Aud- eur

Suain

I have aprox $60000 I want to transfer from aud to eur in the coming weeks. I have no real knowledge of transfers and rates etc. Is it a good time to transfer or will I hold off?? Thank you in advance guys
Suain

sin_city

I'd hold off....I expect the AUD to break 70 cents sometime in the next few weeks

catbear

Suain wrote: »

I have aprox $60000 I want to transfer from aud to eur in the coming weeks. I have no real knowledge of transfers and rates etc. Is it a good time to transfer or will I hold off?? Thank you in advance guys
Suain

A lot of people here use currencyfair, I've used them for years now and never had a problem that wasn't easily fixed. There are other online services, some may have better rates but all beat the main street banks by a wide margin.

sin_city

Currency Fair is great....saves you a fortune

Feelgood

sin_city wrote: »

Currency Fair is great....saves you a fortune

It is indeed, but I think the maximum amount you can transfer at one time is 10k.

mandrake04

Ozforex allows $80K

massdebater

Feelgood wrote: »

It is indeed, but I think the maximum amount you can transfer at one time is 10k.

Not sure what the max is but I transferred 40k in one go a few months ago.

res ipsa

massdebater wrote: »

Not sure what the max is but I transferred 40k in one go a few months ago.

No max AFAIK.

Suain

Thanks all, have it sitting in currency fair account. Will hold on a few days and see if rate climbs. Thanks very much everyone for your help

sebastianlieken

If you have the funds sitting on your currencyfair account, you should put it on the marketplace. Set your own exchange rate against your money and when the market sways in your favor, the exchange will be processed automatically at the rate that you specified.

Faolchu

I use currency fair all the time it's dead handy. If you're transferring money into Ireland just be sure to keep an eye on limits.

I think anything over 5k into a bank account gets flagged for revenue for money laundering or something and there may be a limit of how much you can send into the country without paying taxes. If that is the case maybe multiple transfers is the way to go

commited

Faolchu wrote: »

I use currency fair all the time it's dead handy. If you're transferring money into Ireland just be sure to keep an eye on limits.

I think anything over 5k into a bank account gets flagged for revenue for money laundering or something and there may be a limit of how much you can send into the country without paying taxes. If that is the case maybe multiple transfers is the way to go

Source? There is no taxation on money going into Ireland that you've already cleared in the host country. I've sent back a decent amount this year and no men in black suits have come knocking down my door :pac: Just make sure you keep your Aus bank records to prove where the money came from.

pa_

sebastianlieken wrote: »

If you have the funds sitting on your currencyfair account, you should put it on the marketplace. Set your own exchange rate against your money and when the market sways in your favor, the exchange will be processed automatically at the rate that you specified.

+1 - Don't just use the quick trade option with that much cash - set up an offer that you would like or that beats the current offer. You might have to sell it off in a few chunks but you could save yourself a few hundred by "haggling" this way.

Legend100

commited wrote: »

Source? There is no taxation on money going into Ireland that you've already cleared in the host country. .

That isn't technically true but I won't bore everyone with a tax residency explanation

The previous poster is correct though, there is a treshold that banks are required to report to Revenue. It is a money laundering obligation. As long as you can prove the source of the money is from salary here, there is no problem. Just keep payslips if you are sending large amounts home.

Had a client (i'm an accountant and tax adviser) when I was back in Ireland who got a letter in 2010 about deposits lodged from Saudi Arabia in 1998 to their Irish accounts so the Revenue can follow up alright