Currency account

skippyinspace

Just been informed Im going to receive some money from Australia in the next 12 months or so but have been asked to provide a bank account in my name to receive the funds direct.


I was going to use a currency firm like Tor or Halo etc but have been informed as due to they type of payment it is the account must be in my name.


Would it be worth opening an account in Aus and transferring the money that way, Open a AUD account in the UK, but will fees erode any savings, Or just bite the bullet and accept any potential currency rate difference applied by the bank. doing some loose searches of FX sites It looks like an approx. £1.5K of difference if I was to go down that road.


Any ideas / Thoughts

eDicky

Even if you were able to open a AUD account in the UK, you would still suffer the unfavourable exchange rates when converting the funds to GBP. Better to try and negotiate the best rate with your UK bank(s) for the amount involved. Or open an account in Australia if possible, to initially receive the funds.

grumbler

eDicky wrote: »

Even if you were able to open a AUD account in the UK, you would still suffer the unfavourable exchange rates when converting the funds to GBP.

Better rates are available at currency brokers. An outgoing transfer from an AUD account in UK to a broker will cost a relatively small flat fee.

Of course, an account in Australia is likely to be a better option, but, even if possible, is hardly worth the trouble for the sake of saving on one transfer fee if AUD accounts are available in UK.

eDicky

grumbler wrote: »

An outgoing transfer from an AUD account in UK to a broker will cost a relatively small flat fee.

This will require the broker to have an AUD account available to receive the funds. They all have one... in Australia.

skippyinspace

Ill come back in here, I spoke to a currency broker and they were the ones that suggested opening a AUD account in the UK, mentioned HSBC, Loyds etc (Struggling to find a non business one or one that doesn't need £3K in it) and then suggested transferring the funds into my UK Sterling account.


My aim is to get as much £££ as possible, Im already being hit with a solicitors fee of 6% (Cant do anything about this) and then to lose another 3% because they will use the lowest rate possible. Im being given the option of transferring in either £ or $Aus


I am Australian by birth but haven't had a bank account there for some years, but that might be the easier way to do it as I still have my TFN but jiust wondering if there would be any taxes on it.

Ballard

I'd have thought that the chances of getting an Aussie bank to open an account for you for one transaction would be very slim.

Your UK bank may allow you to open an AUD account with them but, again, I'd have thought that it'd be difficult. It boils down to there being no profit in the bank for setting the account up for a single transaction.

Have you actually checked whether it would be possible to receive funds at an account with Tor? The funds would ultimately be credited to an account with Tor in your name. I suspect that it wouldn't be acceptable but I'd suggest that it'd be worth pushing it as it's your best bet.

grumbler

eDicky wrote: »

This will require the broker to have an AUD account available to receive the funds. They all have one... in Australia.

Not necessarily, but regardless the flat fee will be for an international transfer.
The same, say, for a € transfer from a UK € account to a UK or EU € account.

skippyinspace

The solicitor has told me the other option is a bankers draft either in AUD or GBP, But still Currency brokers wont accept cash.


Though have spoken to one broker today who is going to put an Aussie bank my way to open an account with them.


Not sure if its going to be easier as I lived and worked in Oz for a number of years so have Tax numbers etc