Nette

Money!

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    I am moving back to the UK later this year and am wondering if anyone can advise as to the best way to get my money back?

     

    I owe my parents quite a bit (unfortunately!) Am I best sending this back in advance or transferring a larger amount all at once to get a better exchange rate?

     

    Any advice and company recommendations greatly appreciated. :)

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    banks/transfer companies get their profits in two ways:

    1) charging a flat-rate/percentage fee on each transfer

    2) using an exchange rate that is slightly worse than the official exchange rate, and keeping the change. (n.b. places that don't charge a fee tend to have worse exchange rates, they've got to make their money somewhere)

     

    So basically, when comparing who to go with, you want to be looking at the final amount that will be appearing in your UK account, rather than just the "fees".

     

    In general, international transfer companies (e.g. moneycorp) will be cheaper than banks. Personally I've gone with banks for the convenience of being able to just do it online and get it over with, but I've never had any particularly large sums of money to transfer.

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    Thanks for the info....

     

    and do we think I am better changing it all at once rather than send home the money I owe in advance?

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    Guest Aussie pat

    Aussie pat's other half here

     

    Often, but not always, larger amounts get a better rate. You need to ask them what are the thresholds at which you get a more favorable rate, or alternatively give them two amounts, a small one and a big one, and ask them what their rate would be today so you can get an idea of whether size really does matter.

     

    I suppose the other consideration in deferring it is - do you think the rate is going to move against you. Predicting exchange rate movements is dangerous territory. Also a pretty good rate at the moment, considering which way you're going.

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    Guest hattie

    Have a look at http://www.clearfx.com/

     

    The company is based both here in aus and in the UK with accounts in both countries

     

    We brought some money over from the UK. Basically we transferred money from our UK bank account to the companies UK bank account. Next working day their sydney office validated the money was in their acc then made a same day transfer from their australian account into our ANZ acc. I think the rate we transferred at was 0.01 or so worse than the market rate (which you wouldnt get from a bank anyway) so it worked out pretty well.

     

    Cheerio

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    check out ozforex

     

    This. I've used them a few times with no issues at all, and a much better rate than the banks.

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