Transfering money from Australia to EU...

slowbutlow · Newbie Joined: Mar 23, 2008 Posts: 2 Location: Australia

Hey all

Living in Australia at present but am planning to buy a holiday home in Ireland as i have just sold a property here.

I have an Irish Bank account (and an Australian bank account).

Two questions:

1) What would be the most efficient way to transfer a large amount from my Australian account to my irish account.

2) is there any possible way for me to predict the best time to do the transfer with regard to currency,s as im transferring quite a bit- Even the best day of the week to do it. Anything- as currency really is dead money!
I have Heard of XE.com but you have to check it constantly for exchange rates. is there any web site that will alert email me when currency reaches a preset high level or something.

Any direction greatly appreciated .

beerhunter · Newbie Joined: Apr 29, 2008 Posts: 12 Location: Exeter

hi
Oz to Euro can be done with a commercial, you have one or two in oz. UK brokers will help. There will be no need to move from oz to stlg then euro, regardless of what the bank or broker tells you. you can use there currency accounts.

after 25 years as an fx trader i can safely say there is not a best time of the week to exchange, i hear this from a few clients and can only think it is a hook for sales people to use.

a good broker will advise you on a daily basis, advise on forwards or spot. At the end of the day if the price fits with you then do it.

slowbutlow · Newbie Joined: Mar 23, 2008 Posts: 2 Location: Australia

Thanks on your reply

What do you mean by a commercial as such?
Commercial bank is it.. I am with ANZ in oz who are the largest
i also found out that XE.com will email you a free sheet every day listing world currencys againts your chosen home currency,

Why cant the bank,s just transfer between themselfs electronically.
Im hearing you on the currency its all a gamble!

Oz dollar is strong at the moment, but only against the us not the Euro unfortunatly

beerhunter · Newbie Joined: Apr 29, 2008 Posts: 12 Location: Exeter

Hi

commercial meaning a non bank provider, I think there is one on this site.

They are more flexible in there approach to banks and offer a more 1:1 service.

XE com provide a converter service only. Non bank providers will also offer this along with regular updates for your currency. They also provide a link into a dealer/broker that you can talk to, unless you are a top tier customer banks would not provide this.

When money is transferred for delivery banks and brokers add a margin to the interbank rates. All a commercial broker will do is get inside the bank rate, that is provide a better rate for you than a bank. Banks also charge a fee whereas non bank providers generally do not.

At the end of the day money is transferred electronically in the same way for non banks and banks. Non bank providers make money on the difference in exchange rates, banks run a fee driven business.

Why,,,,why does it take 3 days to transfer money from my uk account to my daughters uk account. Banks are like insurers, they do what they do because they can and we cannot live our lives without them.

Oz Euro levels are trading the same as 9 years ago. If the price suits you then trade it!

Dont forget XE quote interbank levels, not deliverable levels. Whenever you ask anyone for a price or level always make it very clear you want the deliverable level and not the screen or interbank level.

Jamie · Expat Focus Administrator Joined: Aug 06, 2000 Posts: 2037

Quote::

commercial meaning a non bank provider, I think there is one on this site

That's correct, the enquiry form can be found here.

beerhunter's correct in his assessment of such brokers' services and without wanting to hijack this thread solely to promote our own partner, I will say that their one to one customer care is probably the best I've seen from any financial services company.

As for banks, well, where do you start? Evil or Very Mad