ANNE&JAY

Hi All,
We are looking for advise regarding what to do with our money. We emigrate on sunday so this is a bit last minute. Can anyone recommend a high interest account that you can open when your homeless and jobless?
We were just going to transfer with moneycorps but looking at the rate and not needing the bulk of our money it looks like the best thing to do is wait until the rate goes up. I do have a basic account with lloyds and have changed the address to my mums. Can someone please, please, please make the rate jump up by tomorrow
Any help would be greatly appreciated
love Annexx

DestinationSydney

:curse: Im with you with the rate Anne, going in June and panicking everytime I look! Im sure any bank would take your money just now but dont know about the timescales to open accounts. Why dont you jst ask Lloyds to transfer it to a high interest savings account. I use internet banking with them which is handy. Good luck with the move

Reading fan

We went with northern rock 6% and they guarantee 100% of your money (if) anything happens - if you have money to invest over £33,000 .You can get more but you get locked into leaving money in the account for longer. Have a good trip

posh10

have u checked 'abbey' out


Diane x

joho

It will depend on how much you have to move over as what is best to do. Savings rates over here are about 8%+ and Newcastle perm offer this rate on an instant access account the only catch being that you have to make either 1 or 2 deposits a month into (not sure if its any amount but think so) you forfit your interest if you take money out in that month. Others do a better rate for term deposit. So you will have to work out what you would loose in interest by keeping it in the uK with what you may or may not gain on the exchange rate by not transfering it, who knows what the exchange rate is going to do in the following months. Doesnt make it any easier though.

Jo

ANNE&JAY

Thanks for all your replies
I decided to transfer £10,000 to help us settle and then the rest has been left in savings account until we need it and the rate improves. Not sure wether I'm doing the right thing
Love Anne xxx

Alan Collett

Maybe have a chat with one of the specialist forex companies - HiFX or UK Forex for example.

www.hifx.co.uk
www.ukforex.co.uk

See also www.bankchoice.com.au

Best regards.

canaveral

Hi,
I have kept my money in England for a year and half now and have just found out that if I transfer it I will have to pay tax on the amount above the exchange rate that it was a year and half ago. This seems so unfair!

Can anyone fill me in on away to avoid this. I have been paying tax in England on my money. It seems the only way would have been if the money was in an acount that was opened before 2003

Alan Collett

I'm not clear why this is unfair ...

In any event, the exchange rate 18 months ago means you are looking at a loss rather than a gain if you have retained GBP's - the exchange rate on 01/10/2006 was 1GBP = AUD2.512.

Best regards.

canaveral

Hi,
Well what would be the point in anyone waiting for the exchange rate to move if they were going to only be taxed on anything above the exchange rate on when they arrived?

ozzieclare2b

i think we are just going to bite the bullet and transfer the lot doesnt look like exchange rate will improve much and we will get mre interest in oz anyway so sometimes its best just to go for it.

canaveral

Maybe, but have the seen the prices of the houses here. Every penny counts!

ozzieclare2b

we are planning on renting for a year anyway so would rather have interest at 8% than 5 lol. But i guess if we keep waiting it could drop i transferred £1000 other day and got 2.06 2 days before it was 2.08, but on £1000 its not alot i guess.

Alan Collett

Because the rate of tax is not equal to 100% of the gain ...

Best regards.

Timber Floor Au

Perhaps Alan, you could give an example for the poster.

i.e. if they had 10,000 pounds in uk acct etc etc.. what the offset and tax implications are...

This may provide some clarity, as i am confused too.