Options available for transferring money

[Bitza1984]

Hi,

 

My parents are wanting to send me some money as a wedding present from the UK. What is the best way for them to transfer the money so they are not charged/taxed on it?

 

Western Union?

 

Thanks for your help.

[Tamara (Homes Down Under)]

Many of my guests register accounts with currency specialists Moneycorp. I have an account with Moneycorp myself. Their fees are lower and you can choose the right time to make the currency transaction.

[noworriesmate]

I use Ozforex personally - find they beat their competitors, but it's worth shopping around if it's a significant amount.

 

NWM

[snifter]

We use HiFX. No fees, good rates. May charge a fee if it's a smaller amount.

 

Goes direct from our UK account to their UK one, then a couple of days later the Aus $ amounts transfers from their Aus account to our Aus account.

[noworriesmate]

We use HiFX. No fees, good rates. May charge a fee if it's a smaller amount.

 

Goes direct from our UK account to their UK one, then a couple of days later the Aus $ amounts transfers from their Aus account to our Aus account.

 

Seems a bit slow - if I transfer money in the morning I have it in my Aussie account the following day.

 

NWM

[snifter]

Seems a bit slow - if I transfer money in the morning I have it in my Aussie account the following day.

 

NWM

 

The key is its not a wire transfer as such. The funds we 'transfer' remain in the UK in their account. They then give us money direct from their Aus account to that value. So the rates can be better than transferring iykwim.

 

It's locked in at the rate we opted in on. No fees, good rates and no fuss. We don't mind it taking a day longer as the rate can mean a chunk of dollars difference each time for us.

 

Eta - hubby did a lot of research into which company to use for transfers as we bring money over in a regular basis and it worked out the best re no fees and best rates etc, at least for us.

Edited January 13, 2015 by snifter

[Guest Guest75]

Paypal???

[noworriesmate]

The key is its not a wire transfer as such. The funds we 'transfer' remain in the UK in their account. They then give us money direct from their Aus account to that value. So the rates can be better than transferring iykwim.

 

It's locked in at the rate we opted in on. No fees, good rates and no fuss. We don't mind it taking a day longer as the rate can mean a chunk of dollars difference each time for us.

 

Eta - hubby did a lot of research into which company to use for transfers as we bring money over in a regular basis and it worked out the best re no fees and best rates etc, at least for us.

 

Yeah - I did the same as most of my money still comes from the UK, I tried them all when I started, playing them all off of each other - Ozforex beat everyone by a mile at the time (same no fees etc) however that was a few years ago now, i'd be interested to compare again.

 

NWM

[noworriesmate]

Paypal???

 

5% in fees is a killer IMHO

 

NWM