Juditta Posted December 12, 2019 Share Posted December 12, 2019 I need to transfer money from my bank in the UK to a bank in Australia, can anyone tell me if it saves money if I use a money transfer company, or is it simpler and same charges if I send it direct from my bank to the bank in Australia please?  Never done it before so bit confused?!  Quote Link to comment Share on other sites More sharing options...
Marisawright Posted December 12, 2019 Share Posted December 12, 2019 Bank to bank is usually the most expensive way to do it 1 Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted December 12, 2019 Share Posted December 12, 2019 Moneycorp offer free transfers for Pomsinoz members just mention the forum when you sign up. Quote Link to comment Share on other sites More sharing options...
Juditta Posted December 14, 2019 Author Share Posted December 14, 2019 Thank you for your helpful replies....definitely think using a money transfer company is the best way to go, rather than my bank. Quote Link to comment Share on other sites More sharing options...
Cityjune Posted December 14, 2019 Share Posted December 14, 2019 Hi juditta,. I set up an online TransferWise account. You can open up to 5 foreign currency accounts and transfer between them. It's very easy . I believe they give market rates and only charge a small transfer fee. Bank to bank have extra charges and sell below market rate 1 Quote Link to comment Share on other sites More sharing options...
Ausvisitor Posted December 17, 2019 Share Posted December 17, 2019 I was looking at this as a guide to how much we could spend on a house in Australia. When we sell we should clear £500k in the UK which if we had transferred in May (at bank rates and before fees etc.) would have been $885k (exc rate 1.77/GBP) If we had kept it until today (esc rate 1.93/GBP) that same £500k would be $965K Basically when you exchange makes a massive difference to your finances - exchanging this is Dec 2019 (rather than May 2019) essentially is the same as having cleared £550k on the house sale rather than £500k In the case of a £500K transfer, every 0.01% difference in exchange rate is $5,000 so it makes sense to maximum this anyway you can 1 Quote Link to comment Share on other sites More sharing options...
Jon the Hat Posted December 17, 2019 Share Posted December 17, 2019 2 hours ago, Ausvisitor said: I was looking at this as a guide to how much we could spend on a house in Australia. When we sell we should clear £500k in the UK which if we had transferred in May (at bank rates and before fees etc.) would have been $885k (exc rate 1.77/GBP) If we had kept it until today (esc rate 1.93/GBP) that same £500k would be $965K Basically when you exchange makes a massive difference to your finances - exchanging this is Dec 2019 (rather than May 2019) essentially is the same as having cleared £550k on the house sale rather than £500k In the case of a £500K transfer, every 0.01% difference in exchange rate is $5,000 so it makes sense to maximum this anyway you can I have my fingers crossed the rate stays >$1.90 until mid Feb.... Like you the rate is significantlt better than when we started planning this, lets hope it keeps improving! 1 Quote Link to comment Share on other sites More sharing options...
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