Sending money from Australia to the UK

nm123_2

I've recently moved to Australia and I still have some financial commitments in the UK. Now that I'm earning an AUD salary, I'd like to send some of that back each month to my UK bank account. I only need to transfer circa $1000 per month and ideally would fix the FX rate now for say 12 months.

Moneycorp can do it at $15 per transaction for whatever FX rate is applicable that day. Commonwealth (my Aussie bank) will do the same for $22.

Can anyone please point me in the right direction?

dzug1

I could be wrong, but I suspect you can't fix the rate for 12 months unless you pay up front.

What you need is a currency broker (sorry, don't have any recommendations) - he will tell you for certain, and may be cheaper than the banks even if he can only manage a per transaction basis.

jammin_2

http://www.tranzfers.com/

David_Kerns

When transferring money overseas it is crucial to shop around for the best deals. According to recent research (see Channel 4 News article, 'Property Hunters Foucs on Portugal') Brits are potentially losing over £101m a year by transferring funds overseas through banks, rather than through a foreign exchange specialist. Banks will often give you a ‘rate of the day’ rather than waiting for an optimum exchange rate.

Despite the UK coming out of recession recently, we shouldn’t be lining the pockets of UK bank managers. Foreign exchange providers enable you to fix an exchange rate for settlement in the future, protecting you from adverse currency movements and allowing you to lock into favourable exchange rates.