I know I've asked similar questions before, but I really don't know what I'm doing!
I rang Commonwealth (who we have decided to bank with) to set up an account over in Oz. They told me they could do that, or they could set me up an account in London, give me a good exchange rate (3-4 cents below market value) and just transfer the money when I tell them to, thus creating an account in Oz where I don't need to go and show documentation etc (they'll have already checked it this end).
Now this to me doesn't seem much different to what HiFX offer. But all I have heard is HiFX that and HiFX this! Everyone says they are the best people to go with, but Commonwealth told me they offer no protection for your money (in case they go under) like the banks here do. Commonwealth would give us this protection because the account would be set up from here in the UK.
Now I have no idea about transfer charges incurred for either and while the Commonwealth thing sounds positive, it was coming from a Commonwealth employee trying to get more custom! What do I do?