Cheapest way to transfer money to UK?

Lzxcvb on 26/08/2014 - 19:49
Last edited 26/08/2014 - 20:04

All,

I'll be transferring a substantial amount of money (10k AUD to a close family member) in the UK.

What is the cheapest way to transfer the funds with the least fees?

I'm thinking of transferring Citibank AU to Citibank UK to avoid the fees and get the best conversion rates. Can I do better? If it means opening another bank account to avoid the fees, I will.

BTW I have read this thread: https://www.ozbargain.com.au/node/153764

Thanks

Financial

Comments

  • roiboi123 on 26/08/2014 - 20:29

    try ozforex or hifx, i've used both but most recently used ozforex. You'll need to send some ID through to set up an account though, government rules…you can move directly into family members account

  • zxcvb on 26/08/2014 - 20:41

    Thanks roiboi123. Will it be cheaper than citibank to citibank?

  • yoyo6 on 26/08/2014 - 20:44

    I have used xylo.com.au many times, they are part of westpac. I think it costs $5 to do a transfer and it has been as quick as 24 hours. Highly recommend them

    • [Deactivated] on 26/08/2014 - 23:51

      Businesses only?

  • sparkles on 26/08/2014 - 22:52

    Back in the day I used Tranzfers, don't know how they compete now. They still send me a free transfer every birthday to use within a month, every year.

    • dasher86 on 27/08/2014 - 12:37

      tranzfers are part of ozforex and aren't as usually competitive as their bigger brother

  • y on 27/08/2014 - 03:05

    Currencyfair.com - peer-to-peer transfers with the best rates and low fees. Use them all the time

    • zxcvb on 27/08/2014 - 13:33

      Currencyfair is 30GBP higher but don't provide electronic verification. I have to scan and send documents and its a manual process in this day and age :( Decided to go with CurrencyFair.

    • zxcvb on 28/08/2014 - 12:22

      Thank you Y. Deal done.

  • zxcvb on 27/08/2014 - 09:08

    Thank You. Planning to go with ozforex but will try them all first. Cheers

  • janeymac on 27/08/2014 - 13:29

    I've used Western Union to transfer a couple of hundred pounds and it was easy and quick. They had a flat rate special at the time that made it cheaper than bank to bank transfers.

    • zxcvb on 27/08/2014 - 14:32

      Yeah, but am after the best rates with the least fees. Looks like its CurrencyFair, they offer the best rate.

      • [Deactivated] on 27/08/2014 - 15:32

        How about a summary then - rates and fees?

        • zxcvb on 28/08/2014 - 12:19

          Well, I didnt even consider the Banks. It was mainly down to OZForex and CurrencyFair. I went with CurrencyFair as they gave the best deal. I got an additional $60 from CurrencyFair. Best part, ozforex refused to price match.

          Thanks to OZBargain, especially members hj0809 and y. I did'nt even know about CurrencyFair prior to this post :)

          Oh and one more thing: CurrencyFair charged $4 AUD as fees. Even with the fees they were $60 better than ozforex.

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