FiFi

Hi

sorry to be boring .. but just wondering what people are doing with exisiting policies.. I assume we can keep then running in UK via direct debits from UK bank accounts managed on-line... but has anyone tried to use a UK policy to cover an Australian mortgage ?

Also does anyone have any tips for transfering money between personnal Australian and UK bank accounts on-line .. I had a thought I could keep UK credit cards .. pay money in at Australia end and pay money out into UK bank accounts etc at UK end .. anyone tried this or have I lost the plot ...

Amanda&Paul

I was wondering the same. Also with 2 kids and funds to be left in the UK and new funds in Aus - do we need 2 wills!!??

bondipom

How complicated do you want to make it?

Each cross currency transaction costs money. 10 to 15 GBP from UK to Oz for an electronic transfer (good for large value tranactions as the rate is better).

The rate on a credit card transaction is not as good but the fixed costs are lower.

I would minimise international transfers as you are just giving the banks money for nothing.

Another question to ask is how quickly it took new residents to get credit worthy enough for a credit card.

Another note is the ATO gets notified of any international transactions over a certain value (see www.ato.gov.au for details).

FiFi

Kiwipaul

Well I've not figured a way of doing it online yet and I've been out here 10 years. Both my British bank and NZ bank both want something in writing (or fax) before they will transfer money internationally.
Moving money internally from Australia isn't a problem in either NZ or UK, but you cannot move it out of these countries without paperwork. For small amounts you can you EFTPOS and hole in the wall machines but you get lousy exchange rates.

bondipom

When I arrived in OZ I had an old westpac account that I kept going from my working holiday days. I set up an ING Direct savings account on the web which I linked to the Westpac account.

I transferred about 13,000 GBP in one go (charge was 15 GBP from barclays and ex rate was about 2.7). When I arrived I was living with MIL so no rent. I was working within 4 weeks so I was ok for cash.

I remember something about 3 months income to get a credit card. My Australian partner got a card and put me as a 2nd cardholder to minimise fees ($35).

I have no idea about the insurance and I advise you speak to your broker or insurance company as people on this forum do not have access to the fine print of your policy.

I get paid monthly and my partner is paid fortnightly directly into our account.

I have not needed to transfer money internationally since I have arrived. I do not use my UK credit cards here as I would be paying a couple of percent more than if I paid cash or Westpac Visa.

Another Note is that Australian tax residents are supposed to pay tax on any foreign income sources eg interest earned on money in savings accounts sat in the UK.

FiFi

Bondipom

thnaks for the info .... do you know any more about tax / charges on direct debits and cheques ... here I'm kinda used to doing everything via DD... and so long as current account is in credit there is no charges .. but I'm sure I read somewhere that Aus is differnet and there is a tax/charge on all transactions - I could be wrong ... but would be grateful if you could clear this up for me

thanks

bondipom

Please look at the following web sites
www.ingdirect.com.au
www.westpac.com.au
www.anz.com.au
www.hsbc.com.au
www.moneymanager.com.au for a comparison of financial products.

NSW has done away with debits tax on transactions. My westpac account does not have a cheque book but I have not needed a cheque book (electronic transfers). There are DDs here and Westpac count this in their transaction limit.

Lots of people on the site choose HSBC as their charges appear to be competitive. There are transaction charges although some banks waive these if you take out mortgages with them. You generally pay a monthly fee for a fixed no of transactions.

Virgin have just introduced a fee free mastercard.

Other here have opened Commonwealth bank accounts in the UK before they left.

Search for both banks on the forum and you will find plenty of info.

Kiwipaul

Any account you have that has a cheque book tied to it, will involve charges on every transaction that happens on that account (even non cheque transactions).
You just don't need cheque books down here they are bad news as regards charges.

dracupg

www.ozforex.com.au allow you to do it via e-mail. Their exchange rates are very good as well.

bondipom

Wow you can now do it over e-mail. The wife might get suspicious with me on the computer all the time.

Phnaar Phnaar

dracupg

I have a list of left handed websites that may be of interest to you