spenner999

Hi guys,

Was wondering what is the best way of bringing the proceeds of my house sale in the UK over to buy a property in Australia. The amount will be approximately £275,000. Can you pay the funds from your UK bank to the Australian property owners representatives directly or do they have to be transferred to an Australian bank first? Are there are tax implications?

Also, I've read threads about leaving "cash" in UK banks and just withdrawing cash at ATMs as you need it until, hopefully, the exchange is better. But if I want to bring some of my savings over, say for instance £20,000, again are there any tax implications involved. I presume there will be a transfer / exchange charge on the above. The funds would either be transferred electronically or by some form of bankers draft.

Cheers,
Spenner

Sherlock Holmes

There are several ways to do this.

You can open an Oz bank account in England with NAB, Commonwealth Bank and HSBC (and others probably). You can then transfer funds between them.

You can open an account in Oz and then use one of the many transfer companies on the net. Often recommended is http://www.ozforex.com.au

All of these incur some costs but I think ozforex would be cheapest.

The tax office will be notified by the banks if the transfer amount is over $10,000 but this is part of the "terrorist threat" checks.

There shouldn't be tax implications.

Tramps_mate

Could I send money between my RBS account and NAB account directly online for example?

Sherlock Holmes

You can, but via ozforex or similar. Not bank to bank (I think). Even if you can, the exchange rate and bank charges will be terrible.

The internet transfer companies are quick, reliable and secure.

Sherlock Holmes

I was nervous of the internet tarnsfer lark when I first started 6 years ago but I have done a transfer once a month at least during that time and never a hitch. That is with www.tranzfers.com who are part if ozforex but used for smaller amounts. You might want to check with RBS the maximum limit you can shift at once.

spenner999

Thanks Sherlock, will have a look at the ones you've mentioned. Was just worried about tax.

spenner999

Just had a look at both www.transfers.com and www.ozforex.com.au and it seems pretty straight forward. Like the idea that there's no fee at all on ozforex above a certain amount, I know they make their money in the exchange rate but every little helps. Cheers Sherlock.

Spenner.

Tramps_mate

I'd be looking at maybe $2000 dollars a month maximum or something..

spenner999

If I've got it correct, using www.transfers.com and you're transferring UK£ to A$ the fee is £7. To transfer the other way, A$ to UK£ it's $15.

direct link to fees:

http://www.tranzfers.com/about-tranzfers/faq

Sherlock Holmes

Yes, you are correct.

Tramps_mate

Cheaper than I was expecting!

How bad an exchange rate do they usually offer?

sassie

There is no tax liability for transfering the funds. The only tax you would be liable for would be any interest you earn once you become a resident.

I believe you can transfer bank to bank, but the fees/exchange rate would definitely not be in yourfavour to do this. as others have said, have a look at oz forex or hi fx, 2 of the main international funds tranfers companies people use.

Pollyana

They're usually pretty good, been using them for ten years and got no complaints

Scotty1

Given the sum you have - look at HSBC Premier. Good exchange rate instant transfers and they set up your bank accounts in Ox for free. You also get am Oz credit card immediately with a $15k limit - helpful for when you arrive.
Downside very few Oz branches

Beoz

Just on that, I have one near work in the city. In the past year I think I've been in it twice. As a premier customer the branch lacking thing has never been an issue.