Anyone know the costs involved with transferring savings to Australia?

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Feb 17th 2009, 7:17 pm

BeachBassist

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Anyone know the costs involved with transferring savings to Australia?

are there any taxes involved? Usually only profits are taxed but anyone have any problem transferring their personal savings to oz?

Feb 17th 2009, 10:20 pm

ABCDiamond

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Re: Anyone know the costs involved with transferring savings to Australia?

Quote:

Anyone know the costs involved with transferring savings to Australia?

The bank charged me £10. HSBC to HSBC.

No tax of course, as there was no profits.

Feb 17th 2009, 11:22 pm

skinnygeorge

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Re: Anyone know the costs involved with transferring savings to Australia?

Transfered large wedge from Lloyds to ANZ account,£25 but exchange rate as good as HiFx.Very surprised,No drama,And a text message later in the day to confirm transfer.

Feb 17th 2009, 11:43 pm

ABCDiamond

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Re: Anyone know the costs involved with transferring savings to Australia?

Quote:

Originally Posted by skinnygeorge

Transfered large wedge from Lloyds to ANZ account,£25 but exchange rate as good as HiFx.Very surprised,No drama,And a text message later in the day to confirm transfer.

I got phone call for mine, from HSBC, but he didn't realise I was in Australia, he rang at about 2am in the morning !!

It is a call I will never forget, as I wasn't too awake when I got the call, and I jumped for joy when I heard how much I had received, and my hand was hit by the revolving ceiling fan!

Feb 17th 2009, 11:54 pm

BeachBassist

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Re: Anyone know the costs involved with transferring savings to Australia?

thanks guys. how can you profit from transfer of savings? so they will tax you?

what about paying stamp tax on the transfer?

Feb 17th 2009, 11:56 pm

ABCDiamond

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Re: Anyone know the costs involved with transferring savings to Australia?

Quote:

Originally Posted by BeachBassist

thanks guys. how can you profit from transfer of savings? so they will tax you?

what about paying stamp tax on the transfer?

Can't help on that, I am allergic to finding ways that cause tax to be paid.

No stamp tax on transfer.

Feb 18th 2009, 12:04 am

BeachBassist

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Re: Anyone know the costs involved with transferring savings to Australia?

Quote:

Originally Posted by ABCDiamond

Can't help on that, I am allergic to finding ways that cause tax to be paid.

No stamp tax on transfer.

cool. thanks.

just was asking cause a friend of mine moved to the UK and he said he had to pay stamp tax of transfer of his savings to the UK. thought it might be the same to Australia.