Patphillips47 Posted February 4, 2016 Share Posted February 4, 2016 We will probably be back in Australia when our UK house sells Have been into Lloyds who we bank with in the UK and they have said the daily limit is now £100,00.00 can anyone confirm that i do have the facility to transfer between my UK and Aussie banks via my internet banking just don't want hiccups when it comes to the crunch Link to comment Share on other sites More sharing options...
Luddite5151 Posted February 4, 2016 Share Posted February 4, 2016 Hi I was told by bank of Scotland that £100k was a daily rate that was incorrect it turned out to be £25k a day then there was an hour phone call every day for the money to clear we were told the bank system was self learning but clearly it was not the bank did compensate for the calls , if you are transferring money you will get a better rate from some of the large money companies than the bank can be 5 to 10 cents better in your pocket, hopes this helps Link to comment Share on other sites More sharing options...
Patphillips47 Posted February 4, 2016 Author Share Posted February 4, 2016 Hi I was told by bank of Scotland that £100k was a daily rate that was incorrect it turned out to be £25k a day then there was an hour phone call every day for the money to clear we were told the bank system was self learning but clearly it was not the bank did compensate for the calls , if you are transferring money you will get a better rate from some of the large money companies than the bank can be 5 to 10 cents better in your pocket, hopes this helps Thanks for that answer I am cautious as to what I have been told and will down the line try to get it on paper not just a verbal Might look at one of the money companies too so as to try to save a few bob Link to comment Share on other sites More sharing options...
Marisawright Posted February 4, 2016 Share Posted February 4, 2016 We will probably be back in Australia when our UK house sells Have been into Lloyds who we bank with in the UK and they have said the daily limit is now £100,00.00 can anyone confirm thati do have the facility to transfer between my UK and Aussie banks via my internet banking just don't want hiccups when it comes to the crunch Don't transfer direct between banks, you'll pay a fortune. I used Moneycorp and if you join via these forums, they won't charge any fees. They have a pretty good exchange rate too. Daily limits are set for day-to-day banking. Usually you can arrange a one-off exception for a large amount. I'd suggest asking your bank if that could be done, and if so, how. Link to comment Share on other sites More sharing options...
Patphillips47 Posted February 4, 2016 Author Share Posted February 4, 2016 It only costs me around £ 20 to send to Oz but don't want to have to do it day by day because of a low daily limit I have asked at the bank today but got the answer to do a large amount I need to be here as in the branch ! Well I probably won't be so will figure out another way lol Link to comment Share on other sites More sharing options...
Marisawright Posted February 4, 2016 Share Posted February 4, 2016 It only costs me around £ 20 to send to Oz but don't want to have to do it day by day because of a low daily limit I have asked at the bank today but got the answer to do a large amount I need to be here as in the branch ! Well I probably won't be so will figure out another way lol One possibility - you could have the sale proceeds paid directly into your Moneycorp account. Link to comment Share on other sites More sharing options...
Peach Posted February 4, 2016 Share Posted February 4, 2016 It only costs me around £ 20 to send to Oz That's just the transfer fee. The bank will also offer you a worse exchange rate than Moneycorp. On a large sum of money Moneycorp will save you hundreds if not thousands of pounds. Link to comment Share on other sites More sharing options...
Patphillips47 Posted February 4, 2016 Author Share Posted February 4, 2016 Will look at Moneycorp once we have some ideas on our house sale -thanks everyone Link to comment Share on other sites More sharing options...
Parley Posted February 4, 2016 Share Posted February 4, 2016 If they use the SWIFT network they can transfer a lot more than that internationally. Unlimited actually. Link to comment Share on other sites More sharing options...
DT55 Posted February 4, 2016 Share Posted February 4, 2016 As others have you will get more for your money using a currency broker than using the bank. Moneycorp is one but there are others so shop around for the best deal. I personally have used Moneycorp and HiFx both of which have been great Link to comment Share on other sites More sharing options...
Patphillips47 Posted February 4, 2016 Author Share Posted February 4, 2016 Thinking cap on -another query is can I transfer from Oz to Uk with a Moneycorp account opened from the UK Ours savings are still in Oz and we will need some here to use for some expenses ,other expenses will be put on UK credit card then paid off from the funds when our house sells Link to comment Share on other sites More sharing options...
rammygirl Posted February 4, 2016 Share Posted February 4, 2016 Yes. You do need to open an account first as they have to do the usual identity checks etc. Definately use a money transfer service. you will still need to move the cash to the FX company and may need to pay to do this via CHAPS. Talk to your bank about being able to do this when you are in Australia. You may need to fax the instructions to them, old school I know but this will require a fax indemnity form completing before you leave. Go and sit down in the bank with an advisor and be sure to get the correct info. Counter staff do not always know the detail. With Nationwide I can do it online but for large amounts only via CHAPS, otherwise I have to do several transactions. we have moved cash backwards and forwards with no issues with Ozforex, now OFX. Link to comment Share on other sites More sharing options...
Patphillips47 Posted February 4, 2016 Author Share Posted February 4, 2016 It was an advisor I spoke to today but I will make further enquiries Fax well a few years ago I was given a card from my Bank SA with a fax number on which I duly faxed all my details etc to -only to have a reply from a private household as the cards had the wrong number printed on them !!! Then to add insult to injury we transferred house funds to the UK -Lloyds TSB at the time only to have someone send it back for what ever reason It was lost in limbo land for 5 weeks ( at my insistence the amount was back in my account within 24 hours but ) To say I will choose carefully this time is an understatement lol Link to comment Share on other sites More sharing options...
rammygirl Posted February 5, 2016 Share Posted February 5, 2016 Yes it can be nerve wracking sending your hard earned into the ether. with a large sum though do shop around as every .01 point makes $1000 difference on £100,000. if you don't need the cash urgently you can also pick a rate you will be happy with and the deal will be triggered then. Saves you watching the rates as it can often spike in the middle of the night. Talk to the forex companies they should explain it all. Link to comment Share on other sites More sharing options...
Guest John from Moneycorp Posted February 5, 2016 Share Posted February 5, 2016 Thinking cap on -another query is can I transfer from Oz to Uk with a Moneycorp account opened from the UK Ours savings are still in Oz and we will need some here to use for some expenses ,other expenses will be put on UK credit card then paid off from the funds when our house sells Yes, we can help out - if you need anything let me know and I can arrange for one of the team to get in touch. Thanks John Link to comment Share on other sites More sharing options...
Marisawright Posted February 5, 2016 Share Posted February 5, 2016 Thinking cap on -another query is can I transfer from Oz to Uk with a Moneycorp account opened from the UK Ours savings are still in Oz and we will need some here to use for some expenses ,other expenses will be put on UK credit card then paid off from the funds when our house sells It doesn't matter where you opened the Moneycorp account, you can use it to transfer money in both directions. We are in the same situation - all our savings still in Oz. What we do is transfer lump sums from our Aussie account to Moneycorp when the exchange rate is good, then transfer smaller amounts from Moneycorp to our UK account as needed. Link to comment Share on other sites More sharing options...
jodipodi Posted February 5, 2016 Share Posted February 5, 2016 Moneycorp are brilliant! That's my tuppence worth :yes: I transfer money into aud... Keep it there in the account, then transfer it either to my agent when needed, or if I need something for our migration plans that needs paid in GBP I simply transfer some back out.....you can transfer to different recipients, it's great for getting those rates whilst they're favourable and I will be using it to transfer money over to hubs when he reaches NT and opens an ozzy account. X Link to comment Share on other sites More sharing options...
flatpack Posted February 5, 2016 Share Posted February 5, 2016 We used moneycorp and everything went smoothly. My sister used HSBC as they were giving her a "special" rate for being such a great customer over they years. The difference was 7 cents in the pound and they transferred £300k. $21,000 difference but they didn't charge them any fees lol Link to comment Share on other sites More sharing options...
Patphillips47 Posted February 5, 2016 Author Share Posted February 5, 2016 Yes, we can help out - if you need anything let me know and I can arrange for one of the team to get in touch. Thanks John Thanks I will do John probably next week I am knee deep in estate agents at the minute oh joy Link to comment Share on other sites More sharing options...
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