Can't you just use Transferwise? I've used it for a couple of years for various currency transfers and works fine for me. Not sure what its maximum limits are though.

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Guest

Whoever you use will not give you the 'true' exchange rate and may well charge fees on top too - this is how companies like HiFx, Transferwise etc. make their money but in all honesty the amounts are not substantial so unless you were transferring millions I would keep life simple and use a company.

 

Assuming you are honest and straight up Bob, then you risk attracting someone that isn't and creating stress and heartache.

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Thanks to all who have replied. Yes I could use any of the transfer companies -, Banks, peer to peer organisers etc., but for the same reasons that I did my own conveyancing when I bought my block, namely, to save a few dollars but also to learn what is involved in the "professional" service provided, I was just investigating if anyone of a like mind was interested in doing a currency swap.

I understand the concern that some may have about whether or not I am legitimate/honest, thats natural.

I can only say that if you are considering this I am sure that these can be overcome, and if not Hey, don't worry about it, just don't proceed and feel free to post your Legitimate concerns based on fact and I will be more than happy to respond.

Some background to the fees involved.

Figures from an exchange site this am.

 

AUD 100,000 at mid market rate = GBP 51,268-53 after they take a cut GBP 50,950-00 FEE GBP 318-53/ AUD 621-00

GBP 52,000 " " " = AUD 101,382-95 after they take a cut AUD 100,755-20 FEE AUD 627-75

 

total cost for two parties AUD 1248-75

 

Now I have a rough Idea how long it takes me to earn $600-00 and if I can save that using a computer in my free time I would like to.

 

Once again thanks to all who have taken the time to respond.

 

Regards,

 

Bob

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