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Hi

 

I've noticed from the forum that a lot of folks on here have used or do use MoneyCorp as their preferred foreign exchange provider. I've started researching the different options to work out the most cost effective way of transferring cash from the UK to Australia. It appears as though the rates and charges offered by companies such as TransferWise and CurrencyFair are better.

 

Has anyone had any experience using these other providers or are there any others you would recommend or suggest?

 

Thanks

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Hi

 

I've noticed from the forum that a lot of folks on here have used or do use MoneyCorp as their preferred foreign exchange provider. I've started researching the different options to work out the most cost effective way of transferring cash from the UK to Australia. It appears as though the rates and charges offered by companies such as TransferWise and CurrencyFair are better.

 

Has anyone had any experience using these other providers or are there any others you would recommend or suggest?

 

Thanks

No...I use UKForex.

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I registered with a number of money transfer companies (6 or 7 I think as have others) and did a small transfer of £100 (where I was able to, some have a much higher limit). Companies with higher limits were knocked off my list.

All my transfers were going to NAB accounts.

Companies with fees at the NAB end were knocked off the list. Although this is not the fault of the companies themselves, they could do what moneycorp do and do a deal with the banks to avoid fees for their customers (although a $40 fee when transferring a large amount of money is neither here nor there. As a test I found it irritating and stopped using each company I was charged a fee from).

I had sites that once registered and ready to go, I could not log into my account and use it. I tried various browsers and on different days. They were then knocked off the list.

Personally I like to be able to do my transfers online, but there are occasions when speaking to someone on the phone can make quite a difference.

EG, if you can estimate how much overall you're going to be sending, they can give you a better rate, but you have to speak to them about this. eg. if you're transferring £100 you may get 95% of the best rate available so if its 1.95 you get 1.825 (extreme example), whereas if you're going to be transferring say £50000 in total, they may give you 98% of the 1.95 so 1.911 even on the smaller transfers. Usually, the higher the amount of the transfer the better the rate you get. That's what I've done, so now, if I transfer £100 or £10000, I get the highest percentage of the best rate, with no hassle or phone calls.

 

Moneycorp all works online, but I know I can phone them if I need to. They even refunded me a fee that I paid on my first transfer due to me not being able to tell them I was a member on this forum. I contacted John from Moneycorp through this forum and he sorted it all out for me.

 

So, although you were looking for someone other than moneycorp, I'm happy to recommend them and have no affiliation with them. Tbh, I was in the same boat, I wanted to find out independently who to use. I asked friends and family who they used and for good and bad points. I found better rates elsewhere until I spoke to someone about my total amount.

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Thanks gar374; I'll contact John as my next step. The info you provided was really helpful, thanks

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