Guest MelW Posted August 27, 2007 Share Posted August 27, 2007 Hi Guys Your ever helpfull advice needed, I will try not to bore you all, but many months ago we set up an account with Westpak, we have had nothing but problems with the account (I guess unlucky) the other day we recieved a statment now advising us the account is closed (not the answer we wanted), in less than 11 weeks we will be flying our way over to Brisbane with no idea what to do with our finances, we have no account now, and will have the money from the sale of the house to trasnfer, not only that we don't really understand the ways & means of HIFX etc, we went to expo last year, and some nice people tried to explain, but it was all a blur, and to be fair me and money exchange really don't mix (can you believe I do payroll and transfers as a job - me neither). Can anyone please shed some light on the process, who is best for bank account, should I try to sort this with Westpak, and what do HIFX do, will we be charged and if not how do they make there money, my father in law says don't go near them !!!! Help From a very confused Mel & Dave :arghh: Link to comment Share on other sites More sharing options...
Guest BOOBEAR Posted August 27, 2007 Share Posted August 27, 2007 I'm no expert on financial issues but i would try and find out what happened with your bank account it might be something trivial. Hifx I thought they made there money on the basis of the interbank exchange rate as you don't get this, what they offer you is slightley less and there dealing in millions each day so I think that's why they don't charge,but someone will correct me if i'm wrong hope this helps anyway. Caroline. Link to comment Share on other sites More sharing options...
Guest breezy Posted August 27, 2007 Share Posted August 27, 2007 Westpac and Hifx have been really good in our opinion. We opened our accts with both a few weeks ago and although Westpac spelt our surname incorrectly on the account, it was resolved by Sarah in London straight away. Give them a call - here is the link to thier UK website Home | Commonwealth Bank Group UK Just one question - did you pay into the acct within the 60day limit specified when you opened the acct? If not, Westpac automatically close the acct. Its clearly stated in the Welcome Letter. Hifx make money just the same way as the banks or Thomas Cook do. This is from their website: How does HiFX make money? Like your high street bank we make our money in the difference between our buy and sell prices i.e the spread. As we have much lower overheads we can pass these savings on to our customers. As far as the options you have for transferring money, they are explained here: Your Options | Emigration | HiFX plc I have just tranferred a substantial amount with them and I am very happy with the rate I got. Your father-in-law is scare-mongering I'm afraid, both Westpac and Hifx are reputable companies. Breezy Link to comment Share on other sites More sharing options...
Guest MelW Posted August 27, 2007 Share Posted August 27, 2007 Just been reading up on the Hifx site, so things becoming slightly clearer, with regards to Westpak, we did transfer monies over, back in December last year, unfort. they transfered the monies into a wrong account (not ours), after sorting all that out, they confirmed that the monies had been placed onto the correct account, all seemed to be running fine, we rec'd statements etc, then suddenly our UK Bank rec'd the monies back and then last week we recived a statment stating that the account had nil balance on and had been closed. Link to comment Share on other sites More sharing options...
Guest breezy Posted August 27, 2007 Share Posted August 27, 2007 That sounds like a nightmare. Sarah was really helpful so I suggest you give them a call in London. If you need to call Oz, look at Budgetcom.co.uk as it only costs 0.5p per minute to call there from UK. Breezy Link to comment Share on other sites More sharing options...
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