Exchange rate

[Smithers]

Hi all

so we are looking to move some money over for house purchase

what are the best company to get the best exchange rate and cost involved etc?

anyone found one that's a bit better than the rest?

Thanks

steve& lesley

[snifter]

We use HiFX. Better rates and easy to use. We use it monthly.

 

We pay no fees as over a certain amount, £3,000 iirc. Only £9 fee if not though. And no bank fees either end as you use their UK account from your own there, then a few days later they transfer money from their Aus account to your Aus bank account.

[Guest Claire-n-tel]

Moneycorp don't charge any fees to PIA members, we've used them several times and the have been great!

[Smithers]

Thanks Claire-n-tel

we have also got a moneycorp account already. So many companies providing the same service now.

we were wondering if anyone had found one that offered a bit better rate than most for foreign exchange?

i am sure you would agree that even a cent can make a difference on a larger amount.

cheers

steve&leslet

[snifter]

The rate changes constantly through the day. And over the course of days. So you take your chances as and when.

 

HiFx gives a good rate we've found but we have to watch it over the course of the day we want to transfer it on and pick the moment we feel its best. Sometimes we hold off and it can mean hundres of dollars difference if the rate then changes more in our favour over a few days. If it goes the other way, our loss. Usually we have a day where we've been tracking the rate over a few days and then go for it at a certain point if it climbs in the day. After that we can't regret it if it goes up and we miss out on a bit more. But the tracking of the rates and so on over time we've done pretty well so far.

 

Of course, over longer periods of time the rates will change and could dip a fair chunk before coming back and could mean a big difference on transferring a very large amount.