Hi there,
Could anyone give us some advice on money exchange. We were advised to keep out money in accounts in Scotland and transfer money gradually as and when we need it, due to high tax etc in Oz. Alternatively i know there are a few money exchange companies on the go, however we are confused as to which is the best route to go down? Any help/advice would be much appreciated!!!
We're heading to Perth in August this year.

Thanks alot x

We use tranzfers http://www.tranzfers.com/refer.asp?r=molloymj they charge you a flat rate of 7 pounds to transfer money at good rates and we have done what you are planning to do (spread our transfers over the last year).

Good luck!

www.hifx.co.uk or www.moneycorp.co.uk are good and don't charge for the transaction, moneycorp tend to give a slightly better exchange rate though.

HTH

Sara

We used and are using First Direct - we have accounts with them in the UK - they have given us great rates and not charged us, we have moved two lots over so far and have one more batch to get over which we will be be doing shortly.

[QUOTE=Ballyharry01]Hi there,
Could anyone give us some advice on money exchange. We were advised to keep out money in accounts in Scotland and transfer money gradually as and when we need it, due to high tax etc in Oz.



It doesnt matter where you have your money, Oz will still tax you.

Andy

why do it gradually, instead of in one go?

Thanks for this, must try and get some information from them.

K

Mate..I'd have a word with whoever gave you that advice. Maybe he means move it bit by bit without declaring anything.

You won't be taxed if you transfer it when you emmigrate...BUT you will be taxed if you make a fx gain on any transfer after your arrival date.

Plus...you will get a better rate the more you transfer in one go.

TC

so, if the house sells, we are okay transferring all the money in one go whilst we are still over here? will we still get taxed on it?

No you won't

looking to pick up on this thread ,
if i understand this correctly i will not be taxed by Oz goverment for a one time time transfer from proceeds of a house sale (emigration purposes )
What happens if i leave say £10000 in a uk account to pay the final bills and then transfer the remainder after all debts cleared , would that be treated in the same way . Its probably a bit late now coz I am hoping to complete on the house sale within the next week or so and then fly out to a new world on June 15
Thanks for any advice
Tony

thanks wendy.

Any interest you gain on the £10,000 will be subject to capital gains tax in OZ. Just make sure you fill in a form at the bank in the UK so you don't pay tax here as well.

so the best bet is to get as much money as possible over in one hit in order to avoid tax complications on both sides of the world
Do you have to declare how much £/$ you are taking to Oz and if so how precise does that figure have to be?
thanks again
Tony