Guest steveygee

Best rates for currency conversion

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    Guest steveygee

    Hi all,

     

    As I'm looking at buying a car within the coming weeks(ASAP actually!!), I was wondering who people would suggest to transfer the money... IE who provides the most competitive rates, and who charges the least? I will be looking at transferring a few thousand pounds initially. I bank with HSBC in the UK and will be setting up an account with NAB here, unless people have other suggestions.

     

    Cheers

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    Hi steve, we use moneycorp....their rates are as good as any.

     

    Thing is with the exchange rate so bad these days unless your exchanging very large amounts its all much of a muchness.

     

    Also mate, we are with NAB and have had no problems at all.

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    We set up hsbc premier and we change money free of charge and always match moneycorp, if you open it with a certain amount its a free account,can use SA bank machines and Bendigo and another cant remember which free of charges, its good as we have online banking and can see uk account and aussie one on the same screen, works well for us.

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    Guest wijaya

    Hi there

    I use Ozforex. i always found their rate was much better compare to others.

     

    regards

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    Guest steveygee
    We set up hsbc premier and we change money free of charge and always match moneycorp, if you open it with a certain amount its a free account,can use SA bank machines and Bendigo and another cant remember which free of charges, its good as we have online banking and can see uk account and aussie one on the same screen, works well for us.

     

    That sounds interesting as I want to retain my UK account too. How much is the minimum you can open it with? I might go have a chat with them tomorrow.

     

    As regards moneycorp/ozforex, do you have any idea roughly how much they charge?

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    Ozforex don't charge anything as such, they make their money from giving you a slightly worse rare than the interbank exchange rate. But it's a much better deal than you'll get with the banks. I've used them about fifteen times now with no issues.

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    Guest steveygee

    Wow, just been looking at the exchange rate.... still dropping. Not cool :( I've not transferred yet and struggling to "predict" if it's likely to go back up. When you are transferring thousands it makes a difference!!

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    Guest Ryan T. Lion

    I used HiFX which was pretty good. You do the deal when you're happy with the rate, which is then frozen. You then give them the money with a debit card whatever and they action the transfer to your Oz account. Dead easy.

     

    All the charges are covered in the rate.

     

    Don't forget with a car you need to factor in stamp duty and rego.

     

     

     

     

    ---

    I am here: http://maps.google.com/maps?ll=-34.923806,138.602013

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    That sounds interesting as I want to retain my UK account too. How much is the minimum you can open it with? I might go have a chat with them tomorrow.

     

    As regards moneycorp/ozforex, do you have any idea roughly how much they charge?

    Hi Steve i think its £50,000 but they opened ours straight away with £1 and we told them the money would be in within a few weeks, but i seem to remember them saying as long as its in within 12 months of opening its still free banking and no fees, it does work very well we leave a couple of hundred in our uk account and have a debit card and cheque book and use our aussie account everyday although we use aussie hsbc credit cards and just pay them off at end of every month. We also had everything before we got here aussie Debit cards, credit cards and cheque books all sorted though our branch in Selby, we were also new customers to HSBC and found them brilliant.

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    Guest Adelaide_bound

    if you look at xe.com/ucc you can see the historical rate - it always dips over the Xmas and New Year period it seems, so don't panic too much if you can wait a couple of weeks (this is what we are currently telling ourselves anyway lol - we have to shift out all our money within the next 5 or so weeks, and hoping it starts to creep up again!).

     

    We use PersonalFX, they have been really really good - our man (you get assigned a specific person) calls us when the exchange rate reaches the level we set with him, or if it looks like it might go that high, or if he doesn't think its going to go that high for ages and ages, and we lock ourselves into a specific rate. They get their money by selling us the currency for 0.02 less than the actual exchange rate (so if its 1.52 we get 1.50 for eg), which we are happy with. Can't fault them to be honest. As long as your money broker is registered etc, I'm guessing they are much of a muchness, you just go with who you like the sound of on the phone :)

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