Best way to transfer au$ to uk£ advise plz?
Discussion
Guys I'm after a bit of advise please. Basically a relative of mine who lives in Australia who has passed away has left a bit of money to me in their will.
The trustee has asked for my bank details (HBOS) for transferring the money but is this the best way to do it for the best exchange rate. It might be near a 6 figure amount so a small difference on the exchange rate would
Make a big difference.
Does anyone have any experience of advise you could tell me about au$ to uk£ transfers and what the best way to do it.
Thanks.
The trustee has asked for my bank details (HBOS) for transferring the money but is this the best way to do it for the best exchange rate. It might be near a 6 figure amount so a small difference on the exchange rate would
Make a big difference.
Does anyone have any experience of advise you could tell me about au$ to uk£ transfers and what the best way to do it.
Thanks.
Get a quote from your bank and a currency exchange firm like HIFX.com with the exact amount your are exchanging as the exchange rate will differ depending of the amount. But generally someone like HIFX will usually give you a better rate than the banks.
But make sure that you get the amount exchange into Pounds before its deposited into your bank account in the UK. Otherwise the bank will charge you a big fee for depositing it.
But make sure that you get the amount exchange into Pounds before its deposited into your bank account in the UK. Otherwise the bank will charge you a big fee for depositing it.
I called HIFX to see what was possible and they said that the person sending the money is the person that opens the account and that for me I would need to contact HIFX Australia to set one up or get trustee to do it which seems alot of ballache.
I thought I could just open an account here and that money could be just paid into it but they said that's not how it works.
Anyway, internank rate today is approx 0.65, HIFX said their rate is approx 0.645 and HBOS is about 0.6399 dollars to pounds exchange rates today.
Might just let it go to bank as not that big a difference in it and feel kinda bad i.e. greed and the circumstances over a few quid difference. I dunno.
I thought I could just open an account here and that money could be just paid into it but they said that's not how it works.
Anyway, internank rate today is approx 0.65, HIFX said their rate is approx 0.645 and HBOS is about 0.6399 dollars to pounds exchange rates today.
Might just let it go to bank as not that big a difference in it and feel kinda bad i.e. greed and the circumstances over a few quid difference. I dunno.
Depending on the amounts involved private banks can open a foreign currency account for you in the UK.
Move the funds across when they're ready, hold as Au$ until you want to move to Sterling.
They'll also have inhouse fx desk, that on reasonable sums, will beat the internet bods rates every time.
Move the funds across when they're ready, hold as Au$ until you want to move to Sterling.
They'll also have inhouse fx desk, that on reasonable sums, will beat the internet bods rates every time.
Use a bank you pay a hefty commission but during the transfer your money iis protected.
Use a currency exchange (I used transfermate.com) and not only do you pay a hell of a lot less commission, you also get a much better exchange rate, but your money isn't protected during the process. Process is pretty quick, I paid money into bank abroad, call them to confirm I had paid it in. It took me 15 minutes to drive back to where I was staying and boot up the laptop to check my UK balance by which time it was there.
Use a currency exchange (I used transfermate.com) and not only do you pay a hell of a lot less commission, you also get a much better exchange rate, but your money isn't protected during the process. Process is pretty quick, I paid money into bank abroad, call them to confirm I had paid it in. It took me 15 minutes to drive back to where I was staying and boot up the laptop to check my UK balance by which time it was there.
Sir Bagalot said:
Use a bank you pay a hefty commission but during the transfer your money iis protected.
Use a currency exchange (I used transfermate.com) and not only do you pay a hell of a lot less commission, you also get a much better exchange rate, but your money isn't protected during the process. Process is pretty quick, I paid money into bank abroad, call them to confirm I had paid it in. It took me 15 minutes to drive back to where I was staying and boot up the laptop to check my UK balance by which time it was there.
I wasn't aware of that but I've not had any problems with Currency UK on several transfers. I will query it the next time though.Use a currency exchange (I used transfermate.com) and not only do you pay a hell of a lot less commission, you also get a much better exchange rate, but your money isn't protected during the process. Process is pretty quick, I paid money into bank abroad, call them to confirm I had paid it in. It took me 15 minutes to drive back to where I was staying and boot up the laptop to check my UK balance by which time it was there.
HiFX aren't strictly correct. Their situation is that they have an agreement with the Aussie firm that uses their name 
A firm like HI will be much cheaper than a bank. Setting up at a private bank for a single transaction is just a ballache an rarely worth it.
Whoever you use the physical fx transaction is unregulated, regardless of whether the firm is. This means their is no legal obligation on best ex, how the firms make a lot of money
As such, always ask for a two way quote (bid and offer) without alluding in any way which side you are on. If the guy insists on knowing then you're talking to a spank shop and should hang up the phone.
Happy to give you the name of the head of trading at my firm ( as in the firm i use) so you can use my rates. Just PM me.
A firm like HI will be much cheaper than a bank. Setting up at a private bank for a single transaction is just a ballache an rarely worth it.
Whoever you use the physical fx transaction is unregulated, regardless of whether the firm is. This means their is no legal obligation on best ex, how the firms make a lot of money
As such, always ask for a two way quote (bid and offer) without alluding in any way which side you are on. If the guy insists on knowing then you're talking to a spank shop and should hang up the phone.
Happy to give you the name of the head of trading at my firm ( as in the firm i use) so you can use my rates. Just PM me.
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