Money transfers

Amazon32

I have set up a bank account with ANZ bank through travel to work.
Anyone have any experience with them?
Basically im wondering can i transfer money from my Irish bank to my new oz bank without going through them? The email they sent me says to put money in their account and they do it for cheaper?
All help appreciated

Edit: experience with both travel to work and ANZ sorry

Xavi6

When you say do a transfer without 'them' do you mean the travel to wrok crowd?

If so then yes. Just get the SWIFT code, BSB and account number for ANZ and provide it to your Irish bank. They'll transfer the funds and it should be in your Oz account within 10 business days.

Amazon32

Xavi6 wrote: »

When you say do a transfer without 'them' do you mean the travel to wrok crowd?

If so then yes. Just get the SWIFT code, BSB and account number for ANZ and provide it to your Irish bank. They'll transfer the funds and it should be in your Oz account within 10 business days.

Yes meant without the travel to work crowd. Yea was wondering what else was needed because the email they sent didn't have much information obviously because they wanted me to do the transfer with them. I'm guessing now i just email them and ask for the swift bsb etc ?

Xavi6

Amazon32 wrote: »

Yes meant without the travel to work crowd. Yea was wondering what else was needed because the email they sent didn't have much information obviously because they wanted me to do the transfer with them. I'm guessing now i just email them and ask for the swift bsb etc ?

If your account has been set up already you should just call ANZ's customer help centre. They'll be able to give you all the details plus set you up for online banking which will make things easier in future.

Basically cut out that middle man asap, they're only in it to make a few quid.

Zambia

My western mate is right. If you have a few grand consider ozforex.com or another currency exchange.

Mellor

If you are having hassle gettign details of the existing account then scrap it and set your own up.
You don't need a middle man.

RayJ

www.currencyfair.com

I've switched about EUR20K to AUD$ and it's got the best rates.

kdevitt

RayJ wrote: »

www.currencyfair.com

I've switched about EUR20K to AUD$ and it's got the best rates.

Yep - I use currencyfair.com all the time and they're excellent.

skippy2

+1 on currencyfair transferred funds to Aussie in no time and best rate and charges. Was quick and seamless very impressed with how it went

Hells Belle

Sorry to hijack but I just wanted to ask how long does the actual transfer take.

I wasn't planning on doing it until a few days before I leave but if it takes a few weeks I'll have to get my backside in gear!

My bank will be Westpac and I'm using Currency Fair. Thanks.

golgi

I too am traveling to Oz in about a month. Im a bit apprehensive at transferring thousands of euro to a company I don't really know anything about. Eeeek , is it that they offer much better rates than the banks e.t.c??

karl bracken

It takes between 3-5 days if you have currency fair and your Oz account set up, thats my experience anyways and iv used them a few times...

You say how much currency you want to sell and someone agrees to the rate, this is how they miss the bank charges. You are essentially selling your Euro to someone with Aussie dollars who agrees to buy at that price. It not complicated at all.

Iv used them a good few times as have many of the regulars on here, currency fair are fine

Wild Rover

Yep currencyfair is the business

skippy2

For a timeline

Transferred from our account to Currency Fair account on Wednesday morning. You can obviously only do the FX exchange once the money is in the CF account


Money arrived in Currency fair account Thursday morning at 8.40am, you get an email notification once they receive the money. Did the FX exchange and transferred out from Currency Fair to account in Aussie at 8.45am


Money arrived in Aussie account the next morning so total time in the actual CF account was just over 24 hours


I imagine quicker than any bank and only Aussie $4 deducted for fees

master-t

karl bracken wrote: »

It takes between 3-5 days if you have currency fair and your Oz account set up, thats my experience anyways and iv used them a few times...

You say how much currency you want to sell and someone agrees to the rate, this is how they miss the bank charges. You are essentially selling your Euro to someone with Aussie dollars who agrees to buy at that price. It not complicated at all.

Iv used them a good few times as have many of the regulars on here, currency fair are fine

When you say someone agrees to the rate, do you set your own rate that you are looking for? Leaving in 3 weeks and looking to transfer some money this week.

kdevitt

master-t wrote: »

When you say someone agrees to the rate, do you set your own rate that you are looking for? Leaving in 3 weeks and looking to transfer some money this week.

You can set your own rate, and wait for someone to take it, or you can go with the currency fair rate - which is always better than the banks to start with.

So

Option A - you might be waiting a while depending on the rate you're trying to get.

Option B - your exchange will be instant

karl bracken

If you set up an account it will all be clear, you can click into exchange and see what people are offering, then you just exchange how much you want and someone will match it or you can set a "trigger rate" and leave it sitting there and hope the currency goes to that rate.

Im no expert but the euro has been hammered by the Dollar since Dec 2011, one of the factors is Greece, as far as im aware there has to be a decision made by March to give them another loan or they will default further on their debt and cause the Euro to drop further.

I am waiting until then and hope the Euro stabilises in March and comes back up.

I NO NOTHING ABOUT CURRENCY EXCHANGE THIS IS SOMETHING I READ, MAKE YOUR OWN DECISIONS.

Come on Euro in March!!!

Datotrunk

Seems like a lot of people have used currencyfair, so is it 100% safe to use? Just slightly paranoid about losing my money by not going through the banks and using this site.

kdevitt

Datotrunk wrote: »

Seems like a lot of people have used currencyfair, so is it 100% safe to use? Just slightly paranoid about losing my money by not going through the banks and using this site.

They're as safe as it gets really - all fully regulated. You'll find details on their site.

skippy2

That gave me a bit of a snigger
Trust Currencyfair or the Banks hmmmmmm :rolleyes:

catbear

I'm waiting until march to transfer more money too, either in or out, once Greece is sorted then hopefully we'll get a bounce for in our bungy. Holding the interest rate today gave the ossie a bounce.

bored reader

hi guys,
sorry to hijack thread.
are any of you using currency fair to transfer aud back to Ireland?
and if so are there any tax implications with Revenue in Ireland?

cooper38

Transfermate.com are in Dublin across from central bank and sydney and offer much better rates than the banks, you can also order a rate or hold a rate for you.

Always check and compare with the bank first but they will be better as Irish banks are rubbish

bored reader

that site looks good. i'd like the fact they have Irish office also.
thanks for that!

kdevitt

bored reader wrote: »

if so are there any tax implications with Revenue in Ireland?

No tax implications - you're paying Australian tax on the money you're earning, you won't be double taxed. If you're using currencyfair to launder cash then there'll be significant implications, not just tax ones either.

bored reader wrote: »

i'd like the fact they have Irish office also.
thanks for that!

If its a consideratioin for you, Currencyfair are Irish - based on Pembroke St I think.

bored reader

@kdevitt:

thanks for that. no laundering planned.
just heard stories of people getting taxed in Irl after returning from aus.
Possibly abn that never paid tax, but still were forced to pay tax on their 'gains' in Australia.

hussey

cooper38 wrote: »

Transfermate.com are in Dublin across from central bank and sydney and offer much better rates than the banks, you can also order a rate or hold a rate for you.

Always check and compare with the bank first but they will be better as Irish banks are rubbish

Don't transfermate charge a much higher fee than currencyfair
http://www.transfermate.com/en/faq.html
Australia:
AU$15
Europe:
€15

while currencyfair is $4 and €3
http://www.currencyfair.com/process-times-and-fees

So stick to currencyfair

bored reader

cheers for that hussey

cooper38

I wouldnt be concerned about transfer fees, what matters is exchange rates, speed and how easy it is to use. Its handy having an office to walk into in dublin and oz

hussey

cooper38 wrote: »

I wouldnt be concerned about transfer fees, what matters is exchange rates, speed and how easy it is to use. Its handy having an office to walk into in dublin and oz

I think most people are concerned with how much money they get, which by the looks of it CF win.

cooper38

Using currency.ie you don't have to send them money to their account and hope to get good rates. Much easier I would think, you just call, book, send then