Im a little confused as to the fees which are associated with making a money transfer from the UK to Oz.
I was under the impression that a money transfer from a UK bank via a currency specialist to a Oz bank account can incur fees from the currency specialist in making the currency exchange (if the amount was small) and that was all.
However, I understand from my preferred bank in Oz that sterling held in a UK bank account can sometimes pass through another bank on the way to the receiving bank and for that they charge but if it comes straight from a UK bank account, they don't.
Then i contacted my UK bank and they tell me that if the receiving bank makes the conversion, they don't charge.
So if it is converted using a currency specialist, does that mean it doesn't come direct from a UK bank and therefore the receiving bank charges or that it does come from a UK bank and therefore the recieving bank doesn't charge but my UK one will because it will be in dollars??
Can someone please set me right on the possible fees i would need to pay in order to move money from my bank here in the UK to my new bank account in Oz? or maybe just outline the process a little clearer than i am obviously making it?!
thanks in advance