Moving a large lump sum from Ireland to OZ

jank

As the title says what is the best way to do to this. Have a large deposit I want to move and wondering what is the best way to do this. Should I use a third party to ensure I get the best XE rates? Heard of some people using paypal but the rates are shocking. So any ideas?

Sorry if this has been asked before.

CabanSail

I sent some money over to Australia last year. I needed to top up my Australian Account to pay expenses there.

Kept an eye on the Exchange Rates & sent it when they seemed most favourable. Went along to the Permanent TSB with all the details of my Australian Account, the IBAN numbers, BSB, Account Number. There was a fee, which I think is the same regardless of the amount. You get a report back showing the Exchange Rate which was approx the same as on XE that day.

Zambia

Holy jesus, this is a very good thing to think about.

A small amount of work now could save you a small fortune depending on Rates.-

I used Hifx and basically traded the cash the fees are smaller than banks and as long as you have a destination account your sorted. the process is

Set up Oz Account.

Have money ready

Call HiFx (or some other broker)

Set up a account with them.

You then watch rates when the rate is as favourable as you think it will get - ring hifx then say I want to trade €X into AUD now. They will hold the transaction give you a set time to pay and then they will transfer the AUD amount into the Oz account.

Best of luck . Give your bank a a ask them what rate you will get , then see the rate you would get with hifx www.hifx.com.

Note you can use any trader it does not have to be HiFx

Mahatma coat

Pleeze send The Monies:D:D:D


Jank Jank Jank, for Shame, have things gotten so Bad that you have to resort to 419 Scams :eek:

hussey

Set up a pay pal account on both sides and transferring money is very easy.

To send money is free, (there is a currency rate charge 2.5% above the exchange rate), to withdraw over $150 AUD is free (as far as I know)

full list of fees here

ballooba

You might consider that the EUR is currently trading at a low against the AUD.

AIB FX Rates are here: http://www.fxcentre.com/

Zambia

hussey wrote: »

Set up a pay pal account on both sides and transferring money is very easy.

To send money is free, (there is a currency rate charge 2.5% above the exchange rate), to withdraw over $150 AUD is free (as far as I know)

full list of fees here

2.5 is daylight robbery.

Zambia

Mahatma coat wrote: »

Pleeze send The Monies:D:D:D


Jank Jank Jank, for Shame, have things gotten so Bad that you have to resort to 419 Scams :eek:

The money was only resting in my account...

Beachband

I didnt think the Irish banks can match(or are too greedy) to match the exchange rate offered by forex companies.

I will try my local bank when I am transferring money to my Oz account, it would be handy if they can equal the exchange rate offerred by a forex company.

jank

Cheers for the advice. I will see what the rates are with AIB and if they are not good I will use a forex like mentioned here.

NEVER use paypal for exchanging more than a couple of hundred euro. Their buying and selling rates such and 2.5% on top of that. Used to work with them and would never use them as a xe tool.

Basicly I have a lump sum at home doing **** all for me and the interest rates here in OZ are bloddy fantatic. 5% flexible savings account and 8% term deposits. 8%!!! That is out of this world!

jank

District 9, what are the fees like for hifx?

hussey

District_9 wrote: »

2.5 is daylight robbery.

Not really .. this is a spread between wholesale
price of currency (i.e. the market exchange rate) and the trade price (what you are charged)

so if the exchange rate is $1 = .65e
the selling rate would be .634 ish, the buying rate would be .666 ish

now banks are about 6% ... so this is quiet good.

I'm not sure how much hiFX charge, but they would have the same concept of paypal.

i.e. no fees, no commission, just the % spread.

The only difference is hiFX does a 'bulk' buy, so more money better exchange rate.

Edirt - I think hiFX seems to be a good service, and looks cheaper than paypal.

hussey

jank wrote: »

Cheers for the advice. I will see what the rates are with AIB and if they are not good I will use a forex like mentioned here.

NEVER use paypal for exchanging more than a couple of hundred euro. Their buying and selling rates such and 2.5% on top of that. Used to work with them and would never use them as a xe tool.

Basicly I have a lump sum at home doing **** all for me and the interest rates here in OZ are bloddy fantatic. 5% flexible savings account and 8% term deposits. 8%!!! That is out of this world!

Ah but banks in ireland have DIRT tax .. in Australia you have to pay tax on all interest paid,
so if you are a high earner you have to pay high interest.

also what banks have 8% Term deposit? teh highest I seen is 7% for 3 years

if you have a uBank you can get 5.62% flexible savings account - pretty good

Beachband

I would prefer to just transfer a large sum from my own bank directly to my Oz account.
But I don't think my bank(from what I've heard) would offer me the same live/mid market rate that a forex company would offer me.
And also they charge for the transfer aswell.

With using paypal - I heard there is a bit of risk transferring many k's.

Zambia

I think at the time it worked out around .5 above the going exchange rate. But it was way better than Ulster Bank at the time.


Hifx simply charged my the % no fees. However I cant stress how usefull a visit to the BE site on this would be as the poms are fairly au fait with who is the flavour of the month, some detest HiFx. I can start a thread if you need me to and post the link.

HiFx are well worth a call

Beachband

From what I have seen on BE, most use a forex company, and those who are not sure - also seem to end up using a forex company too.

jank

hussey wrote: »

Ah but banks in ireland have DIRT tax .. in Australia you have to pay tax on all interest paid,
so if you are a high earner you have to pay high interest.

also what banks have 8% Term deposit? teh highest I seen is 7% for 3 years

if you have a uBank you can get 5.62% flexible savings account - pretty good

Just this lunch time I saw a sign outside a westpak for 7.2% for 8 months term deposit. 3 years I would expect a little better
Regarding the 8% well saw a headline in some paper a week or that the banks were going to "war" with each other for your money and that 8% rates are coming.

Anyway that is a hell of a lot better than 4-5 per cent you get in Ireland. Dont forget that interest rates in the ECB and OZ are likely to rise over the coming months meaning good news for savers.

About the tax, is so like this that interest paid on on a sum is part of your income therefore subject to the same tax rate. Also is it deducted at source or do you have to do your own taxes?

Beachband

the 7.2% for 8 months - In Ireland that would equal - 7.2% for 2/3 of the year, so you are getting a percentage of 7.2% apr over 8 months.

You don't actually get the full 7.2% after 8 months - you get 2/3's of it. Thats how it works in Ireland - APR, and the percentage savings interest rate they offer for a savings term that is less than a year is - a percentage of that year, I'm sure everywhere else operate's the same way.
Just in case someone didn't know this - as it can be misleading.

Still Oz is way ahead with their savings interest options, and 7.2% for 8 months, is way better than what is availabe in Ireland. I think though the Oz bank - 7.2% for 8 months is calculated as an APR, or is it?

hussey

jank wrote: »

Just this lunch time I saw a sign outside a westpak for 7.2% for 8 months term deposit. 3 years I would expect a little better
Regarding the 8% well saw a headline in some paper a week or that the banks were going to "war" with each other for your money and that 8% rates are coming.

Anyway that is a hell of a lot better than 4-5 per cent you get in Ireland. Dont forget that interest rates in the ECB and OZ are likely to rise over the coming months meaning good news for savers.

About the tax, is so like this that interest paid on on a sum is part of your income therefore subject to the same tax rate. Also is it deducted at source or do you have to do your own taxes?

that rate is for 60months link here

yes your interest is apart of your tax return
so it is classed as income.

so for example if you earn say 80k a year
and have a 20k term deposit at 6% per annum (interest = $1200)
tax on this is 40%
so only get 720

which is the equivalent of 3.6% PA ... if your tax rate is 30% then 4.2%

so it will depend on how much you earn ...

Yes beachband the % means per Annum rather than 8% of the sum

ballooba

jank wrote: »

Basicly I have a lump sum at home doing **** all for me and the interest rates here in OZ are bloddy fantatic. 5% flexible savings account and 8% term deposits. 8%!!! That is out of this world!

Unless you're a permanent migrant and never planning on converting the money back you are speculating in currency which is very high risk. You're small gain on interest rates could lose you a lot of money on currency fluctuations. Just make sure you know what your getting yourself into here.

The graphs for the EUR Vs AUD are here. The Euro has lost over 20% versus the Aussie Dollar over the last 11 months. http://www.wolframalpha.com/input/?i=EUR+AUD

If you do decide to go through with it have a search through the askaboutmoney.com forums for FX sites, there are a few recommended over there.

jank

I know what APR means!! I checked the net aswell and didnt see that rate but I will double check that sign/Ad I saw. It was on george st/hunter st close to where I work. Must be a special walk in rate or something but I did see something cause I did do a double take and thought that wasnt too bad at all! And yea it was 8% APR over 12 months.

I presume the tax is taken out at source?

jank

ballooba wrote: »

Unless you're a permanent migrant and never planning on converting the money back you are speculating in currency which is very high risk. You're small gain on interest rates could lose you a lot of money on currency fluctuations. Just make sure you know what your getting yourself into here.

The graphs for the EUR Vs AUD are here. The Euro has lost over 20% versus the Aussie Dollar over the last 11 months. http://www.wolframalpha.com/input/?i=EUR+AUD

If you do decide to go through with it have a search through the askaboutmoney.com forums for FX sites, there are a few recommended over there.

The AUD is quite strong against the euro at the moment, as strong as its been in the last 10 years but next months expected interest rates hike coupled by tourmoil in greece will put paid to that imo. Dont worry, ill sus it all out and it will be another few months before I get a chance to do it so Ill see what the rates are like then. At this moment in time I would not convert over a big lump sum but in months to come it may be different.

Just seeing what are the ways to do this.

Jagera

You might get some better options in the Biz --> Business setion. Not sure which of the forums in there would suit best.

ballooba

I appreciate you seem to have a grasp of the risk associated with Forex trades. If the PIIGS go belly up then you could be on to a winner. Believe me, having Euro deposits in Ireland I go through the same thought process as yourself every day. :-D If only I had bought AUD a year ago. Then again, Australia has postponed it's recession so we don't know when that will be yet or how bad it will be.

hussey

jank wrote: »

I know what APR means!! I checked the net aswell and didnt see that rate but I will double check that sign/Ad I saw. It was on george st/hunter st close to where I work. Must be a special walk in rate or something but I did see something cause I did do a double take and thought that wasnt too bad at all! And yea it was 8% APR over 12 months.

I presume the tax is taken out at source?

I used to work on hunter st, just above the hunter connection! The grand and Ryans bar are pretty cool!

Tax is not taken at all, it is up to you to pay tax.
Yeah please have a look at the rate, I would be interested if it was 8%! esp if 5 months!!

jank

It wasmt 9 hunter st was it? Cause thats where I am too!

Zambia

jank wrote: »

It wasmt 9 hunter st was it? Cause thats where I am too!

Anyone feel a "youve got mail" movie in this somewhere?

ballooba

You guys work in Mac Bank?

hussey

ballooba wrote: »

You guys work in Mac Bank?

Nah, I work AMP but worked in Hunter st for 6months as apart of a project

Man that asian food court - wow!! Massaman curry!!

jank

I work in Sungard. That food court is pretty cool al right, very cheap but kinda got turned off the place when I saw the biggest cockroach ever crawling along a wall into one of the kitchens. Naturally every one else was oblivious.

brendansmith

Would i be right and sayiong that if you were wanting to convert oz dollars to euro, the rate now is the most favourable it has been in a long time?