Buying an item for Australia

poohbear5

Hi,

As the exchange rate is very favourable at the moment (£1=Aus $1.74) I would like to buy a microphone from an online Australian store.

I have read the article entitled "sending money abroad" but I'm still not sure what would be my best method. Personally, I would prefer a swift transfer without the hassle of starting up an account for a single purchase. I have checked paying by paypal but the exchange rates are quite poor.

Thanks everybody.

mgdavid

how much will your bank charge you for a swift transfer?

visidigi

...not to mention duties and taxes and VAT if importing it via postal/courier methods...

HappyMJ

poohbear5 wrote: »

Hi,

As the exchange rate is very favourable at the moment (£1=Aus $1.74) I would like to buy a microphone from an online Australian store.

I have read the article entitled "sending money abroad" but I'm still not sure what would be my best method. Personally, I would prefer a swift transfer without the hassle of starting up an account for a single purchase. I have checked paying by paypal but the exchange rates are quite poor.

Thanks everybody.

I don't consider AUD$1.74 to the pound very favourable....anyway....

For small amounts the commision will be around 5-10% plus the fees charged for the transaction itself. The Australian bank will also charge a fee for receiving funds from abroad.

The best method is to use a credit card or pay by Paypal.

mgdavid

forgot to ask, what methods will the seller accept? Would have thought that's the place to start...

poohbear5

mgdavid wrote: »

forgot to ask, what methods will the seller accept? Would have thought that's the place to start...

I can pay into an australian account or paypal. Is there two methods of sending money through paypal one with a better exchange rate than the other I don't want to be caught out.

On a side note do you think the exchange rate to the Aus $ will get higher in the next few months. It dipped to about 1.5 recently.

poohbear5

I think Nationwide will charge me £25 for the swift transfer and I'm not sure of there exchange rate.

poohbear5

I know I would incur import VAT but it is not an item available in the UK only AUS and the US.

mgdavid

do I take it this is a professional item costing hundreds, rather than a run-of-the-mill thing for 20 quid or so??

poohbear5

It is a professional microphone

HappyMJ

poohbear5 wrote: »

I can pay into an australian account or paypal. Is there two methods of sending money through paypal one with a better exchange rate than the other I don't want to be caught out.

On a side note do you think the exchange rate to the Aus $ will get higher in the next few months. It dipped to about 1.5 recently.

I hope so. Before the financial crisis it was at 2.5. The UK economy is improving and the Australian economy is getting worse so it should keep going up.