Jump to content

You're currently viewing the forum as a Guest
register-now-button_orig.png
and join in with discussions   
ask migration questions
message other members

..and much much more!

GB537

Financial services - is it worth it?

Recommended Posts

Hi all. I'm due to move to Australia in April and am trying to get everything arranged well in advance. I'm finding the financial side of things a bit confusing though, in regards to the companies that handle money transfers. What are the fees charged? Is it worth it?

I don't have property to sell so I will just be transferring a little bit of savings - really not very much - before I go, then probably a second transfer after my last paycheck gets paid into my UK bank account after I have left. Would there really be any benefit for me using a company to handle the transfer, or should I just do online banking to transfer the funds between UK and Aus myself? How much do people typically lose in any bank fees?

Thanks.

Share this post


Link to post
Share on other sites

Hey mate,

Look at Currencyfair, really low fees ($4 I think), and easy to use.  Can do the market rate at the time or pick your rate and if/when the market moves to your rate, your exchange happens automatically. 

I've been using them for years.

You can use this referral link if you like for a bonus on signup, (I get a bonus too for referring you but would recommend them anyway)

Transfer money on CurrencyFair and get €€30 free!
https://www.currencyfair.com/rafland/?channel=RBHZ31&utm_medium=RAF&utm_source=MOBILE_ANDROID&utm_campaign=sharebutton

Edited by Collie

Share this post


Link to post
Share on other sites
13 hours ago, GB537 said:

Hi all. I'm due to move to Australia in April and am trying to get everything arranged well in advance. I'm finding the financial side of things a bit confusing though, in regards to the companies that handle money transfers. What are the fees charged? Is it worth it?

The fees are usually much cheaper than most banks will charge, and it's not that difficult.  

A lot of people use Moneycorp or Transferwise.   

The best bet is to ask your bank how much they'll charge and then you've got something to compare.   

Tip:  Don't close your UK bank account because once you leave the UK, it will be hell-on-earth trying to get another one.  You'll be surprised how handy it is to have a UK bank account even if  you're living in Australia.  

  • Like 3

Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

Share this post


Link to post
Share on other sites

Transferwise is all you need. Best thing there is out there.

  • Like 1

Share this post


Link to post
Share on other sites

Thank you for the advice. Will definitely look into those. And thanks for the tip about keeping my UK bank account open - I hadn't thought about the problems reopening!

Share this post


Link to post
Share on other sites

If you want to speak with someone about the transfer of your funds to Australia I'd be looking to one of the firms such as Moneycorp (who sponsor this site), Halo Financial, etc.

Consider also whether you want to set a target rate to sell GBPs and buy AUDs - eg £1 = A$2.   Firms such as Moneycorp and Halo can put an order in place so you don't have to watch the exchange rate.    I believe this isn't available with the online options.

Maybe make a couple of phone calls to find out your choices?

Good luck!


Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com

Share this post


Link to post
Share on other sites
2 hours ago, Alan Collett said:

If you want to speak with someone about the transfer of your funds to Australia I'd be looking to one of the firms such as Moneycorp (who sponsor this site), Halo Financial, etc.

Consider also whether you want to set a target rate to sell GBPs and buy AUDs - eg £1 = A$2.   Firms such as Moneycorp and Halo can put an order in place so you don't have to watch the exchange rate.    I believe this isn't available with the online options.

Maybe make a couple of phone calls to find out your choices?

Good luck!

Hi Alan,

You can place an order with the online options too.

I used to use Halo but now find Currency Fair easier, can do it all myself online.

No issues with Halo, just prefer CF.

  • Like 1

Share this post


Link to post
Share on other sites

You do need to check the bottom line. I am registered with a few companies and often the one that charges a fee gets me more dollars in the end.  Banks are usually not the best option and don’t let you lock in a rate. It can make a huge difference, even a modest rate increase can get you thousands more dollars on larger transfers. 

  • Like 1

So many wineries ......so little time :yes:

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×