aconcannon Posted September 22, 2016 Share Posted September 22, 2016 Every 3 months I send the equivalent of £600 from my Australian bank account to my UK bank account, and I'll be continuing to do this for another 12 months. Each time I make the transfer I use a different broker/currency transfer company in order to get the best rate, however, I always get charged by ANZ for sending money to a foreign bank account. I'm not very cluey on stuff like this & wondered could anybody share any advice on a better way to do it? I don't remember paying any charges from the UK to Australia when we moved over & transferred a lot of cash. Thanks! Link to comment Share on other sites More sharing options...
Bungo Posted September 22, 2016 Share Posted September 22, 2016 Every 3 months I send the equivalent of £600 from my Australian bank account to my UK bank account, and I'll be continuing to do this for another 12 months. Each time I make the transfer I use a different broker/currency transfer company in order to get the best rate, however, I always get charged by ANZ for sending money to a foreign bank account. I'm not very cluey on stuff like this & wondered could anybody share any advice on a better way to do it? I don't remember paying any charges from the UK to Australia when we moved over & transferred a lot of cash. Thanks! I think you could be going about this the wrong way. If you are using a broker, then ANZ shouldn't need to be sending money to a foreign bank account. You send money to the broker which should be in the same currency / country, that is you need to be using an Australian broker and you send them A$ from your bank. The broker then converts this money and sends to your UK account, so they either take a fee or build it into the exchange rate. Link to comment Share on other sites More sharing options...
aconcannon Posted September 22, 2016 Author Share Posted September 22, 2016 If your bank are not transacting in a foreign currency, I am puzzled as to why they would be charging you for it? When I have transferred money using a broker I move money to the broker in the same for free and then the transfer cost is either paid to the broker or is embedded in the rate they offer. Are you using an Australian based broker? @Bungo I'm using Australian sites to compare the rates but they always seem to be UK based brokers. Even though I'm sending them dollars it's into a UK account I'm paying into so ANZ charge me...think it costs me around $20-30?? Is that where I'm going wrong, using UK brokers?? Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
Nemesis Posted September 22, 2016 Share Posted September 22, 2016 @Bungo I'm using Australian sites to compare the rates but they always seem to be UK based brokers. Even though I'm sending them dollars it's into a UK account I'm paying into so ANZ charge me...think it costs me around $20-30?? Is that where I'm going wrong, using UK brokers?? Sent from my iPhone using Tapatalk I use Tranzfers, who are part of OzForex, and ANZ have never charged me to move anything to them. Link to comment Share on other sites More sharing options...
aconcannon Posted September 22, 2016 Author Share Posted September 22, 2016 I use Tranzfers, who are part of OzForex, and ANZ have never charged me to move anything to them. @Nemesis is it an Aussie bank account you're sending the money to? I think that's why I'm getting charged by ANZ, because despite sending dollars it's into different brokers UK accounts so it's classed as a foreign transfer Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
Bungo Posted September 22, 2016 Share Posted September 22, 2016 @Bungo I'm using Australian sites to compare the rates but they always seem to be UK based brokers. Even though I'm sending them dollars it's into a UK account I'm paying into so ANZ charge me...think it costs me around $20-30?? Is that where I'm going wrong, using UK brokers?? Sent from my iPhone using Tapatalk Yes! You need to use an Australian broker or you are defeating the purpose of using a broker as you are still just getting the bank rate as it is them that are making the actual foreign currency conversion. In fact you are paying twice, you are paying a bank and a broker! We used to use Transferz or Ozforex. We would send them A$ from our NAB account which obviously has no charge as it is a local currency transfer. Link to comment Share on other sites More sharing options...
aconcannon Posted September 22, 2016 Author Share Posted September 22, 2016 Yes! You need to use an Australian broker or you are defeating the purpose of using a broker as you are still just getting the bank rate as it is them that are making the actual foreign currency conversion. In fact you are paying twice, you are paying a bank and a broker! We used to use Transferz or Ozforex. We would send them A$ from our NAB account which obviously has no charge as it is a local currency transfer. @Bungo we're sending dollars not pounds so don't get charged from a currency exchange point of view, only a fee for sending to a foreign account. I think you're right though & I do need to be using Aussie broker! I'll have a look at ones your suggested. Thanks! Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
Nemesis Posted September 22, 2016 Share Posted September 22, 2016 @Nemesis is it an Aussie bank account you're sending the money to? I think that's why I'm getting charged by ANZ, because despite sending dollars it's into different brokers UK accounts so it's classed as a foreign transfer Sent from my iPhone using Tapatalk Sending between Anz and a UK account, both ways. ANZ never charge me, nor do the UK bank. Link to comment Share on other sites More sharing options...
aconcannon Posted September 22, 2016 Author Share Posted September 22, 2016 Sending between Anz and a UK account, both ways. ANZ never charge me, nor do the UK bank. Do you just have bog standard bank accounts as well? I can't understand why they're charging me? Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
Nemesis Posted September 22, 2016 Share Posted September 22, 2016 Do you just have bog standard bank accounts as well? I can't understand why they're charging me? Sent from my iPhone using Tapatalk Absolutely bog standard basic. I move cash from ANZ to tranzfers (Ozforex) account in Sydney. They move it to their uk account. Then it goes in £ from their uk account to mine. Costs maybe $15 for the Tranzfers fee but thats it. No fee moving money back to Oz either. My husband and I have been doing this for several years, the only fee we ever pay is a flat $15 to Tranzfers. Nothing to the banks. Are you maybe moving the cash to a UK broker first? So from an Aussie bank to a UK account? They bank would charge you for that. tranzfers get you to move the money to their Ozzie account first, so it stays in dollars. Link to comment Share on other sites More sharing options...
aconcannon Posted September 22, 2016 Author Share Posted September 22, 2016 Absolutely bog standard basic. I move cash from ANZ to tranzfers (Ozforex) account in Sydney. They move it to their uk account. Then it goes in £ from their uk account to mine. Costs maybe $15 for the Tranzfers fee but thats it. No fee moving money back to Oz either. My husband and I have been doing this for several years, the only fee we ever pay is a flat $15 to Tranzfers. Nothing to the banks. Brilliant. Sounds great. I'm just comparing exchange rates & fees now on different sites now... Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
Marisawright Posted September 22, 2016 Share Posted September 22, 2016 @Bungo we're sending dollars not pounds so don't get charged from a currency exchange point of view, only a fee for sending to a foreign account. I think you're right though & I do need to be using Aussie broker! I'll have a look at ones your suggested. Thanks! As others have said, you're definitely doing it back to front. The whole idea of using these money transfer sites is that you transfer the money to the broker's account in dollars, they convert it into pounds for you, and then pay it into your UK bank account. That way, your Australian bank is paying dollars into an Australian account so they won't charge you, and your UK bank is receiving pounds so they won't charge you. We use Moneycorp, they usually have a pretty good rate and if you join via these forums, you get a fee-free account. I guess we could get a few extra cents here and there by shopping around but I've always found them so easy to use I haven't bothered! Link to comment Share on other sites More sharing options...
dmjg Posted September 22, 2016 Share Posted September 22, 2016 I used ozforex and they were really easy. First transaction took a few days and a bit of faffing with contracts, but after that, each was easy and took minutes. I would fix the rate and amount on line. Bank transfer the dollars into their Aussie account, they would take $15 for themselves and put the rest into my HSBC U.K. Account. No other fees. Link to comment Share on other sites More sharing options...
Keith and Linda Posted September 22, 2016 Share Posted September 22, 2016 Absolutely bog standard basic. I move cash from ANZ to tranzfers (Ozforex) account in Sydney. They move it to their uk account. Then it goes in £ from their uk account to mine. Costs maybe $15 for the Tranzfers fee but thats it. No fee moving money back to Oz either. My husband and I have been doing this for several years, the only fee we ever pay is a flat $15 to Tranzfers. Nothing to the banks.Are you maybe moving the cash to a UK broker first? So from an Aussie bank to a UK account? They bank would charge you for that. tranzfers get you to move the money to their Ozzie account first, so it stays in dollars. I would expect that the actual exchange rate you get from your bank would not be as favourable though. Small amounts I suppose are not a great concern but regular transfers over the long term then these fees and rates will add up. I use Currency Fair and I think their fee is/was $2.50 and at the fist time of using them had the best exchange rate. Link to comment Share on other sites More sharing options...
Marisawright Posted September 23, 2016 Share Posted September 23, 2016 I used ozforex and they were really easy. First transaction took a few days and a bit of faffing with contracts, but after that, each was easy and took minutes. I would fix the rate and amount on line. Bank transfer the dollars into their Aussie account, they would take $15 for themselves and put the rest into my HSBC U.K. Account. No other fees. A $15 fee? Ouch! I hope it was a lot of money, otherwise a $15 fee would blow a big hole in the final balance. That's why we use Moneycorp - no fees if you join through these forums. I must admit I struggled getting Moneycorp set up online because I had an old steam-driven computer at the time, but in the end I phoned them, agreed a deal on the spot, they sent me an email with the contract, I replied and the transaction was done. Link to comment Share on other sites More sharing options...
dmjg Posted September 23, 2016 Share Posted September 23, 2016 A $15 fee? Ouch! I hope it was a lot of money, otherwise a $15 fee would blow a big hole in the final balance. That's why we use Moneycorp - no fees if you join through these forums. I must admit I struggled getting Moneycorp set up online because I had an old steam-driven computer at the time, but in the end I phoned them, agreed a deal on the spot, they sent me an email with the contract, I replied and the transaction was done. $3000 Link to comment Share on other sites More sharing options...
aconcannon Posted September 23, 2016 Author Share Posted September 23, 2016 As others have said, you're definitely doing it back to front. The whole idea of using these money transfer sites is that you transfer the money to the broker's account in dollars, they convert it into pounds for you, and then pay it into your UK bank account. That way, your Australian bank is paying dollars into an Australian account so they won't charge you, and your UK bank is receiving pounds so they won't charge you. We use Moneycorp, they usually have a pretty good rate and if you join via these forums, you get a fee-free account. I guess we could get a few extra cents here and there by shopping around but I've always found them so easy to use I haven't bothered! @Marisawright we are not sending pounds to the transfer site, we're sending dollars. The charges are occurring because I'm sending money to a UK account - in dollars - so it's classed as an international transfer, which ANZ charge for. I'll check Moneycorp out. Cheers Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
Marisawright Posted September 23, 2016 Share Posted September 23, 2016 @Marisawright we are not sending pounds to the transfer site, we're sending dollars. The charges are occurring because I'm sending money to a UK account - in dollars - so it's classed as an international transfer, which ANZ charge for. But that's what I mean - what are you doing, sending dollars to a UK account? If you're doing that, then you may as well send the money direct to your bank! The whole idea of these brokers is that you send Australian dollars to an Australian account, they then convert it to pounds and you then instruct them to pay those pounds to a UK bank. If a transfer site is paying your dollars straight to your UK bank, then what service have they provided? They haven't exchanged your currency so what did they do? Link to comment Share on other sites More sharing options...
stevej Posted October 10, 2016 Share Posted October 10, 2016 I found a company called transferwise. They seem to offer a pretty good rate because they don't actually exchange your money. You pay them in your home currency and they send money out of their foreign account. The money never actually goes international so it's local both ends. The fee was quite small too. Not tried them yet but will consider it. Link to comment Share on other sites More sharing options...
Guest Posted October 10, 2016 Share Posted October 10, 2016 I use currencyfair. Actually got a better rate than the mid market rate this week. It's peer to peer and usually beats the big guys by a couple of percent. Link to comment Share on other sites More sharing options...
Keith and Linda Posted October 10, 2016 Share Posted October 10, 2016 I used Currency fair yesterday, it still showed up with the slightly better rate and only a 2.50 pound fee. Link to comment Share on other sites More sharing options...
Guest Posted October 11, 2016 Share Posted October 11, 2016 I used Currency fair yesterday, it still showed up with the slightly better rate and only a 2.50 pound fee. Key with Currencyfair is to set your own rate and be patient if transferring a large sum, although the rate to exchange immediately is usually pretty good too. Link to comment Share on other sites More sharing options...
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