Australian inheritance

moneyadviceneeded2019

Hello,


I am due to receive inheritance from Australia, I am a British national. Any tips on how it is best to receive this to avoid various bank fees and get the best exchange rate possible? I am aware of the collection and negotiation fees with banks, but was wondering if anyone has experience of using foreign exchange transfer companies to receive funds into, for better rates.



Thank you in advance!

eskbanker

https://www.moneysavingexpert.com/banking/foreign-currency-exchange/ has an analysis of cost-effective options....

Mr.Saver

eskbanker wrote: »

https://www.moneysavingexpert.com/banking/foreign-currency-exchange/ has an analysis of cost-effective options....

This only covers the UK side. What I've found is, sometimes it's cheaper to do the currency exchange in the other country and then move the GBP back to the UK.

eskbanker

Mr.Saver wrote: »

This only covers the UK side. What I've found is, sometimes it's cheaper to do the currency exchange in the other country and then move the GBP back to the UK.

Yes, this is a UK site focusing on products accessible from here, although these can be used to transfer money in both directions, so should meet OP's stated requirement for "foreign exchange transfer companies to receive funds into".

If OP is looking for information on local currency exchange solutions in Australia then that's not something I can help with - can you?

Mr.Saver

eskbanker wrote: »

Yes, this is a UK site focusing on products accessible from here, although these can be used to transfer money in both directions, so should meet OP's stated requirement for "foreign exchange transfer companies to receive funds into".

If OP is looking for information on local currency exchange solutions in Australia then that's not something I can help with - can you?

Sorry, I can't provide info re Australia either.

The reason for my post is to tell OP that the UK site only covers the deals available in the UK, and the best deal found on the UK site is not necessarily better than one in Australia.

Based on my past experience with currency exchange, the UK sites often have better rates for converting GBP to something else, and the foreign sites often have better rates for converting their local currency to GBP. This may not be true everywhere, but it's definitely worth for OP to look into this if the inheritance is big.