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Help needed transferring money
Topic Started: May 13 2006, 08:22:03 PM (241 Views)
Ange


:huh: I'm sure this question must have been asked a thousand times but I need help. We are thinking of opening a HSBC Bank account whilst we are still here in the UK, but I'm probably being really think here but do we also have to use a currency exchange company to transfer the large amount of money we should have from the sale of the house, car, and a van. OR can we just used the HSBC. Help I've spent the last 6 months stressing about a medical, and visa, now we've got it. I'm going to spend the next 6 months stressing about the finer details of moving to another.

Oh help with the following would be useful as well, where to look for Carpenter/Joiner jobs and does OH have to get a license like the plumbers and electricans seem to have to do.

HELP I'm going mad, I'm a born worry as it is. Thanks in anticipation of all the help I no will come my way.

Ange x x
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marco121068
Huggable Hunky Humorist
At the end of the day it's a personal choice. It all depends on what overall rate (including any costs) the HSBC give you when compared to currency brokers.

So for example HSBC charge £50 but give you a slightly higher rate then you need to take into account how many AUD's you get for your £'s.
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BIX
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Boner-fide Bonza Bloke

Ange, if you decide a broker is the way then they come no better than this one
http://www.ozforex.com.au/
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manxfamily
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Mad Manx Marvel
We use HIFX.co.uk

very good service. I recommend.
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ABCDiamond
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If you are ging to use HSBC, talk to your branch manager direct, and explain that you want the BEST rate.

I did that when I moved my money. They charged £10, and gave me a rate very close to the Interbank rate. Just 0.68% different.

Eg: at todays rates that would be:
Interbank Rate 2.45230 less 0.68% would equal 2.4356


The Interbank rate is a rate where there is no profit margin for banks

Interbank rate +1% currently equals:
You buy 1 British Pound : 2.477 Australian Dollar
You sell 1 British Pound : 2.424 Australian Dollar

And the bank makes the difference as profit, 5.3 cents in the dollar.

The normal cash rate is quoted +4%, and the normal credit card rate is quoted at +2%.
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