International Funds Transfers - Best Option.

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robd

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I have to do an IFT for an accommodation booking in France. I have looked at doing it through my personal Westpac bank and the overall rate, including fees, ends up being around 0.58 Euro. Today's rate is ~ .70 ish. Another option I found, is through Paypal. The US site has a calculator, but the .au site wants bank account details etc. and does not show easily show what the ultimate charge will be and if it would work out better than Westpac.

Does anyone have advice for IFT's and the best/cheapest option?
 
I can't imagine PayPal being better than the Banks. They are a middle man.
 
I can't imagine PayPal being better than the Banks. They are a middle man.

I thought the same. The bank is whacking on a $20 fee, which I don't think Paypal is. I will investigate further, but whilst the Paypal rate might be way worse, the $20 fee from the bank on a 100 Euro transaction is ridiculous. Not so bad on a bigger amount.
 
BTW. If you are private banking or sending a largeish amount (over 50k). Ask the bank staff for a better rate. Its easy and last time it saved me over $2k in fees
 
Its actually not that uncommon for privately-owned French Hotels/Guest Houses to ask for direct payment. Just last month I made a booking and was asked to pay the deposit directly into their account. (Just be sure that they are indeed the legitimate owner - there are lots of online scams where the guest get conned into paying in the fraudsters account!)

I did some research and ended up using International Money Transfers - Low Fees, Great Rates - Send Money Overseas. Great rates and just a $15 fee.
 
Its actually not that uncommon for privately-owned French Hotels/Guest Houses to ask for direct payment. Just last month I made a booking and was asked to pay the deposit directly into their account. (Just be sure that they are indeed the legitimate owner - there are lots of online scams where the guest get conned into paying in the fraudsters account!)

I did some research and ended up using International Money Transfers - Low Fees, Great Rates - Send Money Overseas. Great rates and just a $15 fee.

This looks like the best option.

Are you collecting points from the "Refer a Friend"? If so, then let me know and you can refer me.
 
This looks like the best option.

Are you collecting points from the "Refer a Friend"? If so, then let me know and you can refer me.

No, I'm not. But thanks for the offer anyway :)

Just one other thing: I assumed you are transferring less than $2,000. If its more than $2,000 try ozforex.com.au. But for amounts less than $2,000, I'd stick with tranzfers.com
 
No, I'm not. But thanks for the offer anyway :)

Just one other thing: I assumed you are transferring less than $2,000. If its more than $2,000 try ozforex.com.au. But for amounts less than $2,000, I'd stick with tranzfers.com

It will be amounts less than $2k. I just registered easily enough. Got a confirmation email which requested I confirm details by telephoning them, which I just did. The phone was answered "OZForex". So they are OZForex or offshoots of same?


**Edit - It says on my email "Part of the OZForex Group".
 
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I sent the USD equivalent of 3,500 euro to the states last week to the balance on the villa we rent in Lucca for our cooking school. I do this 4 times a year and in the past have used WBC. Given the parlous state of the AUD (tho luckily the risk is on the Euro), I signed up with Ozforex - just a reminder that you can't use it on the weekend. I saved AUD200 on the transaction over WBC. Certainly not insignificant. I've also acquired a Ozforex travel card and put AUD2,000 in Euros. Again this is something you have to plan ahead as it takes a couple of days for the card to arrive, and then two business days for your BPAy transfer to action. I know the exchange rate is not as good, but I'm looking at it as insurance against my hotel and car bookings. I get staff rates (which are significant) with Accor and Europcar but I can't prepay.
 
currencyfair.com is by far the best I've found - near bank-rate with fee $3 per transaction. Much better than ozforex etc.
 
It will be amounts less than $2k. I just registered easily enough. Got a confirmation email which requested I confirm details by telephoning them, which I just did. The phone was answered "OZForex". So they are OZForex or offshoots of same?


**Edit - It says on my email "Part of the OZForex Group".

Correct. Tranzfers is the branch of OzForex that handles amounts under $2000. I have used OzForex extensively.
 
I've also acquired a Ozforex travel card and put AUD2,000 in Euros. Again this is something you have to plan ahead as it takes a couple of days for the card to arrive, and then two business days for your BPAy transfer to action. I know the exchange rate is not as good, but I'm looking at it as insurance against my hotel and car bookings. I get staff rates (which are significant) with Accor and Europcar but I can't prepay.

Too late, I know, but I wouldn't bother with the travel money card. I got one, used it once and have subsequently cut it up. These types of cards are just too much hassle and each of them, in their own way, find a way to rort you. Much better off with a Citi Plus account (see thread below) which gives you fee free transactions and ATM withdrawals when abroad.

If you want a credit card that is fee free for overseas transactions, then look at any Bankwest Platinum card.
 
Too late, I know, but I wouldn't bother with the travel money card. I got one, used it once and have subsequently cut it up. These types of cards are just too much hassle and each of them, in their own way, find a way to rort you. Much better off with a Citi Plus account (see thread below) which gives you fee free transactions and ATM withdrawals when abroad.

If you want a credit card that is fee free for overseas transactions, then look at any Bankwest Platinum card.
I have 28 degrees & Citi Plus & use them extensively. They however do not allow me to prepay so when I book my staff rates for Accor & Europcar, I hedge against significant FX moves by putting some of the cost on the Ozforex card (albeit at a poorer spot exchange rate). I haven't had any hassles using my Ozforex card in Europe. I don't use it to guarantee bookings as it could lock up my balance.
 
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