Tamara (Homes Down Under)

Transfer money at the best rate?

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    Can anyone offer advice about the cheapest way to transfer money in and out of Australia?

     

    When we migrated here we did the standard uninformed thing and transferred from bank to bank at the exchange rate minus the banks fees and losses in the exchange. In hindsight we probably ripped ourselves off as the listed exchange rate was nothing like the exchange that our money was brought in at.

     

    I was recently contacted by HiFX and have listed them as an option on my web site for guests to pay me. They appear to offer a better exchange rate than the banks offer?

     

    I have a number of questions that could perhaps help future migrants.

     

    1. How did those people that have moved here transfer your funds and did you lose money on the exchange rate?

    2. For those that have used HiFX...how did you find them? I want to make sure that people are happy with them.

    3. Are there similar companies like HiFX that can be used to transfer funds and if so what are your experiences?

    4. For smaller money transfers (like paying for rental accommodation!) what methods would you recommend? If i transfer small quantities of money back to the UK my bank charges me $24 per transaction. How can I avoid these fees and get peoples deposits back to them at the least cost?

    5. Is there any way to avoid the bank fees associated with transfering money to pay for rental accommodation? Fees are charged in the UK and in Australia and if there's a way for guests to avoid the Uk fees, and for me to avoid the Australian fees...please let me know?

    6. PayPal is simple, quick and convenient but the fees are expensive. They charge 1% country to country transfer plus 2% when the funds arrive here, plus 0.30 per $. However, I have had guests pay by means of Paypal cheque and they have reported that the costs are then minimal. Does anyone have any more information about how to avoid these fees?

    7. What other methods similar to Paypal are there...with lower charges? Paypal allows payments to be made with credit cards and this is important so it would help if you know of similar methods to make credit card payments?.

     

    If we can open up the debate of how to get the best exchange rate when we bring our hard earned money here...that's a good thing.

     

    If we can avoid the punitive charges associated with paying for accomodation, hire cars etc then that will also save people lots of money.

     

    How did you bring your money here? Was it a cheap, easy and convenient way to do it? Would you do it differently now? What companies and what ways do you recommend?

     

    How do you get more of your money here without it being taken by the banking and money transfer systems?!!:mad:

     

    Tamara

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    Guest tinkham_lee

    I used HIfx, They were great, you can do everything Online or over the phone and its really straight forward, you just need bank accounts in both countries. they send you confirmation emails with the rate and how much you sent and how much you are getting back. The exchange rate is updated every 10-15 seconds and they don't charge anything. (they do pass on any fees they get charged from the receiving bank) I bank with Westpac and didn't get charged. There is also no minimum or maximum transaction amount. the money took less than 2 days to arrive into my aussie account, I sent it the morning I left England and it was here when I arrived.

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    Guest Roo1

    Oooh great post Tamara, I shall watch with interest. We also recommend guests use HIFX when transferring money over. I've used them in the past too and I found it very straight forward.

    There is also Ozforex too that my parents have used and found them equally as good.

     

    Judi x

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    Guest Damien

    I always get a quote from HIFX, then ring Moneycorp and they always beat it. Ask them to waive their admin fee too (£25 I think) - they've done it every time for me.

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    Guest rachinadelaide

    We've used HIFX three times now and have always been happy. My inlaws who migrated to NZ also used them and were also happy with the service and exchange rate.

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    Guest rachinadelaide

    Sorry - I've just read the rest of your post!

    We have an ANZ merchant bank account so we can take and refund credit card payments. We pay $30 per month to have it. We are happy with the way it works.

    I will be interested to see if there are other ways that are as quick and easy but cheaper!! Always happy to cut out the banks....

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