Transferring funds to Australia

londoninvestor

PRAISETHESUN wrote: »

https://transferwise.com/gb/borderless/

From the FAQs it looks like it's a UK-based bank account that offers accounts in multiple currencies so I would suspect that it'd count as a domestic transfer for the UK side, but for the Aussie side it would still be a foreign transfer, just without the currency conversion fees

I haven't needed to use Borderless for Australia, but I have used the US Dollar facility. It lets you make and receive transfers using ACH (the US domestic payments system); if you really need SWIFT then the BIC code is a US one; and the "branch address" they give you for the account is a New York City one.

So for practical purposes it behaves like a US-domiciled account, not a UK-domiciled USD account.

Strictly speaking, it's not truly a US-domiciled account, but then strictly speaking, I believe it's not a bank account at all - Transferwise is licensed as an "e-money institution", not a bank, but your "e-money" is fully backed by ring-fenced deposits in bank accounts; for GBP that's a UK bank and for USD it's a US bank.

I suspect you could substitute "Australia" for "US" in that, and the same principles would apply, but as I say, I haven't used the Aussie facility of the account.

JGUK

Yeah as I said and thought it was a local(ish) based Australian bank which you sort of have an account with in a roundabout way.

So the transfer to her would be domestic and possibly take out charges.

Don't hold me to any of this but its worth asking/inquiring !

buglawton

PRAISETHESUN wrote: »

I have transferred money to myself between UK and Aus a few times as well and I've always sworn by Transferwise, which I would highly recommend over an international bank transfer from your own bank. The high street banks typically charge an arm and a leg to transfer overseas, and the exchange rate they offer is absolute rubbish (sometimes as much as 5% worse than the interbank rate!).

To answer your question however, I'm pretty sure the NCC is the BSB number (equivalent to a sort code for UK accounts), and should only be needed for accounts which don't have an IBAN number

When DS wanted to do a one off transfer of some Aus savings to his UK account he sat down and worked out the difference between using Transferwise and a direct bank to bank transfer. He calculated a 3% advantage using Transferwise all fees considered due to better rate mainly. But ended up doing a direct transfer as was put off by the faff of signing up for a Transferwise account just for one transfer.

The bank to bank transfer was particularly convenient because the OZ bank recognised UK sort codes, even confirming your bank and branch when you enter your UK sort code.

I agreed with that choice for a one-off, if however you envisage repeated transactions I'd definitely say Transferwise.

trailingspouse

The money to Australia will be regular (birthdays, Christmas etc), and I also make payments to a ROI account, so very pleased to have been pointed in the direction of TransferWise. And to be honest the signing up wasn't at all onerous.

eDicky

trailingspouse wrote: »

Would that reduce any charges she might have to pay?

By using TransferWise or similar services, your daughter will receive AUD by domestic transfer from their Australian account, with no fees from her bank.

trailingspouse

eDicky wrote: »

By using TransferWise or similar services, your daughter will receive AUD by domestic transfer from their Australian account, with no fees from her bank.

This just gets better and better!!