jo_marnes

"Fixing" your exchange rate?

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    Hi all,

     

    I have heard of people fixing their exchange rate - how do you do this? Via which service?

     

    We have just applied for an Aussie bank account and are not sure when or how to transfer our money. The exchange rate isn't great but I don't want it to fall any more, so would like to fix our rate if we can. And what is the cheapest way of transferring money? What sort of charges/ fees are involved?

     

    Sorry for all the (boring) questions!

     

    Thanks,

     

    Jo xx

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    Guest tooeasy

    hi we used http://www.ozforex.com/ they were very helpful and did a very good exchange rate dont think anyone fixes their exchange rate just what it is on the day hope this helps :smilexmas:

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    You can do a forward order, whereby you agree the exchange rate with the provider and the date you will pay in full, then pay a deposit to hold the rate. This ensures you get that rate, but be aware that even if goes up you will have to get the rate you locked in as it is a binding contract.

     

    You can also put on a limit order where you specify what rate you would like to acheive and even if it hits that overnight, they will purchase for you, you can set these for a certain time or for good until cancelled. you must pay for the deal within 2 days of it happening. Also, I was told recently that it needs to be I over I think £50,000 at the moment due to market volatility (but this may have changed)

     

    I use ukforex/ozforex and they are very helpful with their advice, give them a call.

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    Guest Lulujim

    Hi Jo -

     

    We did this with HI-FX. I called them and they offer you a rate (apparently you can haggle but I didn't know this??) - you have to pay 10% immediatley (this was a chq though in my case) and set a date to pay the remainding balance.

     

    You can roll this date forward and unlimited amount of times as long as you call and give plenty of notice. However please note if you say 10th Jan, for instance, you can't have the money BEFORE then.. so put the date at the earliest you may need it and then roll it fwd for free. We did this 3 times, and even though they said it had to be by phone, they took it from our emails when we were in Oz.

     

    You then pay the full amount and it has to go into an Australian bank account otherwise it obv converts back to £.

    With Hi-FX you can open a Westpac account online, mine opened in about a week, both a savings and current account.

    Hope this helps!! :smilexmas: Alexis

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    Guest massive

    Hi we just opened a hsbc account in the uk and then one from there for here , we waited until the rate was ok for us and transferred the same day and they fixed it to that days rate . The only problem was the branch is in the city only but very easy to find

    debbie

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    Guest LOOBYLOO

    We opened a Westpac bank account and dealt with Hifx. We phoned Hifx to arrange a transfer and fixed a rate. Sent Hifx a cheque and money transferred 10 days later at agreed rate. Second transfer we went through Moneycorp as they offered a better rate. Again sent a cheque and money transferred 10 days later at agreed rate. We also got a deal with Qantas through Hifx - cheaper flights and 40kg allowance.

    Good luck.

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    Guest Lulujim
    We also got a deal with Qantas through Hifx - cheaper flights and 40kg allowance.

    Good luck.

     

     

    Hi - I saw this advertised - please can I ask how did you get the good Qantas rates? Did you call Hi-FX first or Quantas and quote something??? And do you know if the 40kg would apply to us on a 475?

     

    Thank you,

     

    Alexis

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    Guest LOOBYLOO
    Hi - I saw this advertised - please can I ask how did you get the good Qantas rates? Did you call Hi-FX first or Quantas and quote something??? And do you know if the 40kg would apply to us on a 475?

     

    Thank you,

     

    Alexis

    Hi Alexis

    We opened our Hifx account first and they sent an email with the Qantas offer (phone number and password). Don't know about 475 but we are on a 163 temp visa and got 40kg each from Edinburgh to Adelaide.

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    Guest Lulujim

    Thank you - will contact Hi-FX and had better double check through all the emails we got when we registered!

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    Hi we just opened a hsbc account in the uk and then one from there for here , we waited until the rate was ok for us and transferred the same day and they fixed it to that days rate . The only problem was the branch is in the city only but very easy to find

    debbie

     

    hi ya i opened a HSBC premier account in uk to transfer my money but thank god i never..i found that the worst bank ever,every time i used my debit card it got stopped/blocked so i had to phone to get it opened the card is not reconised in any shop (but i never open account in adelaide as i told my uk card would work here) and as for HSBC in city you cant speak to any body as thay speak little english i got more of errr you want flied rice!!!!

     

    alex

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    Guest massive
    Hi we just opened a hsbc account in the uk and then one from there for here , we waited until the rate was ok for us and transferred the same day and they fixed it to that days rate . The only problem was the branch is in the city only but very easy to find

    debbie

     

    hi ya i opened a HSBC premier account in uk to transfer my money but thank god i never..i found that the worst bank ever,every time i used my debit card it got stopped/blocked so i had to phone to get it opened the card is not reconised in any shop (but i never open account in adelaide as i told my uk card would work here) and as for HSBC in city you cant speak to any body as thay speak little english i got more of errr you want flied rice!!!!

     

    alex

     

     

     

    My oh is sitting here p*****G his pants at the flied rice comment , we refused to speak to anyone but the manager who was Australian and did speak English and not the broken type . Our cards are two different types the english one you can can only use at the ATM but the oz ones have efpos on the back . The best thing for us was that we didn't pay anything when we exchanged the money like with some places . However there's plenty of chinese in the branch but i haven't found a decent chippy here yet in three months ( just joking !!)

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    Guest Nick11

    We used hsbc in adelaide when we came over and never had a problem.Always fast,efficient and never got anything wrong.

    Pain in the backside to get to though!!!

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    Guest jorose
    Hi we just opened a hsbc account in the uk and then one from there for here , we waited until the rate was ok for us and transferred the same day and they fixed it to that days rate . The only problem was the branch is in the city only but very easy to find

    debbie

     

    hi ya i opened a HSBC premier account in uk to transfer my money but thank god i never..i found that the worst bank ever,every time i used my debit card it got stopped/blocked so i had to phone to get it opened the card is not reconised in any shop (but i never open account in adelaide as i told my uk card would work here) and as for HSBC in city you cant speak to any body as thay speak little english i got more of errr you want flied rice!!!!

     

    alex

     

    I too have had the worst customer service experience using HSBC here in the UK. In the process of closing accounts down, Abbey closed several down for me and did a telegraphic transfer for Oz Forex all without a hitch. Went into HSBC straight afterwards to close just one account down and it was like the Laurel and Hardy Show. Never ever again....for me anyway.

    :noxmas:

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