Red Rose Posted March 6, 2020 Share Posted March 6, 2020 Hi all, I'm returning to the motherland after 7 years in Oz, flying today from Sydney. I have no knowledge at all of the best way of transferring AUD to GBP. I plan on transferring all my savings from my ANZ account to my mum's account (as I don't yet have a UK bank account). I rang ANZ today to check their rates for transferring bank to bank and I would save about 1k using TransferWise. I have left it too late now to go into my ANZ branch to organise this as I fly this afternoon at 5pm. Will there be any issues transferring my AUD from the UK, using someone like TransferWise? Thanks! Quote Link to comment Share on other sites More sharing options...
LobsterMobster Posted March 6, 2020 Share Posted March 6, 2020 11 minutes ago, Red Rose said: Hi all, I'm returning to the motherland after 7 years in Oz, flying today from Sydney. I have no knowledge at all of the best way of transferring AUD to GBP. I plan on transferring all my savings from my ANZ account to my mum's account (as I don't yet have a UK bank account). I rang ANZ today to check their rates for transferring bank to bank and I would save about 1k using TransferWise. I have left it too late now to go into my ANZ branch to organise this as I fly this afternoon at 5pm. Will there be any issues transferring my AUD from the UK, using someone like TransferWise? Thanks! There should be no problem if you have internet banking. My NAB account sends a verification code to my mobile if I want to make a transfer, so if it's the same with ANZ make sure to keep the number up to date on your account. I've never used Transferwise personally, but my SO sent money to my UK account using them, and it seemed to arrive instantaneously. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted March 6, 2020 Share Posted March 6, 2020 The only problem you might hit is that you'll have a limit on how much you can transfer. However you can get around that by transferring in smaller amounts. Also, of course, you'll need to keep your Australian mobile and make sure you have global roaming activated. Quote Link to comment Share on other sites More sharing options...
Red Rose Posted March 6, 2020 Author Share Posted March 6, 2020 Thanks both I’m just on my way to a branch by the airport to arrange for them to increase the limit as I want to transfer up to six figures and want to minimise costs by doing it in smaller multiple transfers Quote Link to comment Share on other sites More sharing options...
Marisawright Posted March 6, 2020 Share Posted March 6, 2020 2 minutes ago, Red Rose said: Thanks both I’m just on my way to a branch by the airport to arrange for them to increase the limit as I want to transfer up to six figures and want to minimise costs by doing it in smaller multiple transfers Can't you just arrange the transfer there and then? Quote Link to comment Share on other sites More sharing options...
Red Rose Posted March 6, 2020 Author Share Posted March 6, 2020 1 minute ago, Marisawright said: Can't you just arrange the transfer there and then? Through TransferWise? Quote Link to comment Share on other sites More sharing options...
Red Rose Posted March 6, 2020 Author Share Posted March 6, 2020 Hmm so the daily limit is $25000 so if I do the transfer via transfer wise I would need to do four seperate transfers. If I factor in their fee over four transfers, I’m not sure how much I’ll really save compared with just transferring the whole lump sum bank to bank Quote Link to comment Share on other sites More sharing options...
Marisawright Posted March 6, 2020 Share Posted March 6, 2020 4 minutes ago, Red Rose said: Hmm so the daily limit is $25000 so if I do the transfer via transfer wise I would need to do four seperate transfers. If I factor in their fee over four transfers, I’m not sure how much I’ll really save compared with just transferring the whole lump sum bank to bank TBH I'm surprised the saving was so little in the first place. Have you tried Moneycorp? Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted March 6, 2020 Share Posted March 6, 2020 Have a chat with Sue at Moneycorp Quote Link to comment Share on other sites More sharing options...
rammygirl Posted March 6, 2020 Share Posted March 6, 2020 (edited) You can do it in one transfer with TransferWise. You just agree to the deal then you have to transfer the cash, this can be done in several transfers to them. I recently sent cash from UK. One deal for the total amount but to save the fee for large transfers from my bank CHAPS? I sent the pounds to TransferWise in several batches of the max allowed by my bank. Unless you need all the cash straight away maybe also consider sending some now and some in a few months. The exchange rate for $ to £ isn’t great now. Also don’t just consider the fees, the exchange rate the bank will give you will not be as favourable. You need to see how many pounds you will actually receive. I find that consistently paying a fee gets me more cash in the end than fee free transfers. Edited March 6, 2020 by rammygirl 1 Quote Link to comment Share on other sites More sharing options...
Red Rose Posted March 6, 2020 Author Share Posted March 6, 2020 Thanks Rammy Girl yes good point, ANZ only charge a $30 fee but their exchange rate is crap and even after I factor in transfer wises much larger fee, I still end up with about £600 more in my bank account going through transferwise than bank to bank. Quote Link to comment Share on other sites More sharing options...
Martinbjulieb Posted March 6, 2020 Share Posted March 6, 2020 We used HiFx and they were good Quote Link to comment Share on other sites More sharing options...
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