Help, biting the bullet next year. Thanks for reading!
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http://www.nationwideinternational.c...ng_tracker.htm
Hi,
Maybe going to live in Oz next year for a while? Not willing to exchange at less than 2.5, so might have to wait a while yet?
Anyway thinking of tucking a few bob away in the account above.
What are you thoughts, any experieces?
My thoughts are.
1) I can access the money from Australia, so i can CHAPS it to my forex account when i want to exchange it over to Oz dollars when the exchange rate inproves.
2) The rate is good, i can pay tax on the interest in Oz as i will be a Oz resident, so will recieve the interest GROSS, as i will be living on the interest for some time.
3) I have a Nationwide Flex account, so can have the interest paid into this account monthly and draw it out in Oz dollars at the hole in the wall.
I know i am at the mercy of the exchange rate.
Once the exchange rate improves i can CHAPS the lot to my forex account, who will then send it to my building society account on OZ.
Thanks for reading, and Ta for any feed back.
Hi,
Maybe going to live in Oz next year for a while? Not willing to exchange at less than 2.5, so might have to wait a while yet?
Anyway thinking of tucking a few bob away in the account above.
What are you thoughts, any experieces?
My thoughts are.
1) I can access the money from Australia, so i can CHAPS it to my forex account when i want to exchange it over to Oz dollars when the exchange rate inproves.
2) The rate is good, i can pay tax on the interest in Oz as i will be a Oz resident, so will recieve the interest GROSS, as i will be living on the interest for some time.
3) I have a Nationwide Flex account, so can have the interest paid into this account monthly and draw it out in Oz dollars at the hole in the wall.
I know i am at the mercy of the exchange rate.
Once the exchange rate improves i can CHAPS the lot to my forex account, who will then send it to my building society account on OZ.
Thanks for reading, and Ta for any feed back.
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I just looked at this and it seems a very good idea. ![Thumbs Up](https://britishexpats.com/forum/images/smilies/thumbsup.gif)
Like you, we already have a Flex account. I read through the T&C for the Base Rate Tracker and it said you can deposit and withdraw via another account with the same company BUT reading later on, Nationwide International is a different company to Nationwide BS. (To open an account they actually need certified documents - even if you are an existing Nationwide BS customer.) So I'm not sure if transferring between accounts would be possible. A question to ask!
If it is possible to transfer via internet banking we would certainly open this account.
BTW tonight I have also been looking at Westpac's sterling account which is possible to open via cheque once in Oz.
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Like you, we already have a Flex account. I read through the T&C for the Base Rate Tracker and it said you can deposit and withdraw via another account with the same company BUT reading later on, Nationwide International is a different company to Nationwide BS. (To open an account they actually need certified documents - even if you are an existing Nationwide BS customer.) So I'm not sure if transferring between accounts would be possible. A question to ask!
If it is possible to transfer via internet banking we would certainly open this account.
BTW tonight I have also been looking at Westpac's sterling account which is possible to open via cheque once in Oz.
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Hello there FlyAway!![Big Grin](https://britishexpats.com/forum/images/smilies/biggrin.gif)
Glad to see you have managed to offload your properties, i was following your tale up until about 7 months ago, work commitments now etc.![Sneaky](https://britishexpats.com/forum/images/smilies/sneaky.gif)
YES YES YES
Anyway, yes you have your interest paid into your flex account, it has to be paid away, so into your current account!![Wink](https://britishexpats.com/forum/images/smilies/wink.gif)
Yes you will need to identify your self again MAYBE, but do it prior to leaving the UK, that way your cash is nice and safe here or in the ISLE OF MAN until the rate of exchange improves?![Wink](https://britishexpats.com/forum/images/smilies/wink.gif)
Any more feed back please feel free i am looking for good arguments against my idea?
![Big Grin](https://britishexpats.com/forum/images/smilies/biggrin.gif)
Glad to see you have managed to offload your properties, i was following your tale up until about 7 months ago, work commitments now etc.
![Sneaky](https://britishexpats.com/forum/images/smilies/sneaky.gif)
Anyway, yes you have your interest paid into your flex account, it has to be paid away, so into your current account!
![Wink](https://britishexpats.com/forum/images/smilies/wink.gif)
Yes you will need to identify your self again MAYBE, but do it prior to leaving the UK, that way your cash is nice and safe here or in the ISLE OF MAN until the rate of exchange improves?
![Wink](https://britishexpats.com/forum/images/smilies/wink.gif)
Any more feed back please feel free i am looking for good arguments against my idea?
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Last edited by Sooty and Sweep; Dec 31st 2008 at 8:42 am.
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Hello there FlyAway!![Big Grin](https://britishexpats.com/forum/images/smilies/biggrin.gif)
Glad to see you have managed to offload your properties, i was following your tale up until about 7 months ago, work commitments now etc.![Sneaky](https://britishexpats.com/forum/images/smilies/sneaky.gif)
YES YES YES
Anyway, yes you have your interest paid into your flex account, it has to be paid away, so into your current account!![Wink](https://britishexpats.com/forum/images/smilies/wink.gif)
Yes you will need to identify your self again MAYBE, but do it prior to leaving the UK, that way your cash is nice and safe here or in the ISLE OF MAN until the rate of exchange improves?![Wink](https://britishexpats.com/forum/images/smilies/wink.gif)
Any more feed back please feel free i am looking for good arguments against my idea?![Thumbs Up](https://britishexpats.com/forum/images/smilies/thumbsup.gif)
![Big Grin](https://britishexpats.com/forum/images/smilies/biggrin.gif)
Glad to see you have managed to offload your properties, i was following your tale up until about 7 months ago, work commitments now etc.
![Sneaky](https://britishexpats.com/forum/images/smilies/sneaky.gif)
YES YES YES
Anyway, yes you have your interest paid into your flex account, it has to be paid away, so into your current account!
![Wink](https://britishexpats.com/forum/images/smilies/wink.gif)
Yes you will need to identify your self again MAYBE, but do it prior to leaving the UK, that way your cash is nice and safe here or in the ISLE OF MAN until the rate of exchange improves?
![Wink](https://britishexpats.com/forum/images/smilies/wink.gif)
Any more feed back please feel free i am looking for good arguments against my idea?
![Thumbs Up](https://britishexpats.com/forum/images/smilies/thumbsup.gif)
How's it going with you? When are you thinking of moving?
Glad to see that you have read more throughly than me - I blame the bottle of wine I drank tonight, it being NYE.
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Yep i read your saga very interesting i must say, you maybe missed the peak of selling around summer 2006, but hey, life is life.![Smile](https://britishexpats.com/forum/images/smilies/smile.gif)
The way i look at it is, the difference between 2.1 and 2.7 on a five figure sum is alot; no a hell of alot. It is something which must be looked into?![Wink](https://britishexpats.com/forum/images/smilies/wink.gif)
Anyway my original post, and please anybody reading it, tear it apart if there are any flaws, it relates to preserving rate of return and capital so hopefully a way out for me and you next year, should the rate not return in our favour?
Its just i am looking for replies to seasoned expats, but yes it is going well, should be heading to the Gold Coast next year, rent till prices resume a decent cost to outlay ratio, then buy maybe, but who know's it looks like Oz is not going to be affected the same way as the UK, just our luck hey?
Happy New Year Fly Away!!!!
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The way i look at it is, the difference between 2.1 and 2.7 on a five figure sum is alot; no a hell of alot. It is something which must be looked into?
![Wink](https://britishexpats.com/forum/images/smilies/wink.gif)
Anyway my original post, and please anybody reading it, tear it apart if there are any flaws, it relates to preserving rate of return and capital so hopefully a way out for me and you next year, should the rate not return in our favour?
Its just i am looking for replies to seasoned expats, but yes it is going well, should be heading to the Gold Coast next year, rent till prices resume a decent cost to outlay ratio, then buy maybe, but who know's it looks like Oz is not going to be affected the same way as the UK, just our luck hey?
Happy New Year Fly Away!!!!
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Last edited by Sooty and Sweep; Dec 31st 2008 at 9:02 am. Reason: Six figure sum was a joke!!
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Yep i read your saga very interesting i must say, you maybe missed the peak of selling around summer 2006, but hey, life is life.![Smile](https://britishexpats.com/forum/images/smilies/smile.gif)
It was a pain - accepted an offer back in June 2007 but the buyers messed us around and pulled out when the market started to drop in September. After that it was a lost cause.![Blink](https://britishexpats.com/forum/images/smilies/blink.gif)
The way i look at it is, the difference between 2.1 and 2.7 on a five figure sum is alot; no a hell of alot. It is something which must be looked into?![Wink](https://britishexpats.com/forum/images/smilies/wink.gif)
Yes it's a hell of a lot.
We were lucky and got 2.3 on a chunk but missed the 2.6 as we hadn't exchanged and I didn't dare forward fix. Wish I had now.
Like you we are keeping our equity in sterling until the rate hopefully improves.
Anyway my original post, and please anybody reading it, tear it apart if there are any flaws, it relates to preserving rate of return and capital so hopefully a way out for me and you next year, should the rate not return in our favour?
It seems like as a 'batch' of migrants the 2008 applicants are cursed....
Its just i am looking for replies to seasoned expats, but yes it is going well, should be heading to the Gold Coast next year, rent till prices resume a decent cost to outlay ratio, then buy maybe, but who knows it looks like Oz is not going to be affected the same way as the UK, just our luck hey?
Happy New Year Fly Away!!!!![Thumbs Up](https://britishexpats.com/forum/images/smilies/thumbsup.gif)
![Smile](https://britishexpats.com/forum/images/smilies/smile.gif)
It was a pain - accepted an offer back in June 2007 but the buyers messed us around and pulled out when the market started to drop in September. After that it was a lost cause.
![Blink](https://britishexpats.com/forum/images/smilies/blink.gif)
The way i look at it is, the difference between 2.1 and 2.7 on a five figure sum is alot; no a hell of alot. It is something which must be looked into?
![Wink](https://britishexpats.com/forum/images/smilies/wink.gif)
Yes it's a hell of a lot.
![Thumb Down](https://britishexpats.com/forum/images/smilies/thumbdown.gif)
![Unsure](https://britishexpats.com/forum/images/smilies/unsure.gif)
Anyway my original post, and please anybody reading it, tear it apart if there are any flaws, it relates to preserving rate of return and capital so hopefully a way out for me and you next year, should the rate not return in our favour?
It seems like as a 'batch' of migrants the 2008 applicants are cursed....
Its just i am looking for replies to seasoned expats, but yes it is going well, should be heading to the Gold Coast next year, rent till prices resume a decent cost to outlay ratio, then buy maybe, but who knows it looks like Oz is not going to be affected the same way as the UK, just our luck hey?
Happy New Year Fly Away!!!!
![Thumbs Up](https://britishexpats.com/forum/images/smilies/thumbsup.gif)
![Blink](https://britishexpats.com/forum/images/smilies/blink.gif)
One question which just occured to me is the safety of the account - is it guaranteed by the Gov?? I presume not.
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If you have either 100k or 200k or 300k or 400k or more then its tuff you should not hold so much paper currency, but life is about risk and those who are willing to risk are those who lose the most or gain very little?
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No seriously, risk is not my concern, my concern is going and exchanging at 2.7, then if it does not go to plan returning at 2.1?
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Not the other way round?
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Just a few things to check.....
Are the rules on the UK accounts the same once you are resident in Oz? Non-UK residents can be treated differently.
Are there any limits on transfer amounts in one transaction? Can you do it all from Oz without needing to fax/write to the UK? Again, it's the rules for non-UK residents you need to check.
Lots of transactions we took for granted in the UK just weren't possible in the same way once we were residents here, and rules change frequently without anyone letting you know!
Are the rules on the UK accounts the same once you are resident in Oz? Non-UK residents can be treated differently.
Are there any limits on transfer amounts in one transaction? Can you do it all from Oz without needing to fax/write to the UK? Again, it's the rules for non-UK residents you need to check.
Lots of transactions we took for granted in the UK just weren't possible in the same way once we were residents here, and rules change frequently without anyone letting you know!
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Just a few things to check.....
Are the rules on the UK accounts the same once you are resident in Oz? Non-UK residents can be treated differently.
Are there any limits on transfer amounts in one transaction? Can you do it all from Oz without needing to fax/write to the UK? Again, it's the rules for non-UK residents you need to check.
Lots of transactions we took for granted in the UK just weren't possible in the same way once we were residents here, and rules change frequently without anyone letting you know!
Are the rules on the UK accounts the same once you are resident in Oz? Non-UK residents can be treated differently.
Are there any limits on transfer amounts in one transaction? Can you do it all from Oz without needing to fax/write to the UK? Again, it's the rules for non-UK residents you need to check.
Lots of transactions we took for granted in the UK just weren't possible in the same way once we were residents here, and rules change frequently without anyone letting you know!
If i am incorrect please feel free to blaze me with written correctness!!!
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Paying money into a sterling account by Direct Electronic Transfer (Telegraphic Transfer) from a bank within the UK
http://www.nationwideinternational.c...uktransfer.htm
Taking money out of a sterling account by Direct Electronic Transfer (Telegraphic Transfer)
http://www.nationwideinternational.c...g_transfer.htm
Payment of monthly interest - sterling account
http://www.nationwideinternational.c...ng_monthly.htm
Withdrawals
http://www.nationwideinternational.c...ithdrawals.htm
General terms and conditions
Monthly interest
Monthly interest can be: paid to another Nationwide International account; paid directly to a Nationwide Building Society current or instant access account, or any other UK bank or building society current account; or paid into a bank outside the UK (subject to charges). Monthly interest cannot be added to your account.
Taking Money Out
You can take money out of your account in the following ways:
by direct electronic transfer (telegraphic transfer - CHAPS/SWIFT);
by cheque;
by BACS (Sterling accounts only);
by transfer to any other account you hold with the company.
Paying Money In
You can pay money into your account in the following ways:-
by direct electronic transfer (telegraphic transfer - CHAPS/SWIFT);
by cheque;
by bank draft;
by BACS or Standing Order; (for transferring Sterling and Euro only)
by Direct Debit; (for transferring Sterling only)
by transferring the money from any other account you hold with the company.
http://www.nationwideinternational.c...uktransfer.htm
Taking money out of a sterling account by Direct Electronic Transfer (Telegraphic Transfer)
http://www.nationwideinternational.c...g_transfer.htm
Payment of monthly interest - sterling account
http://www.nationwideinternational.c...ng_monthly.htm
Withdrawals
http://www.nationwideinternational.c...ithdrawals.htm
General terms and conditions
Monthly interest
Monthly interest can be: paid to another Nationwide International account; paid directly to a Nationwide Building Society current or instant access account, or any other UK bank or building society current account; or paid into a bank outside the UK (subject to charges). Monthly interest cannot be added to your account.
Taking Money Out
You can take money out of your account in the following ways:
by direct electronic transfer (telegraphic transfer - CHAPS/SWIFT);
by cheque;
by BACS (Sterling accounts only);
by transfer to any other account you hold with the company.
Paying Money In
You can pay money into your account in the following ways:-
by direct electronic transfer (telegraphic transfer - CHAPS/SWIFT);
by cheque;
by bank draft;
by BACS or Standing Order; (for transferring Sterling and Euro only)
by Direct Debit; (for transferring Sterling only)
by transferring the money from any other account you hold with the company.
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#11
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I get uncomfortable when people say things like "until the rate improves". As if there's some rate that is the "natural" rate, and it will return to that. It's usually a rate that they have seen at some stage and are willing it back there!
I have been talking to someone here who thinks it's going to be parity late this year. I don't think so, because there are few things holding the dollar up and one is the Australian interest rates. So if you think Dear Leader will drop rates again soon, the exchange rate will "improve" for UK folk.
I certainly hope it does - my remittance from the UK each month has dropped by one hell of a lot this last year!
I have been talking to someone here who thinks it's going to be parity late this year. I don't think so, because there are few things holding the dollar up and one is the Australian interest rates. So if you think Dear Leader will drop rates again soon, the exchange rate will "improve" for UK folk.
I certainly hope it does - my remittance from the UK each month has dropped by one hell of a lot this last year!
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#12
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The NW International acc is held in the IoM, so UK bank deposit guarantees do not apply.
If you pay the interest into your Flex account and use the hole-in-the-wall in Oz you will get an abysmal exchange rate, charges of many shades from the Ozzie banking system.
Have you thought about having a bank account with sterling and A$ components? That way you can convert money as and when you need it and immediately transfer it to an Oz acc here with minimum charges. We use an offshore Natwest acc in this way (ie based in either CI or IoM).
If you pay the interest into your Flex account and use the hole-in-the-wall in Oz you will get an abysmal exchange rate, charges of many shades from the Ozzie banking system.
Have you thought about having a bank account with sterling and A$ components? That way you can convert money as and when you need it and immediately transfer it to an Oz acc here with minimum charges. We use an offshore Natwest acc in this way (ie based in either CI or IoM).
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#13
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