International Money Transfers to Banks

Status
Not open for further replies.

lovetravellingoz

Enthusiast
Joined
Jul 13, 2006
Messages
12,315
Solutions
1
Points
905
Hi All,

I need to pay a deposit on a trip. 1000 British Pounds GBP.

Which means is best to accomplish this at the cheapest possible cost (ie combination of various fees and FX rate)

Last time I did this it was via Amex as they had a promo running.

Thanks
 

PLANT

Established Member
Joined
Jan 23, 2005
Messages
3,227
Points
540
28 degrees credit card or Citibank Plus debit card!
 

defurax

Established Member
Joined
Jun 27, 2012
Messages
2,864
Points
695
Qantas
Platinum 1
Hi All,

I need to pay a deposit on a trip. 1000 British Pounds GBP.

Which means is best to accomplish this at the cheapest possible cost (ie combination of various fees and FX rate)

Last time I did this it was via Amex as they had a promo running.

Thanks

If you have to transfer the money directly into a bank account, then OzForex is the cheapest way to go.
 

defurax

Established Member
Joined
Jun 27, 2012
Messages
2,864
Points
695
Qantas
Platinum 1
Yes it is to a Bank Account.

Thanks

Setting up an account with OzForex can be a bit of a pain (I think you still need to send some scans of your ID), but it's worth it! Exchange rates are live market rates +1% or less. Transaction fee is 10 or 15$ under $2000 and no transaction fee over $10,000.

I know expats who've lost thousands of dollars in commission/fees/awful rates using banks to transfer their money instead of OzForex.
 

anat0l

Enthusiast
Joined
Dec 30, 2006
Messages
11,672
Points
1,175
Setting up an account with OzForex can be a bit of a pain (I think you still need to send some scans of your ID), but it's worth it! Exchange rates are live market rates +1% or less. Transaction fee is 10 or 15$ under $2000 and no transaction fee over $10,000.

I know expats who've lost thousands of dollars in commission/fees/awful rates using banks to transfer their money instead of OzForex.

As someone who will be an expat very soon, thanks for this!

Before this I had no idea except for the obvious bank's telegraphic transfer (and some banks have more or less fees than the others). I will need to move some money back home to Australia as I will have some leftover debts to settle here, plus I'm not switching to local credit cards immediately either.

I'll definitely have a look at OzForex.
 

Fifa

Established Member
Joined
Sep 17, 2006
Messages
2,027
Points
495
I used my Citibank Visa Debit to transfer funds to a travel agent's UK bank account earlier this year.
Free international money transfer and the exchange rate wasn't too bad either.
Everyday Accounts - Citibank Australia
 

PLANT

Established Member
Joined
Jan 23, 2005
Messages
3,227
Points
540
How do you compare Citi, Ozforex and Westpac transfer to international rates please?
 

lovetravellingoz

Enthusiast
Joined
Jul 13, 2006
Messages
12,315
Solutions
1
Points
905
I used my Citibank Visa Debit to transfer funds to a travel agent's UK bank account earlier this year.
Free international money transfer and the exchange rate wasn't too bad either.
Everyday Accounts - Citibank Australia


Are you sure it was free?

I know it says "free", but under that thee is:
View the Schedule of Fees and Charges (Adobe PDF, 129kb)

And in that there is:



Outward Funds Transfer : To a bank
Overseas (in any currency) $25
When you transfer funds (in any currency) from your Citibank Australia Account to a bank account
overseas. Please note, any foreign currency conversion charges are applied by the means in which you
convert the currency and are not charged as part of the Telegraphic Transfer Fee.
All Inward Funds Transfers Nil When you or a third party transfers funds (in any currency) from an account in Australia
 

lovetravellingoz

Enthusiast
Joined
Jul 13, 2006
Messages
12,315
Solutions
1
Points
905
How do you compare Citi, Ozforex and Westpac transfer to international rates please?

I have set up the OzForex account now.
As I have a Citibank Plus Card as well...when I need to transfer I will do two dummy bookings and see which has the best rate.
 

Fifa

Established Member
Joined
Sep 17, 2006
Messages
2,027
Points
495
Are you sure it was free?

It is definitely free, as are overseas ATM withdrawals.
If you check the fine print in the PDF you linked it states (my bold):
"Local & International Payments and Foreign Currency Services (Excludes Citibank Plus Transaction and Citibank Online Saver Accounts)"

I checked my account for the March transaction and the details are:

DIRECT FX RATE 0.5315 LESS $ 0 FEE

The VISA website exchange rate on the day was 0.538455.
RBA rate was 0.5376
So I'm very pleased with this product.
[h=4][/h]
 

Happy Trails

Established Member
Joined
Jun 8, 2010
Messages
2,572
Points
700
I had been using using Amex FX, with free transfers (for plat charge card holders) and decent rates until about six months ago when, for no explicit reason, they started requiring the use of an intermediary bank.
Since then I've been gone over to CurrencyFair (picked up from AFF) and been happy enough. Fees have only been $6 per transaction.
Good support too on the one occasion I needed assistance.
 
Joined
Feb 14, 2012
Messages
293
Points
220
I regularly transfer to the UK with Currency Fair and its costs gbp3.50. The exchange rate is always better than banks and they deposit in GBP from a British account so the receiving bank (in my case Bank of Scotland) does not charge a fee to receive the money.
 

paulthegolfer

Junior Member
Joined
Apr 5, 2011
Messages
23
Points
10
Tried Ozforex for the first time recently - just a small transaction to test the waters - very happy with the result - was aware there would be a fee but the exchange rate was decent and the customer service was good.
 

opusman

Senior Member
Joined
Jun 27, 2006
Messages
5,873
Solutions
1
Points
985
I used to use OzForex and they were fine, but have switched now to HiFX as they have no fees.
 
Your simple solution to home security. Quickly view what’s happening at home when you're not there, giving you peace of mind.

Simple plug-in installation means you’ll be up and running in no time.

AFF Supporters can remove this and all advertisements

Status
Not open for further replies.

Enhance your AFF viewing experience!

From just $6 we'll remove all advertisements so that you can enjoy a cleaner and uninterupted viewing experience.

And you'll be supporting us so that we can continue to provide this valuable resource :)


Sample AFF with no advertisements? More..
Top