Money transfers

Amazon32

I have set up a bank account with ANZ bank through travel to work.
Anyone have any experience with them?
Basically im wondering can i transfer money from my Irish bank to my new oz bank without going through them? The email they sent me says to put money in their account and they do it for cheaper?
All help appreciated

Edit: experience with both travel to work and ANZ sorry

Xavi6

When you say do a transfer without 'them' do you mean the travel to wrok crowd?

If so then yes. Just get the SWIFT code, BSB and account number for ANZ and provide it to your Irish bank. They'll transfer the funds and it should be in your Oz account within 10 business days.

Amazon32

Xavi6 wrote: »

When you say do a transfer without 'them' do you mean the travel to wrok crowd?

If so then yes. Just get the SWIFT code, BSB and account number for ANZ and provide it to your Irish bank. They'll transfer the funds and it should be in your Oz account within 10 business days.

Yes meant without the travel to work crowd. Yea was wondering what else was needed because the email they sent didn't have much information obviously because they wanted me to do the transfer with them. I'm guessing now i just email them and ask for the swift bsb etc ?

Xavi6

Amazon32 wrote: »

Yes meant without the travel to work crowd. Yea was wondering what else was needed because the email they sent didn't have much information obviously because they wanted me to do the transfer with them. I'm guessing now i just email them and ask for the swift bsb etc ?

If your account has been set up already you should just call ANZ's customer help centre. They'll be able to give you all the details plus set you up for online banking which will make things easier in future.

Basically cut out that middle man asap, they're only in it to make a few quid.

Zambia

My western mate is right. If you have a few grand consider ozforex.com or another currency exchange.

Mellor

If you are having hassle gettign details of the existing account then scrap it and set your own up.
You don't need a middle man.

RayJ

www.currencyfair.com

I've switched about EUR20K to AUD$ and it's got the best rates.

kdevitt

RayJ wrote: »

www.currencyfair.com

I've switched about EUR20K to AUD$ and it's got the best rates.

Yep - I use currencyfair.com all the time and they're excellent.

skippy2

+1 on currencyfair transferred funds to Aussie in no time and best rate and charges. Was quick and seamless very impressed with how it went

Hells Belle

Sorry to hijack but I just wanted to ask how long does the actual transfer take.

I wasn't planning on doing it until a few days before I leave but if it takes a few weeks I'll have to get my backside in gear!

My bank will be Westpac and I'm using Currency Fair. Thanks.

golgi

I too am traveling to Oz in about a month. Im a bit apprehensive at transferring thousands of euro to a company I don't really know anything about. Eeeek , is it that they offer much better rates than the banks e.t.c??

karl bracken

It takes between 3-5 days if you have currency fair and your Oz account set up, thats my experience anyways and iv used them a few times...

You say how much currency you want to sell and someone agrees to the rate, this is how they miss the bank charges. You are essentially selling your Euro to someone with Aussie dollars who agrees to buy at that price. It not complicated at all.

Iv used them a good few times as have many of the regulars on here, currency fair are fine

Wild Rover

Yep currencyfair is the business

skippy2

For a timeline

Transferred from our account to Currency Fair account on Wednesday morning. You can obviously only do the FX exchange once the money is in the CF account


Money arrived in Currency fair account Thursday morning at 8.40am, you get an email notification once they receive the money. Did the FX exchange and transferred out from Currency Fair to account in Aussie at 8.45am


Money arrived in Aussie account the next morning so total time in the actual CF account was just over 24 hours


I imagine quicker than any bank and only Aussie $4 deducted for fees

master-t

karl bracken wrote: »

It takes between 3-5 days if you have currency fair and your Oz account set up, thats my experience anyways and iv used them a few times...

You say how much currency you want to sell and someone agrees to the rate, this is how they miss the bank charges. You are essentially selling your Euro to someone with Aussie dollars who agrees to buy at that price. It not complicated at all.

Iv used them a good few times as have many of the regulars on here, currency fair are fine

When you say someone agrees to the rate, do you set your own rate that you are looking for? Leaving in 3 weeks and looking to transfer some money this week.

kdevitt

master-t wrote: »

When you say someone agrees to the rate, do you set your own rate that you are looking for? Leaving in 3 weeks and looking to transfer some money this week.

You can set your own rate, and wait for someone to take it, or you can go with the currency fair rate - which is always better than the banks to start with.

So

Option A - you might be waiting a while depending on the rate you're trying to get.

Option B - your exchange will be instant

karl bracken

If you set up an account it will all be clear, you can click into exchange and see what people are offering, then you just exchange how much you want and someone will match it or you can set a "trigger rate" and leave it sitting there and hope the currency goes to that rate.

Im no expert but the euro has been hammered by the Dollar since Dec 2011, one of the factors is Greece, as far as im aware there has to be a decision made by March to give them another loan or they will default further on their debt and cause the Euro to drop further.

I am waiting until then and hope the Euro stabilises in March and comes back up.

I NO NOTHING ABOUT CURRENCY EXCHANGE THIS IS SOMETHING I READ, MAKE YOUR OWN DECISIONS.

Come on Euro in March!!!

Datotrunk

Seems like a lot of people have used currencyfair, so is it 100% safe to use? Just slightly paranoid about losing my money by not going through the banks and using this site.

kdevitt

Datotrunk wrote: »

Seems like a lot of people have used currencyfair, so is it 100% safe to use? Just slightly paranoid about losing my money by not going through the banks and using this site.

They're as safe as it gets really - all fully regulated. You'll find details on their site.

skippy2

That gave me a bit of a snigger
Trust Currencyfair or the Banks hmmmmmm :rolleyes:

catbear

I'm waiting until march to transfer more money too, either in or out, once Greece is sorted then hopefully we'll get a bounce for in our bungy. Holding the interest rate today gave the ossie a bounce.

bored reader

hi guys,
sorry to hijack thread.
are any of you using currency fair to transfer aud back to Ireland?
and if so are there any tax implications with Revenue in Ireland?

cooper38

Transfermate.com are in Dublin across from central bank and sydney and offer much better rates than the banks, you can also order a rate or hold a rate for you.

Always check and compare with the bank first but they will be better as Irish banks are rubbish

bored reader

that site looks good. i'd like the fact they have Irish office also.
thanks for that!

kdevitt

bored reader wrote: »

if so are there any tax implications with Revenue in Ireland?

No tax implications - you're paying Australian tax on the money you're earning, you won't be double taxed. If you're using currencyfair to launder cash then there'll be significant implications, not just tax ones either.

bored reader wrote: »

i'd like the fact they have Irish office also.
thanks for that!

If its a consideratioin for you, Currencyfair are Irish - based on Pembroke St I think.

bored reader

@kdevitt:

thanks for that. no laundering planned.
just heard stories of people getting taxed in Irl after returning from aus.
Possibly abn that never paid tax, but still were forced to pay tax on their 'gains' in Australia.

hussey

cooper38 wrote: »

Transfermate.com are in Dublin across from central bank and sydney and offer much better rates than the banks, you can also order a rate or hold a rate for you.

Always check and compare with the bank first but they will be better as Irish banks are rubbish

Don't transfermate charge a much higher fee than currencyfair
http://www.transfermate.com/en/faq.html
Australia:
AU$15
Europe:
€15

while currencyfair is $4 and €3
http://www.currencyfair.com/process-times-and-fees

So stick to currencyfair

bored reader

cheers for that hussey

cooper38

I wouldnt be concerned about transfer fees, what matters is exchange rates, speed and how easy it is to use. Its handy having an office to walk into in dublin and oz

hussey

cooper38 wrote: »

I wouldnt be concerned about transfer fees, what matters is exchange rates, speed and how easy it is to use. Its handy having an office to walk into in dublin and oz

I think most people are concerned with how much money they get, which by the looks of it CF win.

cooper38

Using currency.ie you don't have to send them money to their account and hope to get good rates. Much easier I would think, you just call, book, send then

kdevitt

cooper38 wrote: »

Using currency.ie you don't have to send them money to their account and hope to get good rates.

Hope to get good rates? They offered a guaranteed rate you can lock in when transferring your cash. You can get rates matched off against individuals if thats what you want, its not the only way to transfer. In fact I've never matched against an individual, have always taken the currencyfair rate.

cooper38 wrote: »

Much easier I would think, you just call, book, send then

So how do they get your money to make the transfer over the phone? Are you saying you don't need to pay them somehow?

Think its great to see competition in the market, but you're obviously never used currencyfair and as such your posts seem to be pretty misleading.

kdevitt

Transfermate / currency.ie are also pretty sly about the rates they 'offer' on their main page.

If you check out the small print -

About this indicative rate
The following rates are interbank rates. This is the rate at which banks buy and sell money from each other. These rates are not available to private individuals or small to medium companies. They are therefore provided for indicative purposes only. For a quote please phone our team

irishmover

Anyone know how long it takes for currencyfair to give you full access to your account?

I've uploaded 2 proof of address and my passport yesterday (about 12 hours ago), also transferred some australian money into the account aswell, probably should have waited until my account was fully setup!

karl bracken

From what i can remember it was pretty quick maybe 3-4 days max

irishmover

karl bracken wrote: »

From what i can remember it was pretty quick maybe 3-4 days max

Yeh I got an email a while ago saying my account was active. Just waiting for te dollars to come through now!

Took approx 12 hours to get it active. Pretty quick.

Datotrunk

Hey guys, i've just opened my account with NAB online. They say i will get my account number etc. within 2 weeks, from experience how long does it actually take as i need it pretty soon.

Also can anyone tell me if their is a maximum amount of euro i can transfer at one time to my NAB account via currencyfair, can i transfer 10k in one go? cheers

irishmover

Datotrunk wrote: »

Hey guys, i've just opened my account with NAB online. They say i will get my account number etc. within 2 weeks, from experience how long does it actually take as i need it pretty soon.

Also can anyone tell me if their is a maximum amount of euro i can transfer at one time to my NAB account via currencyfair, can i transfer 10k in one go? cheers

With commonwealth so cant help you with anything NAB, but, from what my cousin has said transferring over 5k dollars = getting taxed. Might be worth your while to look into it a bit more. Not fact, just hearsay.

As for my first transaction with currencyfair, fantastic. Really was amazed. AUD:1000; Commonwealth -> Currencyfair - > BOI account I lost 5e on what they quote me (e812.50), which was much better than the bank (almost 3c/dollar better). Took roughly 5.5 days to complete transfer from combank to BOI.

Datotrunk

Ok so i have got my NAB account info and now have an account with them.

Just using BOI online banking to add the bank details that currencyfair have given me, they say im subject to transferring a daily maximum of 3,000 :mad:

Is it possible to make one transfer of a higher sum rather than having to make a few transfers due to his daily limit?

karl bracken

Yea just put it straight into my AIB and il send it over lol

Datotrunk

karl bracken wrote: »

Yea just put it straight into my AIB and il send it over lol

Send on your current account details so and i will do that, nothing else:rolleyes:

If i ring them shower of cun*s in the BOI would they be able to change the limit on transfers?

karl bracken

Yes, so say you think 1.30 Aus Dollars for 1 Euro is a good deal thats what you put in and its left as an offer. So you put in a 1000 or whatever and someone may or may not match it
Then someone agrees or it just sits there.

If the market is saying 1.20 Aus Dollars for 1 Euro and your offer is 1.30 you just hope the currency swings and someone takes it.

Mc1983

Do NOT use visafirst to transfier you're money to Australia !! Im just after finding out there's over $500 in a difference between them and currencyfair ! ... (this iS subject to the amount I personally changed And the rate visafirst did it at) I feel like I been robbed! I regret not using CurrencyFair.

bobbles87

Hi Guys,

I will be landing on Oz in 2 weeks (eeeeeekkkkkkkkk). I have set up an account with ANZ and also registered with currencyfair - seems like the best transfer agency to go with, from what I have read on here anyway! Just a quick question regarding amount, I was going to transfer €5000 over in the next couple of days.

I am just a bit concerned regards safety, would I be better to do this in 2 installments rather than just transferring out the whole lot?

Also, getting a bit nervous now. Plan is to look for work straight away when I go out, I know €5k isnt alot of money to be bringing with me. On the plus side, I will be staying with family until I get a job set up and find a room in a houseshare.....

Thanks

hussey

CF is very safe, lots of feedback from the 'Money transfer' thread. So don't worry about that, so it's up to you whether you think you might get a better rate, or you want the fall back of keeping a back up fund in Ireland.

I'll merge this thread with the main money transfer thread

bobbles87

Thanks for that Hussey.

My currencyfair account has been activated, so i am just looking for some advice.

I have added both my irish account and my anz account to my profile and I have selected to deposit in €5k from my BOI account to currencyfairs Bank of America account. Being BOI and being so crap, I cant add a payee to my internet banking without my mobile phone being activated - through which they send out the activation pin in the post - I mean what era are we living in FFS, I probs wont get it til I am gone.

Anyway, enough of the rant.

Question one - can I go into BOI tomoro to do a money transfer to Bank of America? Will this cost me loads??

Question 2 - once its in currencyfairs BOA account, how does it get transferred onto my ANZ account?

Question 3 - How long does this process usually take?

Question 4 - Any other advice?

I need it to be showing up in my OZ account within the next few days....AHHHHH stressed please help and thank you

hussey

bobbles87 wrote: »

Question one - can I go into BOI tomoro to do a money transfer to Bank of America? Will this cost me loads??

You can probably ring them and transfer over phone, should be free and much quicker

Question 2 - once its in currencyfairs BOA account, how does it get transferred onto my ANZ account?

You purchase Australian currency, then transfer it - there are several demos on the CF site

Question 3 - How long does this process usually take?

Mine took 4or5 days all in

Question 4 - Any other advice?

Don't get stressed, you won't need 5k when you land in Aus, also when you land and activate your anz account sign up for Internet banking (inc mobile security) ASAP sounds like will save you future time