nosuchluck

Help!!!!
spoke to our selling agent today and our conveyancer and both think that the agreed completion date 1st September is looking unlikely but that the 3rd September is more probable, this is better in some ways as it means less time with the in laws BUT how does it affect the following:

We have opened an account with the Commonwealth Bank of Australia and have instructed our conveyancer to pay the equity from the sale into that account but we leave the country on the following Tuesday the 7th, which only leaves the Monday to sort out our finances, do we have to let the CBA know to exchange the money from sterling into Australian Dollars or can we just leave the money in there as sterling and draw on it in Brisbane as Australian Dollars????

Sorry its so long winded but i am really confused and starting to panic a bit!
Thanks in advance
Rach x

Hels

Hi ya Rach

Now, this is only what I think, not entirely what I know....so if anyone comes along and contradicts me...go with their advice

I am pretty sure you have to instruct Comm Bank to convert it and send it to Oz. You know when you get to Oz you need to go into Comm Bank to activate your Australian account right? Well they will send the money to the Oz account....already in Oz dollars.

I think you can do it in chunks though. Like if you have £50k and you just want to send half to start with, and send the other half when the exchange rate is better, you can do that. But I think there are tax implications on the difference of the increase you make after you arrive in Oz....Not sure but I am sure I read something about that....

Hope this helps a wee bit hon

Hels

nosuchluck

Thanks Hels
may have to ring them tomorrow to see what happens, wouldn't mind but we may only have that Monday 6th, to sort everything out! Still at least there won't be time for last minute tears!
thanks again
Rach xxx

wmoore

Hey Rach, I've just been looking at the CBA application forms and the info says:

nosuchluck

Thanks for reply, so in that case i don't have to worry do i?
with regards
Rach x

Go Banana's !!

Hi Rach,

Just a word of warning on my recent experiences on transferring money via the CBA. They are very good BUT allow plenty of time for the transfer unless you pay extra to do it urgently.

For example, when I transfer Jill her living expenses I usually send it on the 27th of the month electronically from the Natwest to the CBA, it normally arrives (allowing for the weekend) in our CBA account in Perth on or around thr 3rd of the following month. They always tell me to allow 5 days. As Wayne quite rightly says, the amount is transferred into Oz dollars as soon as it hits you London CBA account.

I'm not sure how this affects you predictament but good luck anyway.

Warren
Nearly there but not quite.......... :scared:

I'd hate for yout to get caught with the timing of it after all the preparation in everything else.

Boomie

when we did a tranfer from the halifax...... there is a section on the computer which asks if there is any instructions to go along with the money.....

which we said ....don't transfer into $ until you are notified to do so....(as the $ rate had dropped)

love boomie
xx

marie66

Some confusion here- probably only confusing to me as I am no finanacial expert
We opened account with bulk of our money off sale of house. Money was due in on 9th July(friday) - due to last minute hitches on sale money did not get transferred until 12th(monday). CBA were on the ball and phoned us the day the money went in asking if we wanted to convert immediately or wait to see what happened to exchange rate. Being the financial experts we are (NOT!!!) we pondered over a couple of days(did a bit of research) and decided to convert 2 days later. OK rate may well go up but we received a decent amount of interest off the CBA(credited straight to account) (Don't ask me why) Can only say we are very happy with deal and money is now in Perth - all we have to do is go into branch to activate account (appointment booked) 2 days after we land. Well we do need to recover fom welcoming party and also have appointement with Centrelink the day previsous to get tax no etc etc...

If worse comes to worse remember you have e mail access to contact within Bank. I e-mailed our contact in CBA this morning as we may have found good investment property and had a number of questions. He e-mailed back within a couple of hours.

Good luck I am sure it will all work out or as us Geordies say " it 'll all work oot"

nosuchluck

Thanks to everyone for their replies, just going to make sure the equity from our sale goes into CBA account and hope for the best when we get to the other side! Bloody hope we complete before we leave the UK though!
Still not going to change my username, not till we reach Brissie!
Hugs to you all
Rach x

Go Banana's !!

I'm sure it will be fine Rach, whatever happens.

Good luck

Warren

robertd

Dear Rach,
I havent spoke to you for ages, it seems only yesterday you were talking about coming out and now you are almost here. How are things in Parkstone? Still the same I expect. You will love it here I am sure. The winter weather here right now is 24 degrees, its probably warmer here in winter than back home in Summer. Did you do anymore about your tattoo. Tattoos are alot more money to have done out here. I havent been on the forum for a while now coz the old man has put me out to work!!!!!Iam working in Robina at Target, so if your around here soon,come and see me. Take care, hope all goes well, give our love to parkstone. The Echo are running a feature on us over the next few weeks or two, it should be in there. I did a telephone interview to them and emailed them some pics of us here. Keep your eyes open for it. Should be a laugh to see what they have printed!!!! Louisa

Loopy

When we came over things were very tight time wise so we decided to give my hubby's father power of attorney for both of us. It didn't cost much at the local solicitors & has proved invaluable. He's been able to do lots of things for us that we'd forgotten about - not being the most organised of peeps!

Might be worth thinking about

Loopy