Best way to wire money overseas and convert currencies?

peter_964rs

I have GBP 10k in a UK current account I need to transfer to an Australian bank in USD (not australian dollars). I could just wire it over from my UK bank for a circa £25 wire transfer fee, but probably won't get the best conversion rate. Is there a smarter way of doing this to get a better rate?

Thanks!

Voyager2002

Yes: find a currency broker.

peter_964rs

Thanks - any advice where to go look for one? Dumb question if this site has the answer, but I'm not looking for travel money per se.

benjus

http://www.fxcompared.com/Content/money-transfer-from-UK-Australia-above-3000-amount-10000

Bear in mind that using a currency broker is riskier than using a bank due to the lack of protection should anything go wrong. You might want to look at the quotes from brokers, then contact your banks both here and in Australia to see if they are open to negotiate a rate rather than just applying the standard exchange rate on the day.

peter_964rs

Thank you - I do believe that is exactly what I was looking for. I'm sure it just pops up on Google when you know what to ask it for!

Archi_Bald

Raj15 wrote: »

.... the analyst I used there was called Prem, I highly reccomend their services!

Why?...................................................

You seem to be spamming the boards with your unqualified recommendation for that company.

EDIT: Looking at your previous posts, the thought occurs that your name might be Prem. Or it might be the name that you answer to when people call the company you promote.

People would be well advised if they used one or more currency transfer comparison sites, rather than a specific site promoted by a poster with 6 or 7 posts.

I personally like http://www.fxcompared.com/ as a site giving an objective view on whatever the best deal is at a given time but there are others out there - just google currency transfer comparison

BTW, I have never seen that company that Raj15/Prem promotes in any of the best buys.

robatwork

I have used xendpay, more than happy.
There is a tiny risk your money is in limbo for a while and not protected - not sure I'd put a £10,000 payment through.

Maybe 10x£1,000 but you would have to do the maths to see if it's worthwhile.

mgdavid

I - and others on this forum - have used Currencyfair with good results - 'does what it says on the tin'

J_B

mgdavid wrote: »

I - and others on this forum - have used Currencyfair with good results - 'does what it says on the tin'

I concur!

cheatonthecheese

I thiink ur correct... his name is Prem Raja from currencies 4 u, his profile is in linkedin. Reported for spam!

Thomas_Crown

I have used Smart Currency Exchange to send money abroad. Up to £3,000 there is a £5.00 fee. Above £3,000 there is no fee payable. Take a look at their website.