Nylo

Hi everybody.

The wife and I are looking to return to Aus later this year from the UK (we're dual citizens). We've sold the house ... and that's the problem!
I just can't seem to find out how I get the funds from the UK into Aus.
I have been told by the commonwealth bank (amongst others) that although I can open and account here in the UK, I can't transfer any funds into it at all until I've been into a branch in Aus and completed the ID checks.
After that I can transfer funds in but the problem is that here in the UK HSBC have limits on the amount you can transfer in a day (5000GBP) and anything more has to be done in branch. Even at 5K they say it'll likely trigger their security dept. and get blocked until I verify the transaction, which is fine but ... I'll be in Aus and I have to verify it in the UK.

I've spoken to several banks, my FIL has even been into his CBA branch and spoken to the manager there and they all say the same thing - apply in the UK, go to Aus and verify, return the UK to do an in-branch, over the counter transfer and then re-return to Aus. Surely that can't be correct ... can it?

A few years ago, we were going to return and at that point I could do the transfer in from the UK but I couldn't withdraw anything until the ID checks were complete. That was fine but now you can't do that.
Any help/advice would be greatly appreciated, I'm losing sleep over this

Pollyana

try Westpac - they used to allow you to open an account and deposit money, you just can't withdraw it till you visit a branch in Aus.

Also if you have internet banking in the UK you can move the money any time, use someone like OFX to move it from your uk account to the Aus one once you have opened an account in Aus. Don't see wby it would need to be an in-person transfer?

Nylo

Thanks.
I used to bank with Westpac but unfortunately it seems that they are the same as CBA and all other Aus banks in that you can't deposit money until you are actually there, in fact looking at Westpacs site it doesn't even appear that you can even begin opening an account from o'seas:

• You will need to be in Australia to open an Australian bank account with Westpac (sorry, can't post links yet).

Since covid it seems that everything has changed and (call me a cynic) the banks are using it to reduce costs and services. No different to a lot of other industries I suppose except that banks are a pretty vital nowadays.

Thanks for the tip on OFX, it looks like one of these organizations may be my only option. I hope they're safe, the wife will kill me if I lose the house!

Pollyana

Westpac must have changed their policy then, sorry.

I can recommend OFX, use them regularly, and have done for 20 years, never had a problem with them. I know others on here can also recommend other similar organisations.

spouse of scouse

Another vote for OFX here. I've used it to transfer funds from the sale of our Perth property to the UK, and then vice versa when we moved back to Oz. They operate in both countries and once you're set up with them you can do it all online. You'll also get a better FX rate than any bank would give you.

ianandhelena

Wise, great rates, great service: https://wise.com/

old.sparkles

Westpac have a London branch.

We verified our identities there, and had basic card sent to us in UK. Transferred money before we left UK

ETA - just looked, and maybe that's not possible anymore

Nylo

Thanks spouse of scouse and ianandhelena for the confirmation on OFX and Wise. It looks like that may be my only option but if the rates are better than the banks then it may be a blessing.
I'm still a bit dubious about running such a large amount through their books, maybe I'll do it in smaller chunks, at the current rate of exchange it won't be an issue to take longer I suppose, assuming we can rent in the interim

old sparkles - when was that? Yep, they at least make it blatantly clear on their site unlike some others.
I rang Westpac London on Tues as they were my bank in Aus, hoping that that may have offered me some advantage but they simply said straight away that they couldn't tell me anything about personal accounts, then they transferred me to Aus, who in turn said to ring back during business hours as the 'nighttime team' couldn't help.

As an exercise I went to all the banks websites yesterday and found all of their 'overseas accounts' pages and they all say the same thing - you have to be in Aus.
I thought the internet was supposed to make things better and easier? It's made it worse.
I suppose now at least you can see what you used to have but has been taken away from you in the name of progress.
Now, I have to walk into a bank and show my passport and my 8 years older face because that is what they deem as the most secure method. Yeah, because the tellers eyes are perfect and they'd be able to detect if I was the same person. What if I've grown a beard or got fat fatter??

brits1

Hi how about HSBC Australia we opened a British account whilst still living in Perth WA so hopefully you can do it “the other way around” if you can keep looking at interest rates and transfer amounts when the. Interest is good, you can do increments of $10,00 per time with Ozforex (not sure if that has changed) good luck with the move.

old.sparkles

Ozforex is now OFX - and if you have a large amount to transfer you can contact them for better rates - they are who we used to transfer funds.

rammygirl

I guess they did change policy then. We use OFX and Wise. Wise charge a fee but often I still get more money in the end because of better exchange rate. Fee free is not always best.

oh and do not close your Uk account tell them you are migrating and ask if that will be ok and will they send cards etc. if not move to a bank who will, or at least open a second account. It is impossible to open or even change accounts in Uk if not a resident now. I can’t even open a savings account with the bank I have been with for decades, I am transferring money they already have but still not possible as it will be a new account. I bank with Nationwide and they are fine with overseas address and send new cards here etc.

OzSheila

I think these changes may be due to anti money laundering provisions.
We are back in the UK after several years back in Australia. We left our house sale proceeds in term deposits with UBank who we have had accounts with since 2009.
They wrote to us a few months advising us to find another bank as they are no longer supporting accounts held by non residents. Suspect admin is too onerous.
Although we have an account with NAB their TD interest rates are lousy. Best rates are with the challenger banks none of whom will deal with us.
It’s almost like we are being forced to transfer our funds to UK to avail ourselves of the higher TD rates.

Nylo

You're moving it the right way though, with AUD - GBP at 1.6. I'm going the opposite way! I'll sell a nice house to live in a shed.

I had the same thing as you when Westpac forced me to withdraw my funds after I'd left Aus in 2000. I really wanted to keep the account open or 'parked' if you will, but after a few months they wrote to me and said I had to close the account and withdraw the funds.
I did similar with Midland bank and Halifax when I left the UK in the late 80s. I've since closed the Halifax but still have the Midland account, now HSBC, and they're happy for me keep it whilst in Aus. The lack of monthly fees helps.

I often wondered if there's a means to for individuals to do this between themselves.
Just as an example, since I'll have to leave my funds in the UK, once I'm in Aus we could agree an exchange rate and just do bank transfers to each other from our accounts within the respective countries. We'd save on bank charges, exchange rates etc. Surely we'd be better off.
I guess there would be some sort of money laundering or financial regulation rules to stop it but if circumstances aligned it could save a fortune. Maybe I should set up some sort of bank account swapping service ... bankswap .. ebankswap ... eswapbank

Funny enough I got an email yesterday from a distant cousin in Nigeria who I didn't know I had. He said he'll help me, he said he has $100Mill and if I send him my just some of my money he'll send me all of his $100Mill ... bargain ... maybe I should email him back?

rammygirl

Really? We bank with Westpac and no issue with keeping our account open when back in Uk from 2007 till 2014 with a UK address we paid a 10%withholding tax on any interest but certainly didn’t have to withdraw any funds. We actually transferred funds to buy land and build a house via them whilst still resident in Uk and without a visa.

tdrinker

Don't you still have the problem of the £5k daily transfer limit, because you still have to get the money from HSBC to OFX, Wise or whoever?

Btw £5k is a low limit, other UK banks have much higher limits and you could investigate who's limit is highest limit and open an account with them before you move.