Financial services - is it worth it?

[GB537]

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.

[Collie]

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 December 2, 2019 by Collie

[Marisawright]

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.  

[jul2019]

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

[GB537]

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!

[Alan Collett]

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!

[Collie]

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.

[rammygirl]

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.