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1621811_835478473149992_5964733233854410744_n (2).jpgValue for money when buying your Australian Dollars

 

Starting your new life in Australia is likely to involve making money transfers. With constantly fluctuating markets, when you make them is crucial.

Using a foreign exchange specialist will help you get the most for your money. Their experts will monitor the currency markets and understand your needs, ensuring you make your transaction at the best possible time, at the best possible rate. Moving overseas needs planning and what with the scores of items on your checklist, the one that can make the most difference to you often gets forgotten; foreign exchange. It is free to speak to a currency specialist like Moneycorp and the knowledge gained, although very straightforward, can help you to secure significantly more Australian dollars for your pounds.

Whatever your situation, it is important to identify and minimise the risk that the Australian Dollar may move against you and make everything that you are intending to buy in Australian more expensive.

When moving to Australia, like any other foreign country, your currency options depend upon whether you have access to some or all of the funds you wish to transfer. Three different scenarios you could be in are:

 

I have access to all of the funds – what are my options?

If you have access to all the funds, you have two choices: one that enables you to know exactly what dollars you will be receiving and one which is more, “high risk”.

The, “risk free solution” would be to buy all of your Australian dollars straight away. You then know exactly how many dollars you have and can budget accordingly. This is called a “spot” transaction.

The “high risk strategy” would be to buy the Australian dollars at the last minute and only when you need them. This means that you would have to buy at the prevailing exchange rate, which could induce some sleepless nights ahead especially if you are on a tight budget.

 

I do not have access to all of the funds – what are my options?

Even if you don’t have access to all of your funds at the outset you can still play it safe. The solution is to buy one or more “forward contracts”.

In essence, a forward contract means that you can buy the currency now, and pay for it later. You will be required to pay a 10% deposit and the 90% balance upon the maturity of the contract.

For example, if you wish to buy £50,000 worth of Dollars, but do not need to send them for 8 months, you can agree the exchange rate now, place a £5,000 deposit and pay the remaining £45,000 in 8 months. If the exchange rate moves at all in that 8 month period, you will not be affected as you have bought currency at the originally agreed rate.

 

I have strong views about future exchange rates – what are my options?

If you have strong views about future exchange rates, you could wait to buy your currency at some stage between having your visa granted and physically needingthe money in Australia. In this instance Moneycorp can arrange a “market order”. This allows you to target a better rate of exchange. We monitor the markets on your behalf and should the market reach your predetermined exchange rate, your currency is bought automatically.

Your order is live 24 hours a day and can be amended or cancelled at any time prior to the transaction taking place.

 

So why use a specialist instead of your bank?

Because making transfers with companies like Moneycorp is faster, more convenient and more cost effective. Whether you’re making regular transfers, or simply need to make a one-off payment, they don’t charge commission and guarantee no receiving bank charges.

 

Regular payments automated

If you need to make regular payments, such as monthly repayments on a mortgage or a pension transfer, we can arrange it for you via our Regular Payment Plan (RPP). This plan removes the inconvenience of arranging individual monthly transfers through your bank. Set it up once by Direct Debit and receive foreign currency in your Australian bank account every month.

 

Summary of benefits

  • Expert, helpful staff.
  • Highly competitive exchange rates.
  • No commission or receiving bank charges.
  • Ability to fix exchange rates for a set time period, protecting from adverse currency movements.
  • No cost and no obligation in opening an account.
  •  

Moneycorp offers free international money transfers for all Poms in Oz members

More information is available on our money transfers homepage - https://www.moneycorp.com/uk/campaigns/partners/pio/

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Guest jackie cornish

Hi John, what is the situation for the reverse, going back to the UK and wanting to transfer money to UK bank account? Is it the same?

 

Jackie

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Hi Jackie

The process is essentially the same, Moneycorp would facilitate this transfer through our local office in Sydney.

If you were sending money from Australia to the UK, you would send money to our local Australian dollar bank account, then your sterling would be sent to your specified UK bank account.

Please let me know if you require any further information.

Thanks

John

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Guest nicola1234

Hi John

 

We have money to transfer, and ideally we would like to transfer it before we undertake our reccie visit in October, however, we are not moving permanently until January next year. What is your feeling on how the exchange rate will move over the next few months as obviously we want to try and wait for the best possible rate. Do you think it will get to $2AUD to the £1 anytime soon?

 

Thanks

 

Nicola

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Hi Nicola

GBP/AUD has seen a rise for the pound recently due to negative information coming from China (on growth), and the UK budget has been well received by the financial markets.

The key factors to watch out for over the next few months, which would contribute to Aussie dollar weakness, are a slowdown in growth in China and also continuing problems within the Eurozone. These factors lead to investors pulling out of riskier assets, commodity currencies, such as the Australian dollar.

In relation to $2AUD to the £1, these levels are unlikely in the short term.

Thanks

John

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Guest lcys2460

John,

Are you able to predict if you think we will see a return of $2 = £1 or more?! some time in the future - say 12 months?

Thanks

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Hi Lynda & Steve

These are very uncertain times at the moment with the current instability in the Eurozone, with fears also generally on a sound global economic recovery.

The factors above could have affect GBP/AUD and if something significant was to take place, you could see a major movement (either way).

If you need to make international transfers, within the next 12 months, I would recommend you receive regular on-going specialist guidance. Having someone monitoring the markets on your behalf would ensure you can take advantage of favourable movements in the currency markets.

Thanks

John

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Hi, just wondering if you could offer some advice, not sure if your able to answer the first but here goes:wink:

 

1) The exchange rate is looking a bit better of late , is now the time to move my money to Oz?

 

2) So far i have used the bank. Ive been charged £10 in the uk, got a pretty poor exchange rate and for recieving funds, my Oz bank has charged me $10 for the pleasure:err: I have a decent sum, over £50k to Trans for the purpose of buying a home. Am i better to use a money Tx service or continue moving funds with my bank?

 

 

Thanks in advance

 

Kelly & Chris


Ich bin nicht ein Roboter

I am a lion

Raar

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Guest dawnpepper

One quick question and please forgive me for being cynical. I have money to transfer. I ring Money corp and we decide on a top rate I would like to reach and a stop figure should the exchange rate fall. When I receive a call to say that the exchange rate dropped to the stop figure and I purchased x amount of AUD, what is to say that the top figure was not also reached (without my knowing) and the dollars were purchased at that rate and I was sent the lower amount and moneycorp pocketed the difference. I ask this as the rate displayed on the internet is never the one you give us when we phone and so what proof do we have that all transactions are honest?

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Hi Kelly & Chris,

 

Further to my post above, I would recommend using a specialist company in order to get free expert guidance, competitive exchange rates with no transfer fees.

 

Once registered, you will be assigned a personal dealer who is qualified to provide guidance on the currency markets, and will monitor the markets on your behalf.

 

Whilst it will certainly be tempting to move your funds now due to the recent improvement in the exchange rate, it maybe worthwhile to consider any other factors (i.e. when do you need your money in Australia?) before purchasing your next batch of dollars.

 

Thanks,

 

John

 

 

Hi, just wondering if you could offer some advice, not sure if your able to answer the first but here goes:wink:

 

1) The exchange rate is looking a bit better of late , is now the time to move my money to Oz?

 

2) So far i have used the bank. Ive been charged £10 in the uk, got a pretty poor exchange rate and for recieving funds, my Oz bank has charged me $10 for the pleasure:err: I have a decent sum, over £50k to Trans for the purpose of buying a home. Am i better to use a money Tx service or continue moving funds with my bank?

 

 

Thanks in advance

 

Kelly & Chris

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One quick question and please forgive me for being cynical. I have money to transfer. I ring Money corp and we decide on a top rate I would like to reach and a stop figure should the exchange rate fall. When I receive a call to say that the exchange rate dropped to the stop figure and I purchased x amount of AUD, what is to say that the top figure was not also reached (without my knowing) and the dollars were purchased at that rate and I was sent the lower amount and moneycorp pocketed the difference. I ask this as the rate displayed on the internet is never the one you give us when we phone and so what proof do we have that all transactions are honest?

 

Hi Dawnpepper,

 

What you're descibing is known as a 'market order' - where you set a 'limit order' (top rate) and a 'stop' order (bottom rate), effectively guaranteeing yourself a maximum or miniumum exchange rate.

 

Moneycorp guarantees to fulfill any orders put in place, should one of your target rates be met. We have ISO Quality Assurance certification since 1996, meaning we are audited for the quality of our procedures and processes. Also, in a recent customer survey, 99% of our clients said they would recommend our services.

 

The reason you may have seen higher rates on our website, and elsewhere on the internet, is because the rate shown here is known as the 'Interbank rate'. This is the rate at which international banks trade currency, by their millions and billions. Displaying this is intended to give you an indication of the rate only.

 

The rate that all clients receive is known as the commercial rate, and will differ from client to client based on many variables such as time, amount, frequency etc.

 

If you're not happy with the rate you get quoted from us, I'd recommend phoning your bank to get a comparison, to ensure that you are getting the best rate.

 

I hope this helps - I'm happy to talk to you in more detail if you would like?

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John,

Other than charging a fee for the transfer that may be waived for PIO members, I assume you have some form of margin built in to the exchange rate to cover your costs/profit requirements.

What sort of margin would this be ?

If the 'true' rate was say 1.65 to the dollar. Is this close to the rate received by the customer.

 

Regards.


I want it all, and I want it now.

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Hi parleycross

Thanks for the question.

There are many factors that influence the exchange rate that clients receive. Key to the rate is the amount of currency that a client is buying. The more a client buys, the better the exchange rate would be, there is no pre-set margin.

Banks typically can take up to a 4% margin and the rates that a currency broker give will be significantly better. Plus on top of that you are getting free expert guidance which will help you to make a more informed decision about when you buy your currency – the timing of when you buy your currency is also an important factor.

To get an accurate quote, you are best off to speak to a specialist, who can make a qualified judgement based on your circumstances, rather than go from indicative rates.

Kind regards

John

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Hi John,

 

Is Moneycorp's service only available to those living in the United Kingdom only or also available for others living in EU countries where the currency is Euro?

 

Thanks

B!K3R

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Hi B!K3R

Moneycorp’ service can assist with almost any currency transfer, regardless of residence.

Thanks

 

John

 

Excellent. How would it work?

 

Wouldn't I need to transfer money from my country to some UK moneycorp account (and thus exchange from EUR to UK Pound) and then to AUD dollar?

 

If so, it might result in a lower end result. Or the first exchange can be avoided?

 

Thanks!

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If you had to make a EUR/AUD transfer (or conversion), you would send your Euros to our Euro bank account. We would then make the conversion and send the Aussie dollars to the designated Australian bank account.

There would be no Euro to pound (GBP) conversion.

Hope this helps, if you require any further information, please feel free to ask (or send me a PM).

Thanks

 

John

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If you had to make a EUR/AUD transfer (or conversion), you would send your Euros to our Euro bank account. We would then make the conversion and send the Aussie dollars to the designated Australian bank account.

There would be no Euro to pound (GBP) conversion.

Hope this helps, if you require any further information, please feel free to ask (or send me a PM).

Thanks

 

John

 

It's clear to me now :smile:

 

Thanks John.

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Guest sioux

Hi John

 

Thanks for the useful info. I know you dont charge for the transfer but what is or are Spreads (as mentioned in the note below the current rate of exchange??).

 

I asked at the bank today about getting money, to a money exchange company. They told me that it would probably be a one off standing order. (Unless I make a regular one, I guess). The teller said it would probably take 2 days to go through.???

 

Is that your understanding? My dilemma being that if you give me a rate and it takes 2 days for my bank to get you the money, do I still get that quote you gave me? I note that in most places I see, it states the quote will be valid for 24 hours. Can I use my Debit card, which seems more instantanious? (I think)

 

Do you, or anyone reading this thread, actually know how I get the money to Moneycorp whilst securing the quote I will have accepted???

 

Thanks for taking the time to read this.

 

Regards

 

Sioux :wacko:

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Hey!! not a pro but hope this helps, when you go on to the forex section on Moneycorp to book a deal, you have a date range, i think you can pick up to 4 or 5 days from the current date, if you accept the quote at the time, the date you select is the date the deal will take place, so you have a few days to get the money to moneycorp to cover the transaction but still get the rate you accepted at the time, regardless if you still need to get your money in to them. hope that makes sense!!!

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Guest teohle

Hi, if i have RM150,000..we will only start our live at Melbourne around October 2012. We have open NAB account.

what is the charges or any application charges we have to pay Moneycorp?

& what is the process? any contact number that we can contact?

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Hi, if i have RM150,000..we will only start our live at Melbourne around October 2012. We have open NAB account.

what is the charges or any application charges we have to pay Moneycorp?

& what is the process? any contact number that we can contact?

 

Hi teohle

Can I confirm what currency you will need to transfer to Australia? (feel free to PM me).

In relation to the process, the first step is to register with Moneycorp (registration is free) – once registered you will be assigned a personal dealer who can provide guidance on the currency markets - I can confirm, due to being a Poms in Oz member, that you would not pay any transfer fees when sending your money to Australia – there are no other fees payable to Moneycorp.

Thanks

John

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Guest jerrylin

Thanks for your valualbe information. i am a new member in this forum.

MoneyCorp is indeed a easy way to transfer money.

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Thanks for your valualbe information. i am a new member in this forum.

MoneyCorp is indeed a easy way to transfer money.

 

When I used this service a few months ago I had to have the use of a printer and fax or scanner machine .

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