Transferring funds from Australia to UK

Pear_Drops

Hi, 
I'm returning home, and hope to buy a place.  However, funds are in Australia.  Has anyone been in this situation too?  I've heard that regular banks aren't the best option for exchange rates, but I'm very nervous about using independent foreign exchange brokers (will the $$$ actually arrive?!)  Does anyone have any recommendations?  Or, just stick with the Oz bank?  

Does a solicitor need to oversee eg? 

Also, I need to open a UK account again.  Does anyone have any recommendations please?  For example, bank or building society?  

Looking forward to any suggestions on how to proceed, please.  Thanks in advance.  

eskbanker

https://www.moneysavingexpert.com/banking/foreign-currency-exchange/ explains the role and benefits of brokers, but nobody's forcing you to use them if you're uncomfortable.

If you don't yet have a UK account, you might find it worthwhile waiting until you do (after moving presumably), rather than relaying funds via other people?  Not sure that anyone can offer recommendations without more to go on!

MyRealNameToo

Pear_Drops said:

Hi, 
I'm returning home, and hope to buy a place.  However, funds are in Australia.  Has anyone been in this situation too?  I've heard that regular banks aren't the best option for exchange rates, but I'm very nervous about using independent foreign exchange brokers (will the $$$ actually arrive?!)  Does anyone have any recommendations?  Or, just stick with the Oz bank?  

Does a solicitor need to oversee eg? 

Also, I need to open a UK account again.  Does anyone have any recommendations please?  For example, bank or building society?  

Looking forward to any suggestions on how to proceed, please.  Thanks in advance.  

Depends how much you are transferring 

For thousands but not tens of thousands then firms like Wise tend to offer decent rates and are a UK regulated entity but arent a bank so if they go bust whilst your money is in transit there is no protection from FSCS. 

If its tens of thousands then brokers may well be able to get you a better rate

PRAISETHESUN

Don't let the Oz banks do the conversion. They will rip you off just as much as the UK banks will. Use a specialist currency conversion service. I use Wise for my AUD transfers and I'm happy with the fees and the transfer speeds. A broker might be an option for a one-off higher amount.

As for opening a UK bank account, one of the fintech banks such as Monzo/Starling/Chase are my usual recommendation if you think you will struggle to open a high street account due to poor credit file/limited UK address history. Otherwise maybe try with whoever you banked with previously before you left the UK?

gt94sss2

Pear_Drops said:

Also, I need to open a UK account again.  Does anyone have any recommendations please?  For example, bank or building society?  

You can open a bank account with HSBC in the UK while still in Australia.

https://www.hsbc.co.uk/international/apply-for-a-uk-account/

HSBC can also issue you with a UK credit card using your Australian credit file.


https://www.hsbc.co.uk/international/credit-cards/

If you bank with HSBC in Australia, I'm sure they can also assist with opening accounts in the UK.

Pear_Drops

Apologies for the delay in responding to all your fab feedback.  I never imagined so many responses!  
(I'm literally getting ready to fly back next week).  

I'm looking at $500k, so I guess a broker is the best option?  Could anybody recommend one/two, please?  
Thanks again.  

grumpy_codger

MSE: Transfers over £5,000