What’s the best solution?

[Dorsetbrit]

Any recommendations on transferring around 30-40k Stirling in to dollars, we are leaving on the 1st of November and really need to start thinking about all the things we need to do such as money. I know we need to set up a bank account but can I put money in to it now or wait until we are there? Really don’t know how it works. Any help will be great. Thanks.

[Marisawright]

Don't use a bank to transfer the money because you'll get ripped off for fees.   We used Moneycorp (and you get fee-free if you join through these forums - I can see the ad above my post!).    Some members use Transferwise which is a similar company.   

I can't speak for Transferwise because I've always stuck with Moneycorp.  I must admit, I managed to mess up registering on their website, and had to phone them.  To my amazement, I didn't just get to speak to a human being, it was a human being who actually does the job - not just a call centre.  It all went smoothly and I've used them since. 

How it works - you transfer the money to Moneycorp, and then the money just sits in your Moneycorp account for as long as you like.  Then when you're ready, you transfer the money out to wherever you like.   

In our case, our first transaction was transferring money to the UK, so we couldn't open a bank account in advance.  In fact, it took almost a month to get the bank account fully operational, but that was no problem.  You don't have to transfer out the whole amount and you can transfer to different bank accounts - for instance, we transferred some money direct to the real estate agent for our rental deposit and rent. 

You can set up a bank account in advance with one of the big four banks, but I don't recommend it - because once you've done that, you'll probably stick with them, and the big four banks are usually the worst value in Australia.  The smaller banks have to work harder to attract customers, so they usually have better deals and better service.  If you're happy with an online bank, ING Direct is a good choice.  While you're checking out the banks, you just keep using your British credit and debit cards, or get a travel card:

https://www.moneysavingexpert.com/credit-cards/travel-credit-cards/

By the way, do not close your British bank account or cut up your credit card, because you can't open a new one from Australia and you'll find it very handy for visits home, gifts etc.  If you're with a bank that charges account fees, you might want to move banks as you won't be using the account much - but do that before you go, because you won't be able to do it once you're in Australia. 

Edited August 2, 2020 by Marisawright

[JetBlast]

13 hours ago, Marisawright said:

Don't use a bank to transfer the money because you'll get ripped off for fees.   We used Moneycorp (and you get fee-free if you join through these forums - I can see the ad above my post!).    Some members use Transferwise which is a similar company.   

It doesn't depends on the bank. I pay no fees with the HSBC and the rates have been slightly better than Moneycorp. If the OP doesn't have an account with a decent bank there maybe an issue.

Edited August 3, 2020 by JetBlast

[Marisawright]

23 minutes ago, JetBlast said:

It doesn't depends on the bank. I pay no fees with the HSBC and the rates have been slightly better than Moneycorp. If the OP doesn't have an account with a decent bank there maybe an issue.

I think you mean it does depend on the bank. HSBC and ING often have good rates but most of the other high street banks don’t- and that includes most of the big names

[SWMOY04]

Yup... 

another vote for Moneycorp  from me

14 hours ago, Marisawright said:

Don't use a bank to transfer the money because you'll get ripped off for fees.   We used Moneycorp (and you get fee-free if you join through these forums - I can see the ad above my post!).    Some members use Transferwise which is a similar company.   

I can't speak for Transferwise because I've always stuck with Moneycorp.  I mu

 

[SusieRoo]

Just use Transferwise it’s a no brainer.

[Dorsetbrit]

We are with HSBC now but not looked in to it with them yet. Seems two of the other ones are top. We’ve been offered free fees etc if we go through our removals company not sure who that is with yet as I haven’t had the quote through from them yet. I guess I should check all three as a slight percentage can make a big difference.

[Marisawright]

4 hours ago, Dorsetbrit said:

We are with HSBC now but not looked in to it with them yet. Seems two of the other ones are top. We’ve been offered free fees etc if we go through our removals company not sure who that is with yet as I haven’t had the quote through from them yet. I guess I should check all three as a slight percentage can make a big difference.

There are companies that advertise "fee-free" that are also rip-offs, because they just jack up the exchange rate.   So yes, I suggest checking HSBC, Moneycorp and Transferwise. 

[Ken]

On 04/08/2020 at 08:31, Marisawright said:

There are companies that advertise "fee-free" that are also rip-offs, because they just jack up the exchange rate.   So yes, I suggest checking HSBC, Moneycorp and Transferwise. 

A fee on a $500,000 transfer might only be $10 but an exchange rate difference could easily be $10,000.

[JetBlast]

On 03/08/2020 at 21:58, Marisawright said:

I think you mean it does depend on the bank. 

I did mean that. A combination of fat fingers and auto correct!