Arrrgghhhh brain dead! Need help re: HiFX vs Commonwealth

[jo_marnes]

Hey everyone,

 

I know I've asked similar questions before, but I really don't know what I'm doing!

 

I rang Commonwealth (who we have decided to bank with) to set up an account over in Oz. They told me they could do that, or they could set me up an account in London, give me a good exchange rate (3-4 cents below market value) and just transfer the money when I tell them to, thus creating an account in Oz where I don't need to go and show documentation etc (they'll have already checked it this end).

 

Now this to me doesn't seem much different to what HiFX offer. But all I have heard is HiFX that and HiFX this! Everyone says they are the best people to go with, but Commonwealth told me they offer no protection for your money (in case they go under) like the banks here do. Commonwealth would give us this protection because the account would be set up from here in the UK.

 

Now I have no idea about transfer charges incurred for either and while the Commonwealth thing sounds positive, it was coming from a Commonwealth employee trying to get more custom! What do I do?

 

Thanks,

 

Jo xxx

[Guest Lulujim]

Hi Jo -

 

It's a bit complicated isn't it?? We used Hi-FX to get the good exchange rate - and to bank that rate until we could get the money together from various accounts. So we paid 10% of our money and got the exchange rate fixed at 2.57 - it has since dropped to 2.0 - so we were really lucky! We then gave them the remaining 90% a month later..

So Hi-FX actually only had our money for a few minutes before transferring straight in to a Westpac account.. (the 10% they had for longer but I didn't know it wasn't secure )

HTH and doesn't complicate things????

[Denise]

Hi Jo

 

Seems there are a few of us going through the same motions at the moment what with rentals, shipping, money etc,,,,

We went with Commonwealth in London, it was so straight forward, we have put our money in and luckily got the good exchange rate of 2.5 and it is now held until we get to Adelaide and pick up our cards from the branch and activate our account.

From what I've read and who I've spoken to they are both a good option, I think Hi FX offer more 'extras' ie the extra baggage and other discounts but both have very good reputations.

[Guest Libby1971]

We used both if you know what I mean...

 

We opened a Commonwealth account and asked our bank to transfer our dosh to HiFx and then for HiFx to transfer said dosh to Commonwealth. We did all the checking from the UK the week before we flew and arrived in Adelaide. On the day we went to collect our cards and activate our account, we arrived and the Commonwealth did NOT have our money. It took 2 days to find out that HiFx still had it, had never transferred it and then another 12 days to get it back from them and back to where it should have been. In that time we had just some spending money that we had brought with us that we managed to eke out to cover our expenses. Very stressful!!!:arghh:

 

In short, go Commonwealth.

[ozzieclare2be]

we used ozfex, similar to hifix but im sure they have insurance and thats why we chose them, was really easy to do once set up , and im bob at stuff like this so if i can do it anyone can lol