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Aibbitson

Transferring money and limits

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    Hi all, returining to the UK next year to reunite with family after 7 years in Australia. We were wondering what are the rules/guidlines for transferring savings from Aus to UK? Im looking for advice and whether we can do in one go to a UK bank etc? Can nayone recommend a service or person in teh game to talk to? Cheers Andy

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    Moneycorp

    Moneycorp

    are you going back for good or for a holiday ( sorry, that's not clear from what you're saying )

    Generally, I find the best rates come from foreign exchange websites. The banks charge a flat fee for the transfer and then also charge you throuhgh the exchange rate they use. I know a guy who works here (there are other websites which do the same thing) 

    https://www.ofx.com/

    Check out their rates. After that, it depends on how long you're going back for and, without wanting to pry in to your personal circumstances, how much you're moving.

    One more thing, I use a 28 degrees credit card because they don't charge a fee for international transactions. It might be too late to get one for your trip but worth thinking about.

     

     

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    I'd look into using a for ex not bank to bank. You get crummy rates with banks generally and pay a fee. Forex will see better rates and usually no fees. It can make a big difference to the amount you are transferring. 

    We use HiFX for ourselves and have used them for a number of years now. On the forum we have @John from Moneycorp who you may want to consider. 

    https://www.pomsinoz.com/forum/28-money-transfer-ask-moneycorp/

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    Use a forex company.  You'll need to transfer the money to the forex company from your bank account in Australia, which is easy if you're still in Australia but a bit more complicated if you've left the country.  Our house sale settled after we left, so Westpac gave us a 'security key tag' thing, which allows us to identify ourselves remotely, increase our payment limit, and authorise any transfers.  You'll need a UK bank to transfer the money to also.

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