We have been given a gift of a Uk bank transfer. It is in Uk pounds. What is the best way to cash it in to get the most from it. Is our bank our only option? Their rate isn't great. Any suggestions please.
UK Bank Transfer
Lirishgal on 16/09/2016 - 12:07
Comments
The UK rate is currently very bad if you wish to send cash back to Oz but who knows what will happen in the future.
We use MoneyCorp. They will also take a slight cut on the rate but no additional charges if you sign up via PomsInOz.
I am not affiliated (just a customer) : moneytransfer.pomsinoz.com/
Thanks. We live in Australia. The bank transfer has already been made out in Uk currency.It has already been posted to us.
I use MoneyCorp to transfer cash to the UK or to Oz (it works both ways).
As above, the conversion rate is quite bad at the moment for Pounds to AUD so if you are willing id wait for a better conversion rate before i did it.
Can you explain a bit more?
What do you mean "given a gift of a Uk bank transfer"? Is it a cheque?
What do you want to do with it? Might you or a friend go to the UK sometime? Do you just want Australian dollars as soon as possible?Hi,Yes it is a cheque. We would like to deposit it in our bank. It needs to be deposited in the next two months or so.No plans to go to the Uk at the moment.It is a gift from a family member.
Check with Citibank what it will cost if you deposit it into a Citibank Plus account.
The T&C says "$30 When you deposit a foreign currency cheque into your Foreign Currency Account in the same currency." but the heading says "Excludes Citibank Plus Transaction and Citibank Online Saver Accounts". Citibank's forex rates aren't bad either.The Plus account & debit card is good to have for travelling in any case.
Thank you. I will have a look at that.
Checked with Citibank. We would need an account open for six moths before it gets deposited. It willexpire by then.Thanks though.
Do you have a UK bank account? Or just an Oz account?
Just Oz.
I regularly use Currency Fair for remittances and the likes, and i can recommend them. There are others out there that do the same thing, maybe with better rates, this is just the one i use & trust. They allow you to keep the cash with them, and trade in any currency. There is only a small fee when transferring the cash out to a destination bank account, which for GBP to AUD is $4. May be suitable for what you need - have a read in their support faq.
Thank you. I will look into that.
only thougt about it afterwards - tried sending a pm with referral, but it says you're not accepting messages. Anyway, feel free to message me for a code.
I can maybe help you. Want to PM but your PM is disabled.
PM me if you have not found a good solution.Some months back I looked into opening a HSBC multi currency account but didn't end up needing it. Worth taking a look
I am an Nigerian prince and I cn help yuo…