Best way to exchange money before arriving in Australia?

cristoff07

Hi everyone.

Was just wondering what the best way is to exchange euro in dollars.

The current exchange rate on the currency markets is €1 = $1.423ish

Im heading over in november for a year and i dont want to get raped regarding the exchange rate and commision. Possible options i can think of to change money are:

1) Exchange into dollars before i leave (€3000 = $4080)

2) Exchange into dollars when i get there (€3000 = $3975) (approx)

3) Telegraphic transfer from bank here to aus bank account (€3000 = $4140) excl fees (fee from irish bank + fee from aus bank + any hidden fee)

4) Western union into aus bank account (not sure how much this is)

5) Paypal

Thats all that i can think of. Im not entirely sure of the exact cost but it seems that the telegraphic seems the best from what i can see but dont know what the fees are exactly.

So i was just wondering if anyone has any advice regarding what youve done and any recommendations

Oh and one more thing im bringin more that 3 grand, im just using that as an example

Thanks in advance

cormaclynch

I transferred some money over in June. I had a look about at the various options and decided to go with www.ozforex.com.au

I set up a bank account with Westpac before I left Ireland. They sent me my acc no and sort code. I then had to verify my identity and address with ozforex. Formality really, a copy of a recent bill, bank statement etc and a copy of my passport. This took a few days so I wouldn’t leave this stage until you are looking to transfer the money.

When you are all verified you log on to the site the day you want to buy your dollars. Choose the amount you want to buy and hit buy. For your first deal you have to give them a call and verify how much you want over the phone. You then pay your euros into an account specified by them.

I did all mine through sterling as I was working in the north at the time and I transferred the sterling into their nominated account online. Within a few days the money was in my Westpac bank account and it was pretty hassle free.

I didn’t have many problems with them and I would probably recommend them. I think their minimum amount was 3000stg. Any less of a transfer than that and fees applied. I’m sure they can explain all the details anyway.

cristoff07

thanks cormac i'll take a look at that

Slunk

Was looking at transferring my money from my online AIB account to my Westpac account. I think AIB charge €15-20 fee and Westpac charge $10 reciever fee (Although in my email it siad monthly fees waived for first six months, dont know if this fee is included). Not too bad and Id say its pretty instant, no messing around with phone calls etc like above.

C0N0R

Slunk wrote: »

Was looking at transferring my money from my online AIB account to my Westpac account. I think AIB charge €15-20 fee and Westpac charge $10 reciever fee (Although in my email it siad monthly fees waived for first six months, dont know if this fee is included). Not too bad and Id say its pretty instant, no messing around with phone calls etc like above.

How do you do it in the Aib online banking side? From memory there is no place to put in an iban or anything in?

cristoff07

Thanks slunk. Was gonna do it that way but ptsb are scabby bas*ards and are only giving 1.36 dollars to the euro even tho on the currency market its 1.43. although i never did ask what the exchange rate was for electronic transfer. ill giv that one ago too. Hate being ripped off!

cormaclynch

Slunk wrote: »

Was looking at transferring my money from my online AIB account to my Westpac account. I think AIB charge €15-20 fee and Westpac charge $10 reciever fee (Although in my email it siad monthly fees waived for first six months, dont know if this fee is included). Not too bad and Id say its pretty instant, no messing around with phone calls etc like above.

Yeah thats true it'd be handier to go with the banks....the only problem is they will completely shaft you on the rate they give you. Ring your bank and ask them if you transfer say €5000 to australia after all fees etc how much $$ will be in the westpac account.

Then phone ozforex or another exchange company and I guarantee you there will be a pretty significant difference.

If you want handy go to the bank, if you want value stay away from the bank

cristoff07

yeh and the banks NEVER give u a straight answer. u'd bet your bottom dollar that thered be other hidden charges for the transfer. Hate banks.

Slunk

I havent actually looked into into it that much, only got my Westpac account info this morning. I think you could be right regarding the exchange rate. They always give you about 3-4cent less than what you see published.

Also I noticed on the Wespac site they dont do sort codes like Irish bank accounts. Ill log in now and see what the story is with this IBAN number. I may have to go down to the bank and ask them to transfer it.I think it was €15 to transfer electronically or €20 if you go into the bank.


Edit: Its €15 to trnasfer online, dont know about IBAN number, not going any further with the process in case I get charged the €15

Why Should I

I was looking to do the same thing but to NZ.
I left it to late to order the NZD from my bank and am finding it hard to get the money.

So the only option i have is to bring the Euro with me and lodge it in to a NZ account.

Beachband

If you went into your current bank, told them you were getting 1.42 dollar to 1 euro from a forex company, then ask the bank if they can match that exchange rate or come near it even.

ajdon

i was given the names hifx and moneycorp as companies to contact. havent checked them out myself but apparently both are good and no fees.

CabanSail

I transferred a chunk of €'s across to my Australian Credit Union a while ago when the € was strong and the A$ was weak. I used the transfer with PTSB & they gave me an exxcjange which was very close to the rates on XE.com at the time. Cost about €15 fee to send it across.

myhorse

I use ozforex all the time. Min transfer $3k no fee's. Arrives in Aus account in approx 3-4 days.
(if you do go down this route set it all up from Ireland before you go. Then when you arrive you can set up your aus bank account and start transferring. But like I said set up before you go as they have to confirm your details from the moneys country of origin so they send your activation code to your Irish address)

kdevitt

currencyfair.ie are better than any of the banks rates - have started using them now and find them excellent.

jockey#1

myhorse wrote: »

I use ozforex all the time. Min transfer $3k no fee's. Arrives in Aus account in approx 3-4 days.
(if you do go down this route set it all up from Ireland before you go. Then when you arrive you can set up your aus bank account and start transferring. But like I said set up before you go as they have to confirm your details from the moneys country of origin so they send your activation code to your Irish address)

Set up my Westpac account this morning while i'm still in Ireland so thanks to whoever advised that. I registered with Ozforex also, when registering thought it was odd that there was no option for Ireland, so clicked UK instead :rolleyes: Anyway a guy rang me earlier from Ozforex saying they can deal with us Irish people for the moment because of some regualtion but they are working on it so now I am back to square one. Any other similar companies offering the same service to Irish residents?

cristoff07

thanks everyone for the advice. still not sure what to do tho. holdin out for the exchange rate to go up a little

Slunk

You reckon it will go up much by end of october, will be transferring approx €8-10k

cristoff07

@slunk

it may very well go down. the trend seems to be an overall slope in the wrong direction. althiugh saying that its at a 10 year low. mite wait for a couple of weeks and c. may be worth it to maybe to do half now and half just before u go.

Slunk

Yeah might just do that, was in a similar situation a while back with the US $. Was at 1.33, hoping it would go back up to the 1.40, ended up I only got 1.26 Might do half and half.
Probably the big demand for it. Anybody I see and mention going to Aus, they know someone else heading over too

Why Should I

I just want to confirm currencyfair.ie

Took minutes to setup, great site. The bloke that owns it even called me to confirm everything was setup right and to help me out.

A++

Lagnagoushee

cristoff07 wrote: »

thanks everyone for the advice. still not sure what to do tho. holdin out for the exchange rate to go up a little

Keep an eye on the exchange rate for the next few days as it is expected that the Ozzie Dollar will fall in value on the markets while the Labour & Conservative parties court the Independents & Greens. Might be an opportunity to get a little more value.

cristoff07

Thanks lagnagoushee. will do that

horse7

jockey#1 wrote: »

Set up my Westpac account this morning while i'm still in Ireland so thanks to whoever advised that. I registered with Ozforex also, when registering thought it was odd that there was no option for Ireland, so clicked UK instead :rolleyes: Anyway a guy rang me earlier from Ozforex saying they can deal with us Irish people for the moment because of some regualtion but they are working on it so now I am back to square one. Any other similar companies offering the same service to Irish residents?

what type of westpac account did you go for.i need one for atm,s and work/wages.what fees are there.ta.

horse7

is it cheaper and more straightforward to move the money from my irish bank to the ozzy one,instead of transfering from irish bank to forex and on to ozzy one.

kdevitt

horse7 wrote: »

is it cheaper and more straightforward to move the money from my irish bank to the ozzy one,instead of transfering from irish bank to forex and on to ozzy one.

No - you'll have to pay €15 to make the initial transfer, and if you're bank is anything like mine (Westpac) - they'll charge you $20 for receiving the cash! First and last time I did a direct transfer.

Dragonz_Rawr

Try http://www.cashpassport.com/

I'm Australian but live in Ireland - mum and I use this to transfer money between ourselves. You can check the balance online and it's a VISA branded ATM card so it will work at any ATM that accepts VISA. You choose the currency that you want to put the money in, and it's a flat fee regardless of how much you are putting in or taking out. (For the life of me I can't remember the fee, and I don't have the time to check it out right now - but I know for us it's the cheapest way). I also have one with my sister in the UK and we transfer money that way.
Can be set up at any TravelEx agent, and some banks.
Hope that helps.

Edit:
And...I've just realised that Ireland isn't on the list of resident countries. Might be worth looking into. If not, may be worth keeping it in mind when you are over there if you need emergency funds, or regular funds! :-)

sonic.trip

very interesting post, cheers for the info.

I'm heading to oz in Jan, I see a lot of people set up an acccount with westpac. I presume this is a big bank in oz? does it take long to set up the account, a week or two??


cheers in advance

Bosco26

Here's the details

http://www.westpac.com.au/personal-banking/moving-to-australia/organise-australian-bank-acc/apply-now/#0_who_can_apply

I was just wondering also, how many people here have used currencyfair? I have signed up but I am still undecided as to whether I will use it or not. Also, would ozforex be more secure for instances?

Thanks

cristoff07

Thanks everyone for the info. sorted out my finances so now ready to go in 2 weeks. best of luck with everyone else.

sonic.trip

Bosco26 wrote: »

Here's the details

http://www.westpac.com.au/personal-banking/moving-to-australia/organise-australian-bank-acc/apply-now/#0_who_can_apply

I was just wondering also, how many people here have used currencyfair? I have signed up but I am still undecided as to whether I will use it or not. Also, would ozforex be more secure for instances?

Thanks

thanks for the link, how long does it take for them to contact you by post?

also, have you looked into ozforex much and chrages for transferring to westpas etc?

Bosco26

I am actually heading over in about a months time and only opened the account yesterday so I am still waiting for the details.

Haven't really looked into Ozforex at all yet.

kdevitt

Bosco26 wrote: »

how many people here have used currencyfair? I have signed up but I am still undecided as to whether I will use it or not. Also, would ozforex be more secure for instances?

Thanks

I'm using it every two weeks - its probably more secure than using an Irish bank these days! All the money is held by Bank of America I believe - they can offer good rates because theres never actually an FX trade occuring.

Handy part for me is that I can transfer out into any account, not just my normal AIB one - I wanted to buy some parts from the UK for one of my cars this week and was able to transfer directly from my currencyfair account to the seller.