Balance Transfer from UK CC to AU CC

[RobertBurns 10]

Ive got a bit of debt on a credit card in the UK, and Im over here on a 457 for the next few years. Im finding paying it off is hard, as once Ive transferred the payment over to the UK account and paid the £9 fee, and then lost out on the exhcange rate, by the time the payment is made its a fractiuon of what it could be.

 

Is there any Bank over here that would offer to do a Balance Transfer from a UK credit card to an AU one, so I can pay off the balance directly in Dollars?

 

(and if theres one that would do a 6/12 month interest free it would be even better!)

 

Thanks,.

[Guest Home Loan Experts]

I doubt this can be done. When you do a balance transfer in Aus the bank either mails a cheque to the other credit provider for the amount or they do a Bpay into the account. Neither method would work well for an overseas account. Any other method would be considered a "cash advance" and so would get the higher interest rate. You could get a card here, do a cash advance, pay out the foreign card, then in six months or so get a new card and do a balance transfer from your current card to the new one. Overly complicated, however it would work.

[Guest shusselmann]

We asked Bank West in Oz about this and they said no, we also investigated getting a loan to buy something fictitious here, then using the money for the CC in the UK, but we met dead ends. We can't wait to get the UK card paid off as we keep forgetting to pay monthly and then get additional charges...grrr!

[Cerberus1 3,880]

Hi

Don't know if this is any use, but this service may allow you to transfer money straight to your UK credit card, cutting out the middleman - https://travelexmoneytransfer.com.au/

[thombatt 48]

I don't think you'll be able to do this.

 

I would suggest not using a commercial bank to do the transfers but rather someone like HiFx.

[RobertBurns 10]

Thanks for the replies.

[half a dozen 82]

I've just come on here to ask the exact same question, is it a definite no no then :shocked::no:

[Ken 1,815]

I don't know if Australian credit card companies offer cash advances, but if they do you need 2 Australian credit cards (from different issuers). Take a cash advance on one (and pay off your UK cc) and then do a balance transfer from the other to clear your cash advance (I'm assuming Oz interest rates on cash advances are as bad as they are in the UK and that balance transfer rates are similarly competitive).

[Guest Wickers69]

I don't understand this. I'm going over soon and was thinking that once I was being paid in dollars, I could transfer them to my GB bank account where the credit card direct debit take their payment. Because the exchange rate is the way it is, I was thinking I would make a few quid.

 

Everyone talks about losing money taking GBP to Australia - we can't lose both ways can we??

[Guest]

I don't understand this. I'm going over soon and was thinking that once I was being paid in dollars, I could transfer them to my GB bank account where the credit card direct debit take their payment. Because the exchange rate is the way it is, I was thinking I would make a few quid.

 

Everyone talks about losing money taking GBP to Australia - we can't lose both ways can we??

 

You pay a fee every time you do an international money transfer. We've not done one for a few years now but it wasn't cheap. Around £20-27 a time. Used to transfer between an account with a UK bank and an Aussie one. It may have come down in price these days but I'd think they will still charge you.

[boganbear 212]

I assume that you are coming over here with some cash so it would probably be best for your own peace of mind and less hassle in the long run to pay off your UK credit card before you go and come with less money. Then you will be debt free, have a clear conscience and free to make a new start.

 

If you won't be able to afford to set up a new home from scratch, then you'll have to save more before you go or do without/buy second hand instead of brand new. One of the things I learned from friends who emmigrated to the UK is that you have to lower your expectations and not expect the same or higher standard of living when you emigrate and be prepared to do put up with all kinds of crap. If you can have the same or a better way of life immediately you are very lucky. One of my work colleagues asked me how we can afford the number of holidays we have, to which I replied - we didnt blow our money on things we didnt need when we got here so our general living costs are lower and we try and save a lot instead of lots of meals out, 2cars, iphones, Foxtel etc etc.

[saz71 26]

We transfer money to family in NZ on a regular basis from the UK and use http://www.tranzfers.com or paypal both of which are cheaper than the banks

 

Tranzfers fee is £7 so I presume it would be similar transferring from Aus to UK.

 

If we end up coming over we're hoping to keep our house in the UK and rent it out and therefore may need to transfer money back to the UK so will use them for this.