KathK Posted October 8, 2008 Share Posted October 8, 2008 We are nearly at the end of our VISA process (hopefully?!), so with the rates being as good as they are, want to get some pounds into dollars. We're not planning to move for probably another 12 months, so what is best? Do we buy a load of Oz currency & sit on it? (t/chqs are obviously a no-no, as have just read somewhere on another thread - the Banks don't like to exchange them & charge % fees) Do we open an Oz Bank a/c - but looking at some of the threads, alot of these need validating in an Oz branch in near future, plus there's this stupid monthly fee, that would rapidly diminish our savings & any benefit we made on transferring the money now. One thread mentions forward exchange contracts - how do these work & are they easy to do? Advice anyone? PLEEEASSE? (am sure there's lots of you out there with the ame dilemna?!) cheers Kath Link to comment Share on other sites More sharing options...
keily Posted October 8, 2008 Share Posted October 8, 2008 We are nearly at the end of our VISA process (hopefully?!), so with the rates being as good as they are, want to get some pounds into dollars. We're not planning to move for probably another 12 months, so what is best? Do we buy a load of Oz currency & sit on it? (t/chqs are obviously a no-no, as have just read somewhere on another thread - the Banks don't like to exchange them & charge % fees) Do we open an Oz Bank a/c - but looking at some of the threads, alot of these need validating in an Oz branch in near future, plus there's this stupid monthly fee, that would rapidly diminish our savings & any benefit we made on transferring the money now. One thread mentions forward exchange contracts - how do these work & are they easy to do? Advice anyone? PLEEEASSE? (am sure there's lots of you out there with the ame dilemna?!) cheers Kath HI KATH ...SORRY NOT ABLE TO ADVISE ON MONEY ....NOTICED ON YOUR TIMELINE YOU DID POLICE CHECKS IN FEB .....UNLESS YOU APPLY AGAIN FOR THESE YOU WILL HAVE ONLY till FEB 2009 TO VALIDATE ....OR WeRE YOU PLANNING TO DO THAT ANYWAY !!! MRS KEILY Link to comment Share on other sites More sharing options...
Guest dnex721 Posted October 8, 2008 Share Posted October 8, 2008 We are nearly at the end of our VISA process (hopefully?!), so with the rates being as good as they are, want to get some pounds into dollars. We're not planning to move for probably another 12 months, so what is best? Do we buy a load of Oz currency & sit on it? (t/chqs are obviously a no-no, as have just read somewhere on another thread - the Banks don't like to exchange them & charge % fees) Do we open an Oz Bank a/c - but looking at some of the threads, alot of these need validating in an Oz branch in near future, plus there's this stupid monthly fee, that would rapidly diminish our savings & any benefit we made on transferring the money now. One thread mentions forward exchange contracts - how do these work & are they easy to do? Advice anyone? PLEEEASSE? (am sure there's lots of you out there with the ame dilemna?!) cheers Kath Don't want to hyjack your thread but in same boat - going in March to Perth What do i do with savings this week - as above any help pllleeeeaaaaaaaaase :v_SPIN: Link to comment Share on other sites More sharing options...
Guest Scardycat Posted October 8, 2008 Share Posted October 8, 2008 I'm another one that could do with some advise on when and how to transfer money, is there anyone out there who knows what they are doing:arghh: Link to comment Share on other sites More sharing options...
Guest earlswood Posted October 8, 2008 Share Posted October 8, 2008 If the rate gets to 2.60 or above.....cash in folks.:cute: Link to comment Share on other sites More sharing options...
THE DUNSCOMBE FAMILY Posted October 8, 2008 Share Posted October 8, 2008 hi there guys, speak to Morney corp 0392962008 we did , i changed ours two weeks ago, just wanted our money to be safe.They put us in touch with ANZ BANK we opened two accounts so the money could be split up into both accounts, one is online and the other is valadated on arrival which is what we needed.Its pretty striaght forward and money corp help you through it Link to comment Share on other sites More sharing options...
Mike@Bonbeach Posted October 8, 2008 Share Posted October 8, 2008 Kath It is quite a straightforward arrangement. Just visit Hifx's website,(or any other foreign exchange website) there is usually a description of all the options open to you. It is certainly an exciting time on foreign exchange at the moment and it is always hard to make that decision to exchange or not. You can hold on hoping for better rates only to find the rate drops or you can decide to settle on a rate and then find it goes up. The only people who are guaranteed to win are the banks and FE companies. Good luck on whatever you choose to do. Mike Link to comment Share on other sites More sharing options...
paulhug Posted October 8, 2008 Share Posted October 8, 2008 We are nearly at the end of our VISA process (hopefully?!), so with the rates being as good as they are, want to get some pounds into dollars. We're not planning to move for probably another 12 months, so what is best? Do we buy a load of Oz currency & sit on it? (t/chqs are obviously a no-no, as have just read somewhere on another thread - the Banks don't like to exchange them & charge % fees) Do we open an Oz Bank a/c - but looking at some of the threads, alot of these need validating in an Oz branch in near future, plus there's this stupid monthly fee, that would rapidly diminish our savings & any benefit we made on transferring the money now. One thread mentions forward exchange contracts - how do these work & are they easy to do? Advice anyone? PLEEEASSE? (am sure there's lots of you out there with the ame dilemna?!) cheers Kath hi kath, I would personally, fill my boots now. I would get a forward contract now, which fixes the rate for a date in the future for you to exchange your money. We used Moneycorp, its all quite simple once you have opened an account with them Paul Link to comment Share on other sites More sharing options...
Guest dannys188 Posted October 9, 2008 Share Posted October 9, 2008 Hi just thought id let you know CBA are real good Commonwealth Bank of Australia UK | Moving to Australia or New Zealand? it is one of australias 4 biggest banks they have a branch in london. I payed 10% of what we are going to change and that way they lock in that rate but not changing the rest until jan 09 before we go as rest of our money is tied up in bonds till then. then it takes 2 days to send to there australian account and when you get there and go in they give you debit card cheque book and all that hassle free very helpful. gutted didnt transfer money in time and missed 2.61 but got 2.44 today which will now stay at that till we change it in jan:jiggy: Link to comment Share on other sites More sharing options...
KathK Posted October 11, 2008 Author Share Posted October 11, 2008 Thanks for all your advice guys - its a bit of a mine-field all this! I thought I had a good financial awareness (or should do after working for a major high street bank for 22 years), but this foreign money conversion & forward exchange contracts is not something we had a lot to do with in the branch!! (and the idea of sending our hard-earned savings to the other side of the world is a little daunting!) Any more suitable advice from anyone else out there would be much appreciated! Kath Link to comment Share on other sites More sharing options...
Guest Sam&Si Posted October 11, 2008 Share Posted October 11, 2008 Hi Kath, I struggled to find a bank that didn't require us to validate the account in person within 90 days of opening it so I reckon that should be your starting point. We have ended up with Westpac who have been very efficient (we opened the account online and then got the written confirmation with the account numbers etc just 4 days later via registered post). I know that with lots of the banks if you have a certain amount in the account then you avoid paying the standard monthly charges (think you still have to pay for withdrawls though). I definitely think that if you have the funds available now and you can find an Aus bank it's worth cashing in on this rate (2.61 this morning) - one thing though, I don't think any of the Aus banks have government guarantees in place if they go bust...it's all such a risk isn't it. Anyway best of luck with it all, Link to comment Share on other sites More sharing options...
KathK Posted October 11, 2008 Author Share Posted October 11, 2008 Thanks for that - yes, when I was looking yesterday, it seemed like most Oz banks need validation in very near future. I know some people have suggested picking one with a London branch - but thats a bit of a phaff, to get there & do the business etc! I guess I need to spend a few more hours on the Internet!! Kath Link to comment Share on other sites More sharing options...
Guest chris_mac Posted October 11, 2008 Share Posted October 11, 2008 I opened a high interest saving account by telephone with commonwealth bank which provides 6.5% interest. All we have to do is get the paperwork signed by a bank in the uk to prove our identity who then fax it to the bank. Additionally i signed up with moneycorp and hifx to get the best rates... Play them off of each other but it also depends how much you exchange. We got 2.325 and then it dropped but is up again to 2.6.. Once trading opens again monday(am) im hoping it will rise again... if it gets near 2.8 then the lot is being changed! Once we do get to oz we show them ID and they give us our bank cards.. We thought it would be better with our money changed taking in account of the rate at the mo and it would also stop up dipping into the saving and blowing it.. Good luck Chris General Electrician Applied TRA Aug 07 TRA Retuned Oct (Skill path D removed) Re-applied Vetassess 01.01.08 Vetassess Paper Assess Passed 10.04.08 House up for sale 28.03.08 sold 14.04.08 (3 weeks, crikey) Vetassess Practical 15.07.08 Practical Passed 11.08.08 176 Visa Application submitted 11.09.08 DIAC Acknowledgement 24.09.08 Sent Police checks 27.08.08 - Recieved 06.09.08 Link to comment Share on other sites More sharing options...
Guest HappyBunny Posted October 11, 2008 Share Posted October 11, 2008 Hi, if the exchange rate is good open an oz bank account on-line and transfer some money across. We are with Westpac and opened our account on-line from the UK and then transferred funds across. You have to validate your account within 12 months max I think. Other banks may be different, but it's worth checking out though as the exchange rate is so good at the moment. HiFX will transfer funds above a certain amount for free, whereas banks usually charge a fee. Link to comment Share on other sites More sharing options...
Guest HappyBunny Posted October 11, 2008 Share Posted October 11, 2008 Hi Kath, I struggled to find a bank that didn't require us to validate the account in person within 90 days of opening it so I reckon that should be your starting point. We have ended up with Westpac who have been very efficient (we opened the account online and then got the written confirmation with the account numbers etc just 4 days later via registered post). I know that with lots of the banks if you have a certain amount in the account then you avoid paying the standard monthly charges (think you still have to pay for withdrawls though). I definitely think that if you have the funds available now and you can find an Aus bank it's worth cashing in on this rate (2.61 this morning) - one thing though, I don't think any of the Aus banks have government guarantees in place if they go bust...it's all such a risk isn't it. Anyway best of luck with it all, Pretty sure one of the big 4 (either ANZ or NAB ) is majority owned by the government so would be a safe bet if you are a nervous investor, but honestly don't think you have anything to worry about with any of the big 4 oz banks. Forgot to mention that you don't pay fees with Westpac if you keep more than $3k in your current account. You don't pay for withdrawals from Westpac ATM's either. Link to comment Share on other sites More sharing options...
Mongrel Posted October 11, 2008 Share Posted October 11, 2008 HI KATH ...SORRY NOT ABLE TO ADVISE ON MONEY ....NOTICED ON YOUR TIMELINE YOU DID POLICE CHECKS IN FEB .....UNLESS YOU APPLY AGAIN FOR THESE YOU WILL HAVE ONLY till FEB 2009 TO VALIDATE ....OR WeRE YOU PLANNING TO DO THAT ANYWAY !!! MRS KEILY Put it in your mattress like mrs k only trouble need a ladder to get into bed:twitcy: Mally from Kally Link to comment Share on other sites More sharing options...
Guest ashmalog Posted October 11, 2008 Share Posted October 11, 2008 hi mate, I went through a company called transferz.com recommended by someone on this site. all you need to do is set up the transfer account ( their main competitor is HI Fx along with halo finance.) Transferz has a very good xchange rate in comparison to x-rates.com. more money for your pound. check it all out Link to comment Share on other sites More sharing options...
Jimmy T Posted October 12, 2008 Share Posted October 12, 2008 I am also seeking advice. My thoughts so far are to open an account with a broker, then transfer the funds to a bank that will hold Australian currency. Not sure if this is possible? Caught up in the Visa Connection "SAGA" but have been advised that all paper work is on file and awaiting case officer. Fingers crossed. James Link to comment Share on other sites More sharing options...
PommyPaul Posted October 12, 2008 Share Posted October 12, 2008 I don't think anz requires you to activate your account within 90 days, i used them and it was definately over 90 days, they do charge $5 per month account fee though. I'd also recomend tranzfers! Link to comment Share on other sites More sharing options...
Guest Djamba Posted October 24, 2008 Share Posted October 24, 2008 .....I'd also recomend tranzfers! Nice one Paul! They will give us between $500-650 more than the other two on £3k changed. :cute: Link to comment Share on other sites More sharing options...
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