Hello
With the rising interest rates I want to transfer funds I have in Euros into Australia to place in an offset account.
There have been a few posts about this topic and the companies mentioned for best interest rates whereand
Looking at their sites you first transfer the money to them and then they transfer it to you. Not wishing to sound paranoid you have to trust that the company is honest and reliable.
Has anyone actually used these companies for large (to me) transfers?
Any comments about whether this is a good time to exchanege EURs for AUDs are also appreciated.
Thank you
ElkaElkam,
You have a couple of different options here – as I am experienced in international trade.
I do not know what these companies represent.
Nonetheless, you could speak to your bank here in Australia, and they may assist you opening an Onshore Foreign Currency Account. This means you transfer the funds to an account in Australia, with your bank where the account is maintained in Euros. You get paid interest in Euros, the fees are reasonable, and then you wait and see what the forex market does. This does not offset any borrowings you have, but gives you peace of mind in terms of currency risk management.
The whispers around the marketplace is that the AUD will continue to appreciate against the English Poiund and Euro, on the back of growth of resources sector.
You need to weigh up the cost of such appreciation, and make a decision which is financially viable, as your optimum position is to sell your Euros for the smaller number per Australian Dollar to maximise cash flow and profitability benefit.Hello BluewaterFinancial
Thank you for your reply.
I also think that the AUD will appreciate against the Euro but am a little confused about your last sentence.
Surely if the Euro weakens I will get less A$ for my Euros and so should convert now before this happens
…………. or have I got that backwards??
Feeling stupid
Elka
Hello Elkam
I can recommend ozforex. I used them while I working in London and sending money back to Aus. Good rates and provided great service. Fees were cheaper compared to some of the other providers. The first transaction I had to be in contact with their foreign exchange person to verify it in Sydney but after that all my transactions were automatic as it was going to the same account. there was a £2000 minimum transaction.
Cheers
MichaelHello Michael
Thank you for that.
Cheers
Elkahi Elka,
Yes have personally used Ozforex over the last 2 years for various transfers both ways.
these were to and from the US.The most i payed is $15 AUD for fees.
I have used them over a dozen times with no hassles.
Very proffesional.
CheersHi Elkam,
I have on several occassions transferred US dollars to Aus dollars and the company I used was Afex – http://www.afex.com
they opened up a branch in sydney a few years ago but has been in the US for a long time. I had personally met one of their representatives in the US when I was there and I have been very happy with their service. they deal in all currencies and you don't put your money with them. they just take it from whichever account you nominate overseas and transfer it to your australian account. tehy charge a minimal transfer fee.
good luck
JNMThank you both.
I have registered with Ozforex and even though I haven't transferred any funds yet they seem very efficient and professional. After registartion they phoned me to complete the verification process and to ask if I needed more information. Very helpful.
Cheers
Elka
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