I'm wondering if anyone can guide me on the best way to move about £12,000GBP from the UK to an Australian Bank Account?
What banks have the best conversion rates, or should I go with PayPal, or Trasferwise or something?
Never moved an amount this big. Only ever a few hundred and PayPal was always just fine.
I was thinking I'd set up a HSBC savings account and have it transferred directly from an English HSBC account. Any thoughts?
Moving £12,000GBP from the UK to Aus. Best way to do it?
Lroarer on 29/01/2019 - 00:39
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GBP -> Crypto
Crypto -> AUDThis could work out to be quite a bit cheaper, but obvious risks involved
Yeah if done right through crypto through legitimate means and channels could even make a small profit if your haggling bargain sweet talking skills are alright.
Otherwise I would go through PayPal they seem to have more security measures and ways to get back your money if something goes wrong but double check this all before confirming to trade and etc obviously.
I second this. Setup an account at coinstop.com.au (not sure what other Aussies mobs do crypto to fiat) buy 12GBP of bitcoin then withdraw as fiat. Fees should be less than bankster fees and you'll have your money fairly quickly, within the hour?
I'd also recommend looking up the current transaction fees at the time you're making the transaction.
When I was trading I used to buy eth over BTC because the transaction fees to get it into my trade account were far less.
In a boogey board bag, of course .
First decide if you want to convert it to AUD or not.
If the answer is yes you have 3 options best to worst.
- Setup broker account move GBP to it convert at spot rate to AUD then withdraw to Australian bank account (has small fees involved and some time/verifications)
- Transferwise - will be worse off than broker at FX rates but better than banks
- Banks - worst option they murder you with their FX rates
Transferwise - will be worse off than broker at FX rates but better than banks
Lol this just popped up on fb:
https://www.facebook.com/228735667216/posts/1015644268900721…
If you’re still in the UK take the cash out and fly it back to Aus?
May need to split it into two 6k lots between you and your partner unless you want to declare it at custom being over $10k and all
You still need to convert it once you're back here…
And you will get a worse rate for cash as opposed to funds transfer
Set up a Citi AUD account in the UK. Move it to there. Set up Citi account here in Australia and then you can transfer with no fees. Once done, close both accounts unless you want to keep Citi.
Use Transferwise. This way you can monitor the exchange rates and when its favourable then you can initiate the transaction to your aussie account. Transfer it in small chunks instead of the whole lot at once. This is what I did when I moved from to Aus recently.
The other way is to open to card/bank account like ING in UK that charges no currency conversion charges and atm withdrawal charges and then withdraw the amount in chunks from nearby atm. This will give you Visa rates plus avoid any fee from the transferring agent. However the latter is a bit of a painful process because you are restricted by the local bank's daily withdrawal limit which is $800 I think but can save you fees though.
It comes down to how much time you want to spend to save on transfer agent and conversion fees.
+1 for transfer wise - pretty transparent as well with what fees and rate is involved.
I used CitiBank & HSBC for 6 years until I got onto transferwise (regularly transferring money from AUS to UK)
Sent huge sums across to pay for my wedding - worked a treat
I have used HiFX (now XE Money) a few times and I have been impressed with their service.
You can watch the exchange rate live and lock your transfer in when you’re happy with the conversion amount. You then have to transfer the GBP into their UK trust accounts and a couple of days later they put the AUD conversion in your Australian account.
I have used HiFX (now XE Money) a few times and I have been impressed with their service.
You can watch the exchange rate live and lock your transfer in when you’re happy with the conversion amount. You then have to transfer the GBP into their UK trust accounts and a couple of days later they put the AUD conversion in your Australian account.
I use OFX you can get a quote before committing they are competitive and money transfer is fast
Deposit the GBP into a foreign exchange account with a broker like Pepperstone and then transfer the funds to your bank.
It involved rolling the money as tightly as possible and trying not to walk funny when walking through customs.
Foreign Currency Account?