Fees associated with a money transfer.

[dudleycat]

Hi

 

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

 

DC

[Guest Claire-n-tel]

We have only ever used moneycorp......doesn't cost us anything (no fees for PIA members)

 

as as far as I know it works like....we make a transfer to moneycorp from our uk bank, just like paying any bill or person

 

then in moneycorp pays it into our Oz bank account in $ just like anyone else paying you money

 

its all very painless

[dudleycat]

Thank Claire-n-tel. Did your UK or Oz bank charge you any fees for your transfer??

[Guest Claire-n-tel]

No.....it is just you transferring money to someone (like transferring money to a friend or bill) and banks do not charge you when someone pays money into your account....

[dudleycat]

I wish that was true Claire! ive just been on the phone to my Oz bank and they charge $30.00 if the currency specialist passes the money through another bank on the way to the receiving bank and $15.00 if they transfer direct from the currency specialist to the receiving bank...

 

Its probably something to do with the fact that i am not using their affiliated currency specialist as the conversion isn't very good for the amount of money i will be transferring. (way more than a $30 difference!). but that maybe me being cynical!!

 

Im going to ring the currency specialist up now and find out how they do the transfer once they have converted the money.

[Guest Claire-n-tel]

Drop John from moneycorp a message on here...

 

http://www.pomsinadelaide.com/forum/money-transfers-ask-moneycorp/

 

i am not sure how the bank could charge you for a company paying money into you bank account?!

 

i know for sure I have not been charged anything by my bank before

[Blossom]

I wish that was true Claire! ive just been on the phone to my Oz bank and they charge $30.00 if the currency specialist passes the money through another bank on the way to the receiving bank and $15.00 if they transfer direct from the currency specialist to the receiving bank...

 

Its probably something to do with the fact that i am not using their affiliated currency specialist as the conversion isn't very good for the amount of money i will be transferring. (way more than a $30 difference!). but that maybe me being cynical!!

 

Im going to ring the currency specialist up now and find out how they do the transfer once they have converted the money.

 

That sounds very unusual. I'm with the commonwealth and they didn't charge me a cent.

[Guest Claire-n-tel]

You bank would have nothing to do with where the money goes before it is paid into them surely?.....

[dudleycat]

i know. i thought it was strange as well.

 

Personally i think they are charging a sort of 'admin/transfer fee' because the money is coming from a currency specialist that is not affiliated with them. if i use the currency specialist that they are affiliated with, i pay no charge. I would be happy to do that if the money that i would be losing by using their (less attractive) exchange rate is offset against the charge the bank is leveling, but unfortunately, it isn't, so paying the charge is the lesser of two evils!!

Clairentel, you are right though, the bank has nothing to do with where the money comes from. Very frustrating!!!

[Blossom]

I'd be telling them I plan on closing my account and opening one with a company who doesn't do that!

[NicF]

Which bank are you with? If we know that someone on here may have first hand experience of transferring money in to an account with them. We transferred with Moneycorp in to an ANZ account and we were not charged by the bank.

[snifter]

We use HiFX and pay no fees at all, not banks or the company.

[Guest Claire-n-tel]

i know. i thought it was strange as well.

 

Personally i think they are charging a sort of 'admin/transfer fee' because the money is coming from a currency specialist that is not affiliated with them. if i use the currency specialist that they are affiliated with, i pay no charge. I would be happy to do that if the money that i would be losing by using their (less attractive) exchange rate is offset against the charge the bank is leveling, but unfortunately, it isn't, so paying the charge is the lesser of two evils!!

Clairentel, you are right though, the bank has nothing to do with where the money comes from. Very frustrating!!!

 

Have you contacted John from moneycorp on here?....I put the link on yesterday.....he will be able to tell you....

 

tbh i I didn't even tell my bank what the money was....as far as they were concerned it is a deposit like any other......I would be contacting the bank ombudsman the cannot be allowed to charge you to deposit money

[dudleycat]

Yes Blossom, it did go through my mind! Although, I do wonder if there is any bank out there that doesn't charge even if you don't use their affiliated/preferred currency exchange company? Did you use the currency specialist that was affiliated to the Commonwealth bank?

[Guest Claire-n-tel]

I use moneycorp.....I bank with ANZ......nothing to do with each other.......No Charge from bank.......

 

Everyone who has answered you have said they were not charged by their banks......

[cardmakerex65]

Interestingly, I transferred money to ANZ, New Zealand for my father and we used Halo Finance. They were really good, but we did get charged a deposit fee by the bank in New Zealand. We have also used "transferwise" and they recommended that you add a small percentage extra to the exchange amount to guarantee that the full amount required for Vetasse fees etc...so they are covered in full since the banks always deduct a percentage from deposits made from foreign banks even if the deposit is already in dollars.

Would recommend you talk to your bank directly.

[dudleycat]

Thank you cardmaker, that was what I thought. The account I wish to open is with NAB, their affiliate currency specialist is moneycorp, for which they will not charge me a deposit fee if I use them for the conversion of £ to $. However, I wish to use another currency specialist which has a better conversion rate for the amount I am transferring and for that I will be charged by the bank a sum of $30.00.

I didn't think they could be the only bank that does that!

[Blossom]

Yes Blossom, it did go through my mind! Although, I do wonder if there is any bank out there that doesn't charge even if you don't use their affiliated/preferred currency exchange company? Did you use the currency specialist that was affiliated to the Commonwealth bank?

I used hifx. They transfer it to their own Aussie bank account, so it just gets paid in exactly the same as any direct deposit from another Aussie bank (ie for free).

[dudleycat]

Thanks for all the comments! I think its time for another little chat with NAB!!!

[John from Moneycorp]

Feel free to contact me directly via private message - more information can also be read here: http://www.pomsinadelaide.com/index.php?pageid=forex

 

Thanks

 

John