Tom Roffey Posted January 22, 2019 Share Posted January 22, 2019 Hi. Looking for some advice please. I am in the process of finalising our move to Sydney. I have HSBC's accounts in both the UK and in Australia and will need to transfer money back to the UK account regularly for mortgage etc. Is the best way to just transfer between the two accounts? I won't be charged a fee but will the exchange rates be the best? Or should I use another service? Have searched and search and have probably confused myself more so any advice would be greatly appreciated. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted January 22, 2019 Share Posted January 22, 2019 There are lots of transfer services. Many PomsinOz members recommend Moneycorp because if you join through PomsinOz, they don't charge any fees, and their service is good. However if you shop around, you may get a better exchange rate. It really depends if a few pennies difference in the exchange rate matters to you. Quote Link to comment Share on other sites More sharing options...
ramot Posted January 22, 2019 Share Posted January 22, 2019 9 minutes ago, Marisawright said: There are lots of transfer services. Many PomsinOz members recommend Moneycorp because if you join through PomsinOz, they don't charge any fees, and their service is good. However if you shop around, you may get a better exchange rate. It really depends if a few pennies difference in the exchange rate matters to you. I think the speed of the transfer can differ? We use transferwise, and the money is more often than not in our Australian account the same day. Quote Link to comment Share on other sites More sharing options...
garrychandi Posted January 22, 2019 Share Posted January 22, 2019 (edited) 48 minutes ago, Tom Roffey said: Hi. Looking for some advice please. I am in the process of finalising our move to Sydney. I have HSBC's accounts in both the UK and in Australia and will need to transfer money back to the UK account regularly for mortgage etc. Is the best way to just transfer between the two accounts? I won't be charged a fee but will the exchange rates be the best? Or should I use another service? Have searched and search and have probably confused myself more so any advice would be greatly appreciated. Hey mate, try transfer wise. You can download their app and money reach overseas account pretty much instantly. Very low fee and way better exchange rate.https://transferwise.com/au/ Its regulated by FCA in Uk and ASIC here in AUS. Don't ever transfer through bank to bank, they charge you high fee as well as take large spread out of exchange rate Edited January 22, 2019 by garrychandi Quote Link to comment Share on other sites More sharing options...
Judy Posted January 22, 2019 Share Posted January 22, 2019 47 minutes ago, Tom Roffey said: Hi. Looking for some advice please. I am in the process of finalising our move to Sydney. I have HSBC's accounts in both the UK and in Australia and will need to transfer money back to the UK account regularly for mortgage etc. Is the best way to just transfer between the two accounts? I won't be charged a fee but will the exchange rates be the best? Or should I use another service? Have searched and search and have probably confused myself more so any advice would be greatly appreciated. If you use HSBC to transfer UK to Oz why not use them for the reverse? I use HSBC and the rate has always been favourable to others and the transfer is instant. Quote Link to comment Share on other sites More sharing options...
JetBlast Posted January 22, 2019 Share Posted January 22, 2019 7 hours ago, Tom Roffey said: Hi. Looking for some advice please. I am in the process of finalising our move to Sydney. I have HSBC's accounts in both the UK and in Australia and will need to transfer money back to the UK account regularly for mortgage etc. Is the best way to just transfer between the two accounts? I won't be charged a fee but will the exchange rates be the best? Or should I use another service? Have searched and search and have probably confused myself more so any advice would be greatly appreciated. I have 2 HSBC accounts as well. One in the UK and the other in Australia. If need to have the global view service. You can transfer between the 2 instantly and the rates are pretty good. Quote Link to comment Share on other sites More sharing options...
Tom Roffey Posted January 23, 2019 Author Share Posted January 23, 2019 Ok. Had a play around with this and found that currencies direct work well. Although its less hassle with HSBC Thanks for all the responses Quote Link to comment Share on other sites More sharing options...
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