zs123456 Posted June 16, 2018 Share Posted June 16, 2018 Hi, We are due to move to Perth in August what is the best way to transfer & save our savings in Australia? We have opened Australian bank accounts could a straight transfer online from U.K. account to Australian account? Or do we need to use a transfer company? What's the best way to save our savings? In an Australian bank account? Thanks in advance Quote Link to comment Share on other sites More sharing options...
Guest Posted June 16, 2018 Share Posted June 16, 2018 I’d use a for ex that doesn’t charge fees and offers a decent rate. Good options out there. I’d not go through the bank as usually poor rate plus fees. Fwiw we use HIFX Quote Link to comment Share on other sites More sharing options...
Samson Posted June 16, 2018 Share Posted June 16, 2018 Transferwise, I like them because they are upfront about how much you get, its very quick and I have had no issues transferring 100k Savings, I have a westpac Life account and as long as the balance is more every month then I get 2.3% RAMS is a very popular savings account and think they offer 3% if you don't withdraw anything thoughout the month. 2 Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted June 16, 2018 Share Posted June 16, 2018 46 minutes ago, zs123456 said: Hi, We are due to move to Perth in August what is the best way to transfer & save our savings in Australia? We have opened Australian bank accounts could a straight transfer online from U.K. account to Australian account? Or do we need to use a transfer company? What's the best way to save our savings? In an Australian bank account? Thanks in advance Hi @zs123456 you don’t need to use a transfer company but you will get more dollars for your money. The majority of our members and we personally, use Moneycorp. They offer Pomsinoz members a fee free transfer and will also match other rates offered by their competitors. It’s free to sign up for an account so it may be worth while considering. Remember to say your a PIO member to get the special deal https://www.moneycorp.com/uk/campaigns/partners/pio/ Quote Link to comment Share on other sites More sharing options...
Aussiepom Posted June 21, 2018 Share Posted June 21, 2018 On 16/06/2018 at 22:17, zs123456 said: Hi, We are due to move to Perth in August what is the best way to transfer & save our savings in Australia? We have opened Australian bank accounts could a straight transfer online from U.K. account to Australian account? Or do we need to use a transfer company? What's the best way to save our savings? In an Australian bank account? Thanks in advance Definitely consider Transferwise. They have a pretty clever platform that enables them to cut their forex clearing fees which they pass on to you. When comparing don't just look at the fees, look at the conversion rate as well because fee free doesn't always mean lower cost. Be sure to look at the overall cost. 1 Quote Link to comment Share on other sites More sharing options...
SusieRoo Posted June 21, 2018 Share Posted June 21, 2018 Yes, definitely recommend Transferwise, easy, clean, transparent and very good rates. Quote Link to comment Share on other sites More sharing options...
Beffers Posted June 22, 2018 Share Posted June 22, 2018 We opened a GBP migrant account with Westpac that sits alongside our AUD current account, we just transfer money online between accounts. No fees at either end. Our bank in Uk was Barclays who are Westpac's UK partner so we avoid all ATM fees in Aus and Uk, and can transfer in either direction within 24 hours without any fees at any point in transactions. 1 Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted June 23, 2018 Share Posted June 23, 2018 IMHO it is best to support the forex company that sponsors this forum. Best regards. Quote Link to comment Share on other sites More sharing options...
Amber Snowball Posted June 23, 2018 Share Posted June 23, 2018 25 minutes ago, Alan Collett said: IMHO it is best to support the forex company that sponsors this forum. Best regards. I’d agree with this. John from moneycorp comes on here and answers questions and gives info. Same as using the agents who post on here, giving advice and time to people free of charge. I have opened my moneycorp account, pretty painless. Spoke with a delightful fella Leon in the UK (he rang me).Then my personal money moving chap Adam I think he is, catches up with me every now and then and we are ready to move my moola next week hopefully. All happy at the moment. Quote Link to comment Share on other sites More sharing options...
elderberry Posted June 23, 2018 Share Posted June 23, 2018 Transferwise, get the money from my AU account to my UK account in less than 10 seconds and the best rate by far. Sorry sponsor Moneycorp but AU to GBP much better with Transferwise, its like having one account. 1 Quote Link to comment Share on other sites More sharing options...
elderberry Posted June 23, 2018 Share Posted June 23, 2018 (edited) Sorry to make you sad Alan. I have used Moneycorp in the past for gbp to aud, perfectly acceptable service, but was slower. When I then needed to move money back to the uk, I hit problems using Moneycorp and therefore looked at alternatives. Found Martin Lewis money saving expert recommending transferwise, still secure and safe. Can't say I can fault their service either, got a better rate and easy with AU instant transfer. Use it every month now due to need to send money back from au earnings. Edited June 23, 2018 by elderberry Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted June 23, 2018 Share Posted June 23, 2018 2 hours ago, elderberry said: Transferwise, get the money from my AU account to my UK account in less than 10 seconds and the best rate by far. Sorry sponsor Moneycorp but AU to GBP much better with Transferwise, its like having one account. I guess it depends what you want. When migrating I would be looking for someone to talk me through the options for moving my money, forward contracts, etc. I don't know whether Transferwise is geared up to be primarily an execution only service, or whether they have people dedicated to advising migrants: I have no experience of Transferwise, so if you say they work for you - that's great. At the risk of being a tad contentious I do though think that many make use of this forum without perhaps considering that firms such as Moneycorp facilitate this through their sponsorship. Hosting and maintaining a forum of this complexity doesn't come without costs to the forum owners. While not suggesting there should be a ban on discussing the competition I can see why Moneycorp might question the merit of their involvement when some are advocating using the competition. This might mean being a tad more circumspect, if you value the use of the forum? IMHO. Best regards. Quote Link to comment Share on other sites More sharing options...
Wa7 Posted June 23, 2018 Share Posted June 23, 2018 Moneycorp along with 2 others will get the opportunity to handle my overseas transfer. I have already moved small amounts with each of them and are pleased with how it went. When the time comes to move the bulk of my money it will all come down to rate given, hopefully moneycorp can be the best but it will be too big an amount to just give it to them and lose hundreds if not thousands of ££££s. Moneycorp have been great up to now and communication has been prompt ( making sure you take the time difference in to account) 1 Quote Link to comment Share on other sites More sharing options...
Amber Snowball Posted June 23, 2018 Share Posted June 23, 2018 8 minutes ago, Wa7 said: Moneycorp along with 2 others will get the opportunity to handle my overseas transfer. I have already moved small amounts with each of them and are pleased with how it went. When the time comes to move the bulk of my money it will all come down to rate given, hopefully moneycorp can be the best but it will be too big an amount to just give it to them and lose hundreds if not thousands of ££££s. Moneycorp have been great up to now and communication has been prompt ( making sure you take the time difference in to account) Seems fair enough. I think Pom Queen says moneycorp will match other rates so worth the other quotes to get the best rate. Horrified by the difference that the aud dropping just a few pence has made..... 1 Quote Link to comment Share on other sites More sharing options...
Wa7 Posted June 23, 2018 Share Posted June 23, 2018 9 minutes ago, Amber Snowball said: Horrified by the difference that the aud dropping just a few pence has made..... Don't get me started 1 Quote Link to comment Share on other sites More sharing options...
elderberry Posted June 23, 2018 Share Posted June 23, 2018 1 hour ago, Alan Collett said: I guess it depends what you want. When migrating I would be looking for someone to talk me through the options for moving my money, forward contracts, etc. I don't know whether Transferwise is geared up to be primarily an execution only service, or whether they have people dedicated to advising migrants: I have no experience of Transferwise, so if you say they work for you - that's great. At the risk of being a tad contentious I do though think that many make use of this forum without perhaps considering that firms such as Moneycorp facilitate this through their sponsorship. Hosting and maintaining a forum of this complexity doesn't come without costs to the forum owners. While not suggesting there should be a ban on discussing the competition I can see why Moneycorp might question the merit of their involvement when some are advocating using the competition. This might mean being a tad more circumspect, if you value the use of the forum? IMHO. Best regards. I'm sorry Alan but I do not agree with your response. I was merely giving my personal experience and opinion, and for me, a qualified accountant I need nothing more than an execution service. I was not aware that I should apply censorship to my advice. I would hope Moneycorp does monitor activity here to ensure that they provide the best service to their customers. This is nothing different to open reviews and feedback that applies to many excellent companies such as John Lewis, Target etc. Quote Link to comment Share on other sites More sharing options...
Fisher1 Posted June 25, 2018 Share Posted June 25, 2018 (edited) On 23 June 2018 at 18:37, elderberry said: I'm sorry Alan but I do not agree with your response. I was merely giving my personal experience and opinion, and for me, a qualified accountant I need nothing more than an execution service. I was not aware that I should apply censorship to my advice. I would hope Moneycorp does monitor activity here to ensure that they provide the best service to their customers. This is nothing different to open reviews and feedback that applies to many excellent companies such as John Lewis, Target etc. I did attempt to use moneycorp some time ago, had no idea that I was morally indebted to them for their sponsorship of this forum, just thought I'd give them a try. I didnt find them very quick or straightforward and didnt even get as far as getting registered with them. To be fair John from MC did PM me and offer to try to sort it out for me but I'd lost patience by then and gone with an alternative Estonian company who shall remain nameless. I'm sure moneycorp are probably excellent since so many people recommend them. Edited June 25, 2018 by Fisher1 Quote Link to comment Share on other sites More sharing options...
elderberry Posted June 25, 2018 Share Posted June 25, 2018 1 hour ago, Fisher1 said: I did attempt to use moneycorp some time ago, had no idea that I was morally indebted to them for their sponsorship of this forum, just thought I'd give them a try. I didnt find them very quick or straightforward and didnt even get as far as getting registered with them. To be fair John from MC did PM me and offer to try to sort it out for me but I'd lost patience by then and gone with an alternative Estonian company who shall remain nameless. I'm sure moneycorp are probably excellent since so many people recommend them. wonder who that can be?? x is an Estonian developed and UK-based money transfer service launched in ....... Quote Link to comment Share on other sites More sharing options...
zs123456 Posted June 28, 2018 Author Share Posted June 28, 2018 We opened a GBP migrant account with Westpac that sits alongside our AUD current account, we just transfer money online between accounts. No fees at either end. Our bank in Uk was Barclays who are Westpac's UK partner so we avoid all ATM fees in Aus and Uk, and can transfer in either direction within 24 hours without any fees at any point in transactions. Thanks for this advice I'd didn't that about Barclays, to me this sounds a lot easier and quicker. Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted June 28, 2018 Share Posted June 28, 2018 1 hour ago, zs123456 said: Thanks for this advice I'd didn't that about Barclays, to me this sounds a lot easier and quicker. Easier doesn't mean cheaper though - you should watch the exchange rate you get as well, particularly if you are going to draw cash from a UK bank account using an ATM in Australia. Best regards. Quote Link to comment Share on other sites More sharing options...
rammygirl Posted June 29, 2018 Share Posted June 29, 2018 If you are moving a significant amount it pays to register with more than one service and compare not just the rates/fees but the actual amount you will end up with. Sometimes it is better value to pay a fee and get a higher rate. Advice can be useful if you want to hedge your bets on exchange rates and maybe set limit orders or send through several transfers over a time or even a regular payment. Quote Link to comment Share on other sites More sharing options...
Beffers Posted June 29, 2018 Share Posted June 29, 2018 10 hours ago, zs123456 said: Thanks for this advice I'd didn't that about Barclays, to me this sounds a lot easier and quicker. It's much easier and quicker, no fees for using Barclays cash point card at Westpac machines in Australia either, and a preferential exchange rate. We've compared our rate via Barclays/Westpac with Transferwise, and we've got more $$ both times. Quote Link to comment Share on other sites More sharing options...
Beffers Posted June 29, 2018 Share Posted June 29, 2018 8 hours ago, Alan Collett said: Easier doesn't mean cheaper though - you should watch the exchange rate you get as well, particularly if you are going to draw cash from a UK bank account using an ATM in Australia. Best regards. We've beaten Transferwise exchange rate on both our big transfers and we pay no fees at either end of the transfer, and you can use your Barclays ATM card at Westpac ATMs with no fee as they're international banking partners. I had t heard of the migrant banking package before, we stumbled upon it by accident but it's been great for us. Easy for transferring funds to and from family as well. Quote Link to comment Share on other sites More sharing options...
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