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Abags

Monthly GBP-AUD transfers

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Hi all

 

I wondered if anyone had any suggestions or recommendations on the best method for monthly salary payments coming into GBP account and to transfer to AUD account.  I will be working as a full time employee from NSW for an english company and my employer would like to continue paying me in GBP. 

 

Obviously this is very much a risk due to currency fluctuations so wondered if anyone had any experience in managing recurring transfers and the best way to avoid losing out too much on the conversions/money transfer fees?

 

Thank you 

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10 hours ago, Abags said:

Hi all

 

I wondered if anyone had any suggestions or recommendations on the best method for monthly salary payments coming into GBP account and to transfer to AUD account.  I will be working as a full time employee from NSW for an english company and my employer would like to continue paying me in GBP. 

 

Obviously this is very much a risk due to currency fluctuations so wondered if anyone had any experience in managing recurring transfers and the best way to avoid losing out too much on the conversions/money transfer fees?

 

Thank you 

Maybe have a chat with Moneycorp, who sponsor this site?

You may see a banner ad which you can click through.

Best regards.


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

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11 hours ago, Abags said:

 

I wondered if anyone had any suggestions or recommendations on the best method for monthly salary payments coming into GBP account and to transfer to AUD account. 

If you open an account with Moneycorp, it has an account code exactly the same as a bank.  So you could give your employer your Moneycorp account number instead of your British account number and it would be fine.  

Maybe talk to Moneycorp to see what they recommend.  


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

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11 hours ago, Marisawright said:

If you open an account with Moneycorp, it has an account code exactly the same as a bank.  So you could give your employer your Moneycorp account number instead of your British account number and it would be fine.  

Maybe talk to Moneycorp to see what they recommend.  

This is possible I guess, but surely the better answer (to maintain a UK credit history etc.) would be to just get it paid into your current UK account and then use moneycorp to transfer lump sums as and when needed.

This way if you get a month that you don;t need money and the exchange rate is rubbish you can just leave it there in the UK and wait for it to get better.

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Thanks for the responses all. 

I called Moneycorp to get some information but quite frustratingly they would not put me through to any account managers to discuss any options without opening up an account which I didnt really want to have to do if i wasnt proceeding with it.  

The reason I would want to transfer on a more regular basis would be to make mortgage payments/rent payments etc.  Not really sure of a different way around it to be honest.  Would welcome any suggestions! 

I know lots of Moneycorp comments, but I already have a Transferwise account - is there any difference except the fees? I would assume that Moneycorps exchange rate would not be as good as they would be taking their fee from there instead?

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Although we have lived in Australia for 16 years, we are retired and all our income comes from UK. It is paid directly into our UK bank accounts and we use transferwise to transfer money to our Australian bank. Never had a problem. 

 

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Thanks @ramot thats good to know.  Do  you make payments on a monthly basis or hold out as above comment for larger transfers?  Do you find the transferwise rate is good? Thanks so much. 

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Posted (edited)
14 minutes ago, Abags said:

Thanks @ramot thats good to know.  Do  you make payments on a monthly basis or hold out as above comment for larger transfers?  Do you find the transferwise rate is good? Thanks so much. 

We certainly transfer what we need every month as that’s our only source of income, Apart from transferring extra while Brexit was still undecided and if the pound went up, we transfer for daily expenses. We don’t need to transfer large amounts as we are well set up here. If the pound surges we will probably transfer extra. 

Cant fault transferwise so far. The money is usually in our Australian account the next day. To be honest sometimes you win on the rate sometimes you loose, over the years it probably balances out, but it probably makes sense to watch the exchange rate for large amounts. it was $3 to the pound when we first came, hasn’t come close again yet, but was I think over $1.90 recently.

Edited by ramot

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8 hours ago, Abags said:

I know lots of Moneycorp comments, but I already have a Transferwise account - is there any difference except the fees? I would assume that Moneycorps exchange rate would not be as good as they would be taking their fee from there instead?

They both offer the same services so if you've already got a Transferwise account I'd use that.

For your mortgage, you could set up an automatic payment from your UK bank to Transferwise on the same day each month. I have no idea whether Transferwise has an automatic payment facility, probably not but it's worth checking.


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

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