Sterling transfer via HiFX from OZ - Urgent!
Has anyone done this themselves? We need to transfer a large-ish sum from the UK and have chosen HiFX over here as they did a great job when we were still in the UK. We've agreed a price etc. and need to transfer the money by June 17th - very straightforward you might think, especially as the money is going from Barclays to Barclays...not.
According to Barclays, we can transfer a maximum of £5k per day over the phone and £1k online - if we want to transfer more we need to write (not fax) the Head Office, giving details of our request. We've been given 6 days by HiFX here to make the transfer which isn't enough time...
hi ya ive got lots of money still uk HSBC bank i can transfer the lot over the net to my bank WESTPAC with no problem but i will be charged £15 for doing this...one thing you need to found out is the oz bank charges for using their bank monthly cost etc...i found westpac will give me 7% for children bank accounts per month just as long money is not taken out for 1year
Thanks for the tip Alex.
My mum (who doesn't work for Barclays) informed me that the online limit was raised a few months ago to £10K, as so many people complained - can't understand why Barclays themselves don't know that. Armed with this knowledge we can make payments totalling £20K per day...panic over PHEW!!!
I use a company called Custom House for currency transfers (both ways).
They do have an office here in Adelaide - it's always nice to talk to people face to face regarding your money.
They seem to offer similar rates to the other transfer companies.
their main website is ................ http://www.customhouse.com.au/
Direct email is......... email@example.com
Talk to Alison or AJ.
They have always been of the utmost help to me and I have not heard of any transfer amount limits.
I had a similar problem transfering money to HIFX account from Natwest, Natwest told me I could transfer any amount from my UK account online to any other UK account when I asked in branch, but it was not untill I got to Aus and I made a deal with HIFX that I found I had a 10K daily limit unless I give them instuctions in writing, when I phoned HIFX they were fine about it, they just told me to keep them informed if there were any other delays and I got the same price as agreed.
Originally Posted by orrelljet
Thanks for the tips and support guys - It does seem a bit backward that they impose such restrictive limits though.
i had exactly the same problem booked funds with ozforex thinking it would be straightforward but had the same thing with barclays, i also hadnt registered for phone banking so this took extra time, but i rang ozforex and they extended the deal until i managed to get funds to them. so if you let hifx know of your dilema they may extend the deal too.
As I have been living in Germany for past 6 years I have set up a fax instruction with the bank in UK (HSBC). This means that I can move what ever I want from account to account as long as I fax the request to the bank.
You do have to be in the UK to set this up with your branch, so not a lot of use to you already over in Oz, but may be of some help for those still in the UK.
I spoke to the HSBC yesterday as we need to move a large sum of money from our account to HiFX this week. They confirmed it will be no problem as long as I send them the fax. In fact a very nice young man at 'customer solutions' has agreed to phone me as soon as the transaction has gone through.
Good luck with it!
:)Counting down the days, we will be off to Adelaide in 11 days!!
see you there!!
It looks like the UK transaction will be OK now but don't ask about the transaction from my wife's bank, in France; they're refusing to do the transaction without an IBAN number, despite my mother-in-law explaining to them, on a number of occasions, that the IBAN isn't even used in OZ and New Zealand!! Apparently, they have "the wrong software".....
I wish we'd known about the fax transcations... would have been useful ;-)
Does anyone know if there are any tax implications with transferring money from UK once you have arrived. We arrived in September 2007 and transferred most of our money then, but now have some money from an endowment to move across. My OH seems to think there are penalties if you move large sums of money once resident here, but we are not sure. Can anyone help?