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Overseas money transfer - Tranzfers Recommendation

Discussion in 'The Pub' at netrider.net.au started by Roaster, Sep 23, 2010.

  1. Was reading a thread by Bravus about how the banks are bastards, in part because they had been gouging him for international transfers.

    If you don't transfer cash internationally, then this thread is probably not for you.

    I thought I'd share a website I have used to transfer cash from UK->Australia->Hong Kong.


    I've transferred cash for the following flat rates:
    - GBP 7 quid to transfer from UK
    - AUD$15 from oz
    - HKD$60 from honkers

    And the conversion rates are consistently better than the bank.

    Other countries serviced include New Zealand, Singapore and Canada and funds to South Africa.

    I stand by this website, and would never transfer through a bank again. Takes a bit of work to set up in terms of ID requirements (which I am cool with for security purposes because once done transferring is so easy), but for those making regular international transfers, you can save a bucket compared to transferring through banks.

    They have a referral program, so if you like what you see and decide to register, then register here!. Already got 3 mates using the service and they swear by it.

    Some other info:

    Video - how transfers works

    FAQ including fees, transfer times, ID requirements, locations serviced etc

    Dont forget, if you like what you see and are happy to sign up, then register using this link so I can up my referrals count :p
  2. If you're only transferring money to one person overseas, by far the easiest way is to open an account with a debit card and simply post it to the other person. As long as it's less than a grand a day all is good. Only about 4 bucks per transfer (from memory)
  3. true enough I guess.

    Tranzfers is great for amounts more than $1k - anything up to $10k is fine. More than $10k has implications for currency trading I think.

    I hadn't thought about the debit card thing - probably good for holidaying young things but I had to shift greater sums at a decent rate when I moved back from UK and also when I had to shift cash to HK. And you can transfer a big whack when the exchange rate is favourable without being subject to daily limits.

    Visa holiday cash also works well - you can charge up the card and use it over seas. Also good for smaller amounts like the debit card.

    But for the larger amounts, you just cant beat registering with this site... :roses:
  4. Sorry to hijack your thread Roaster, I intend on doing a backpacking trip of Europe soon, and my spending money is less then $10k AUD, should I setup a new bank account with a UK bank or use my current account (CBA) and get a debit card??

    Thanks mate (or anyone else with advice)
  5. no probs.

    You can just wear the fees of overseas transfer if you make one weekly withdrawal, but that would add up over 10 months.

    If you are going to stay in the UK then a bank account would not be an outrageous thing to have, but if you are wandering around europe in and out of euro currency zones then you might just have to wear the fees.

    Visa travel money is an option.

    I also attended a market research session about this newish foreign currency product from Amex. At first glance I was like "hey no way man - this is no better than using an aussie credit card" but when the detail was explained there were definitely benefits to using it in the currency in which it was bought, and it can be topped up online from funds back home. You can get cards for pounds, euros, and the greenback. I think having learned about the product in that session it would be something I'd consider were I to go travelling again.

    Those would probably suit your travel needs.

    Not sure if I mentioned it, but for transferring larger amounts between countries, you just cant beat registering with this site...
  6. I've done a fair bit of travelling and never had any real issues withdrawing cash from ATMs overseas with a debit card. Might be worth having a couple of cards on a couple of Oz accounts, just as a backup in case of hickups, or a credit card with no borrowings (but obviously you don't want to come back with a mountain of debt). I don't have any experience with setting up bank accounts internationally but wouldn't you struggle with 'no fixed address'?

    I did sign up with Tranzfers, and will definitely use it for some purposes in the future, since it is significantly cheaper than the bank alternatives. For the particular payment we were talking about in the other thread it doesn't quite work out because the money would have to go into a bank account in Canada before being paid on to the credit card company, and we no longer have one.
  7. browny, we had to use a specific company to set up a UK bank Account. A mate of mine tried to do it on his own, and was buggered around left and right.

    First contact


    Sorted us out in about 30 minutes.
  8. I still have a uk bank account as still have a some shares so get some dividends paid into it if I do a transfer it`s quite expensive so I have a cheque book write my self a cheque put in my aus account although it takes a few weeks to clear,cost $7.00
  9. They can be a bit arsey, but they usually have less stringent ID / proof of address requirements if you have a large swag of cash to give them. I recall when I set up the account in the UK that I would have saved myself a lot of headaches if I had AUD$5k to give them. Sadly, I'd never seen that much money in my life, let alone owned it.

    yeah with tranzfers you have to have a destination account for the cash to go - not like western union or other services like that. But western union steal your first born.
  10. yeah, what thera said.