legoman Posted February 1, 2010 Share Posted February 1, 2010 time is moving on and i would like some peeps advice on how to send monies to our newly set up account in oz. looking to take around £180k with us and i have nightmares about putting our money into a currency firm and not seeing it again. any ideas much appreciated. i have heard of hi-fx. :confused: Link to comment Share on other sites More sharing options...
Guest Bob Tonnor Posted February 1, 2010 Share Posted February 1, 2010 Hi there legoman sorry about this being a bit long winded, I had an account with the Natwest in the UK, if you have over a certain amount, 75,000 pounds you get private banking, now with private banking your are entitled to transfer the money for a set fee, this is not the 'spread' like any forex firm will charge, the best spread i have found is approx 50 points, (currencyonline.com) you may get better than that with a large amount. With the Natwest it is/was a set fee (not too sure how much these days, less than 50 quid i think). I transferred to the ANZ, i asked the ANZ what rate i would get, i was offered a future rate or the spot rate when the cash landed in my account. In essence all i had to pay was the market spread which is approx between 5 and 9 points and a small fee. I would definately ring your bank and ask what they can do for you, do the figures, it may save you a bundle. Bob Link to comment Share on other sites More sharing options...
legoman Posted February 1, 2010 Author Share Posted February 1, 2010 thanx, a good idea i will look into. appreciate it. nerves playing a bit. 35k left on mortgage here. what the hell. going for it Link to comment Share on other sites More sharing options...
akiralx Posted February 2, 2010 Share Posted February 2, 2010 I've used Caxton FX, very easy, no fees and friendly. Link to comment Share on other sites More sharing options...
Guest sunseekers Posted February 2, 2010 Share Posted February 2, 2010 Hi With the exchange rate being so poor we did not want to change our money till it improved but wanted to cut all financial ties with the UK so opened two bank accounts in Australia with NAB ( excellent by the way ). One account is a normal account that we use for wages bills etc in oz dollars and the other is a Foreign Currency account where are money is still in Pounds sterling till such a time we want to change it. i can withdraw money from it straight into the Oz account anytime i want but get charged $30 each time i do regardless of the amount i pull out. When we do want to change the money to Oz dollars i will use Moneycorp or HiFx, both huge reputable companies. As for your money vanishing i think your more likely to get kicked to death by a donkey !!:smile: Colette x Link to comment Share on other sites More sharing options...
Guest cazbeckham Posted February 2, 2010 Share Posted February 2, 2010 We use HIFX for all money transfers and even use them to set up - at the moment - 6 months in advance my OH pension from the UK. HE gets his pension paid into our UK bank every month and we have it transferred by HIFX once a month to our Oz bank Bank West - no probs. We do still have money in UK but are waiting for a better rate. Link to comment Share on other sites More sharing options...
Guest John from Moneycorp Posted February 2, 2010 Share Posted February 2, 2010 time is moving on and i would like some peeps advice on how to send monies to our newly set up account in oz. looking to take around £180k with us and i have nightmares about putting our money into a currency firm and not seeing it again. any ideas much appreciated. i have heard of hi-fx. :confused: Hi legoman If you are using a foreign exchange company, researching the company is always a good place to start. Key indicators include; the number of years the company has being running, are they FSA regulated and how reputable they are. In addition to offering competitive exchange rates, Moneycorp has special emigration offers which can help you save money. Thanks John Link to comment Share on other sites More sharing options...
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