The Cumbrian

exchange pound sterling into Aussie dollars to act as a deposit over here?
Thanks

spouse of scouse

In my experience, the best way is to use a reputable foreign exchange broker. You will get a far more favorable rate than banks will offer you.

I've recently had to move money the other way (Australia to the UK) for a house purchase. Because it was a relatively large sum, I was able to call our FX broker (OzForex in our case) and negotiate an even better rate than the one they offered online. If I'd gone through my bank, it would have cost over AUD$7,000 more to buy the pounds I needed using the broker's online rate, and AUD$6,000 more using the negotiated rate.

paddyo

OzForex......I have never had any issues with them and you can let them give you the rate of the day or you can lock your own in, as it is at the time. I have used to to transfer both ways and always works well.
I did try using my Bank in the UK, Halifax, but there was a 25,000 pound sterling restriction for each day.

renth

That's a really good tip right there, thanks for that!

paulry

Sure is! Thanks SoS

spouse of scouse

You're welcome Renth and Paul - I got the tip originally from BE!

When I rang OzForex from the UK, I didn't tell them that I'd already run a spot deal. The first rate they offered me was less than that rate, which I refused, and the second was equal to it. At that point I told them that they'd only matched their online spot deal rate, and I'd be checking another couple of brokers to see if I could get a better rate. Only then did they up their offer. If you're going to call them and negotiate, go in hard

paulry

On the subject of us (as non-UK-residents) selling our UK properties, there is a new UK tax liability:

https://www.gov.uk/capital-gains-tax...ntial-property

Alfresco

Glad we sold ours before 5th April 2015.

The screws are tightening.

paulry

Looks like we'll escape it too since it only applies to value gains since 5th April. We put our house on the market in May or June and secured a sale last month. But it looks like it'll be a tougher decision for those who are yet to emigrate and thinking of letting out their homes for 5 years or so.

spouse of scouse

Ta for the info Paul

paulry

You're welcome. 'Glad to return the favour

Alfresco

Yes indeed!

paulry

A bit of a pain. My wife and I have to each fill out this form within 30 days of conveying the property:
https://online.hmrc.gov.uk/shortform...ww.hmrc.gov.uk - whether or not we have a taxable gain (https://www.gov.uk/guidance/capital-...CGT-report-pay).

OzTennis

We have used Ozforex and sister company UKforex for moves both ways AUD/STG and STG/AUD without any problems at all; as said make contact with a dealer rather than do it online. HIFX were also excellent (as was the Commonwealth Bank in London but as said a slightly poorer rate with a bank, even it's migration section).

Rhubarb65

Thanks for letting us know about this! We are slightly over the 30 day notification limit, so we'll see how that goes