Cheap and Safe Way to Move over $50k Overseas (No I'm Not a Criminal!) ;)

cookie2 on 23/05/2016 - 21:25
Last edited 23/05/2016 - 22:37 by 1 other user

Hi all,

I need to transfer some money overseas for a purchase and needing some help working out what the best way is.
Is it safe to use an online international transfer company to do so or am I better off with a cheque.

To help-
Transferring to Mauritius (seems like not all the online companies do all currencies but please correct me if I'm wrong).
I do have a 28 degrees cc in Mauritius but I think they will still charge me to take it all out from an ATM anyway and I need to pay in cash, bank account transfer or cheque etc.
I have a bank account in Mauritius too so I can always transfer it there and then get a family member to provide the funds onward.

I can see that some online transfer companies don't charge a transaction fee but I know that the conversion rate/fee will have a large impact so if I can minimize then I'd like to.

Thanks guys, let me know if you can help.
And if my husband sees this, yes this is me. :) sometimes I pretend to know everything
……. but then I go onto Ozbargain and try and get answers. ;)

Financial

Comments

  • HardQuiz on 23/05/2016 - 21:38
    +1

    Bank to bank transfer or use ofx.com

    • cookie2 on 25/05/2016 - 19:36

      thanks but from what i can see, they dont offer mauritian rupees as a currency.

  • barginhunter11 on 23/05/2016 - 21:50
    +1

    Orbitremit

    • cookie2 on 25/05/2016 - 19:38

      thanks but from what i can see, they dont offer mauritian rupees as a currency.that's my problem in trying to get a competitive rate i guess.

  • [Deactivated] on 23/05/2016 - 22:50

    PM me, I'll take it with me when I next travel ;) cash tho right?

  • Donaldhump on 24/05/2016 - 00:03

    buy a boat, sail it there, sell it.

    • cookie2 on 25/05/2016 - 19:34

      dont have the time, annual leave or the boat licence!

  • rambutann on 24/05/2016 - 03:12

    so dodge af

    • cookie2 on 25/05/2016 - 19:33

      why, because i am asking how to move money to another country? is it that unusual?

  • ProjectZero on 24/05/2016 - 09:32

    Hand bags…. lots and lots of hand bags… wait… that didn't go well with that lady, nvm.

  • peterpeterpumpkin on 24/05/2016 - 10:22
    +2

    I assume you need the money in Mauritian Rupees? This will limit the number of currency brokers you can use (maybe hifx supports it from a quick check), making it harder to get the most competitive rate.

    Just make sure your target bank doesn't have any big surprises for you on the other end for receiving international transfers. Mauritius, like Australia, doesn't have any gift tax so you should be fine in that regard. It's also the primary conduit for legal money laundering by Indians :)

    • cookie2 on 25/05/2016 - 19:28

      yeah i need it in mauritiuan rupees. i found that a lot of online transfer companies didnt show they could do it in rupees either but ive never done this before so was a little confused. ok, so i'll check the bank on the other end in case any suprises. I found a website called …haha, it's the one you noted above, HiFX. they seemed the most competitive but I'm a little nervous about it all. are there risks, can my money just be stollen by one of the online companies?
      also yes, there is a lot of laundering I'm sure and Mauritius is quite popular with Indians too.Thanks for your advice thus far. :)

      • peterpeterpumpkin on 25/05/2016 - 21:17
        +1

        For $50,000 I too would be worried :)

        As far as I know the only protection in Australia is ASIC licensing (I don't know if we have systematic guarantees in place like they do in the UK). So if something does go wrong at least you have someone to complain to. Hifx is ASIC licensed and is in fact one of the biggest currency traders in the world.

        It would probably take a huge unexpected event for one of the big companies to lose your money. Perhaps it is worth ringing your currency trader to point you to any guarantees or even the financial ombudsman.

        • cookie2 on 04/06/2016 - 17:12

          thanks peter pumpkin. ended up transferring through my bank but it will be converted in mauritius rather than our aud rate at the bank. was to nervous about using the online trading and running out of time. anz were super helpful though in helping me figure it out.
          thanks again

  • blackfrancis75 on 24/05/2016 - 11:36

    xe.com/fx

  • fritzsticker on 26/05/2016 - 01:35

    Remittance company..

  • murkywater on 30/05/2016 - 16:44

    Transferwise has the best rates for transferring money overseas.

    Or you can get a Citibank Plus Transaction account which lets you withdraw money fee-free anywhere in the world from ATMs.

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