Go Back  British Expats > Living & Moving Abroad > Australia
Reload this Page >

Problems leaving money in UK account while in Aus??

Problems leaving money in UK account while in Aus??

Old Oct 26th 2007, 10:06 am
  #1  
Forum Regular
Thread Starter
 
Joined: Mar 2005
Location: Carramar, Perth
Posts: 98
Darren_Karen is just really niceDarren_Karen is just really niceDarren_Karen is just really niceDarren_Karen is just really niceDarren_Karen is just really niceDarren_Karen is just really niceDarren_Karen is just really niceDarren_Karen is just really niceDarren_Karen is just really niceDarren_Karen is just really nice
Default Problems leaving money in UK account while in Aus??

Hi there

just a quick query. Because the exchange rate from £ to $ isn't too good at the moment, we were going to leave the money from the sale of our house, in our UK savings account until the rates improve. I read a thread on here advicing that a money exchange agent (HIFX) wouldn't be able to help with this once we are no longer in UK.

Can anyone advise if they've done this?

My hubby rang HIFX yesterday and they said they'd send a form, but we've just got one confirming authorisation for someone else to act on our behalf. It's very confusing. We fly out next week, and don't want to be in a situation where we can't get at our money.

Thanks

KAREN
Darren_Karen is offline  
Old Oct 26th 2007, 10:09 am
  #2  
Crazy Cat Lady
 
moneypenny20's Avatar
 
Joined: Apr 2004
Posts: 65,493
moneypenny20 has a reputation beyond reputemoneypenny20 has a reputation beyond reputemoneypenny20 has a reputation beyond reputemoneypenny20 has a reputation beyond reputemoneypenny20 has a reputation beyond reputemoneypenny20 has a reputation beyond reputemoneypenny20 has a reputation beyond reputemoneypenny20 has a reputation beyond reputemoneypenny20 has a reputation beyond reputemoneypenny20 has a reputation beyond reputemoneypenny20 has a reputation beyond repute
Default Re: Problems leaving money in UK account while in Aus??

We didn't move any money whilst we were in the UK other than a very very small amount to tide us over. We moved ours over in bits through First Direct - we have our accounts with them and had no issues. I don't see why HiFx can't do the same. We just rang up the transfer section, gave them a password, discussed the rate and amount and it was in our account here within 48 hours.
moneypenny20 is offline  
Old Oct 26th 2007, 10:31 am
  #3  
 
Joined: Oct 2007
Posts: 9,668
TiddlyPom is an unknown quantity at this point
Default Re: Problems leaving money in UK account while in Aus??

I have done this and used Tranzfers - sub company of HIFX

You register and verify your account online over here in Aus, and fax your address etc to prove who you are. Very easy and not a problem. I used a bank statement and driver's license.
This process might have changed since I did it 18 mo ago...so do check.

You then transfer money from your online bank account you've left open in the UK to a holding account....(Make sure you have online access to your UK account before you leave!)
Then TRANZFERS exchange the money and put it into your account.

My advice is not to tell your UK bank what you're doing because they may not be happy with you leaving the country and keeping your account open... Mine gave me some agro... which I ignored.

Each transfer using TRAZFERS cost 7 quid, regardless of the amount.

It was in our account the next working day. I've had nothing but excellent service from these guys and they're a professional outfit with great people working for them.

Hope that helps.
TiddlyPom is offline  
Old Oct 26th 2007, 10:47 am
  #4  
Cobbalobs
 
grossenbol's Avatar
 
Joined: Mar 2006
Location: Ormeau, Gold Coast
Posts: 141
grossenbol is a name known to allgrossenbol is a name known to allgrossenbol is a name known to allgrossenbol is a name known to allgrossenbol is a name known to allgrossenbol is a name known to allgrossenbol is a name known to allgrossenbol is a name known to allgrossenbol is a name known to allgrossenbol is a name known to allgrossenbol is a name known to all
Default Re: Problems leaving money in UK account while in Aus??

We used Commonwealth bank account as they have a London banch, transferred our proceeds into this before leaving UK, then put a tracker on it at 2.38. Automatically transferred when reached this, into our CW account in Brisbane, needless to say 1 week later the rates went up to 2.53 Just our luck tho.
Goodluck .x
grossenbol is offline  
Old Oct 26th 2007, 10:53 am
  #5  
Darwin since Jun 2008
 
TJUK's Avatar
 
Joined: Oct 2007
Location: Darwin
Posts: 294
TJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud of
Default Re: Problems leaving money in UK account while in Aus??

We are planning to keep our UK acct @ HSBC and have my monthly pension paid into it then transfer it eveery couple of months or use as an emergency fund for our children.

All I need to do is give them one of my daughters addresses as a UK contact. I am looking at setting up with Westpac or Comm depends, who has a branch in Darwin and an exchange account to assist in the transfer.
TJUK is offline  
Old Oct 26th 2007, 11:56 am
  #6  
Banned
 
GinaUK's Avatar
 
Joined: Dec 2004
Location: Tapping (Perth)
Posts: 2,619
GinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond repute
Default Re: Problems leaving money in UK account while in Aus??

Originally Posted by TiddlyPom
I have done this and used Tranzfers - sub company of HIFX.
You are getting them confused. Tranzfers is *not* a "sub-company of HiFX".

Tranzfers and Ozforex are part of the same company. HiFX has nothing to with either company.

Tranzfers is for smaller amounts (I think up to £2,000). Each transfer costs £7. Ozforex is for larger amounts and there are no charges. You only need to register with one of them and you can transfer money from the UK with them even if you live in Oz.

With HiFX it's a lot more complicated. You basically register with HiFX UK when you live in the UK. And for as long as you live in the UK you can transfer money to and from the UK.

But once you've moved to Australia, you must be registered with HiFX Australia to be able to transfer money to and from the UK.

Theoretically, you can register with HiFX Australia before you leave the UK. But we tried and failed . They need an Australian address - don't have one yet - and they need copies of bank statements that aren't any older than three months. Well, our Australian bank account has been paperless from the word go, i.e. we've never had a bank statement. And I set our UK bank account to paperless well over three months ago. We therefore can't meet their registration requirements.

So, although we registered with HiFX here in the UK and used them to transfer a large chunk of money, we can no longer use them when we get to Oz.

But, as we're also registered with Tranzfers, we'll use Ozforex for the last chunk of money.

Gina
GinaUK is offline  
Old Oct 26th 2007, 12:20 pm
  #7  
BE Enthusiast
 
gidxg03's Avatar
 
Joined: Feb 2006
Posts: 304
gidxg03 has much to be proud ofgidxg03 has much to be proud ofgidxg03 has much to be proud ofgidxg03 has much to be proud ofgidxg03 has much to be proud ofgidxg03 has much to be proud ofgidxg03 has much to be proud ofgidxg03 has much to be proud ofgidxg03 has much to be proud ofgidxg03 has much to be proud ofgidxg03 has much to be proud of
Default Re: Problems leaving money in UK account while in Aus??

Originally Posted by GinaUK
You are getting them confused. Tranzfers is *not* a "sub-company of HiFX".

Tranzfers and Ozforex are part of the same company. HiFX has nothing to with either company.

Tranzfers is for smaller amounts (I think up to £2,000). Each transfer costs £7. Ozforex is for larger amounts and there are no charges. You only need to register with one of them and you can transfer money from the UK with them even if you live in Oz.

With HiFX it's a lot more complicated. You basically register with HiFX UK when you live in the UK. And for as long as you live in the UK you can transfer money to and from the UK.

But once you've moved to Australia, you must be registered with HiFX Australia to be able to transfer money to and from the UK.

Theoretically, you can register with HiFX Australia before you leave the UK. But we tried and failed . They need an Australian address - don't have one yet - and they need copies of bank statements that aren't any older than three months. Well, our Australian bank account has been paperless from the word go, i.e. we've never had a bank statement. And I set our UK bank account to paperless well over three months ago. We therefore can't meet their registration requirements.

So, although we registered with HiFX here in the UK and used them to transfer a large chunk of money, we can no longer use them when we get to Oz.

But, as we're also registered with Tranzfers, we'll use Ozforex for the last chunk of money.

Gina
Is the only negative thing in doing this (leaving your money behind until rates improve) the tax implications to be paid in Australia on any interest paid on your money? Are there any other reasons not to leave your money till rates improve? This seems a sensable idea.
gidxg03 is offline  
Old Oct 26th 2007, 2:17 pm
  #8  
Forum Regular
 
Joined: Aug 2007
Location: Ferny Hills, Brisbane
Posts: 102
MarkandS is just really niceMarkandS is just really niceMarkandS is just really niceMarkandS is just really niceMarkandS is just really niceMarkandS is just really niceMarkandS is just really niceMarkandS is just really niceMarkandS is just really niceMarkandS is just really niceMarkandS is just really nice
Default Re: Problems leaving money in UK account while in Aus??

Originally Posted by TJUK
We are planning to keep our UK acct @ HSBC and have my monthly pension paid into it then transfer it eveery couple of months or use as an emergency fund for our children.

All I need to do is give them one of my daughters addresses as a UK contact. I am looking at setting up with Westpac or Comm depends, who has a branch in Darwin and an exchange account to assist in the transfer.

Is this the most tax efficient way of doing it? I was looking at having my UK pension paid directly into my Aus bank account once set up. I understand it that the Aus Tax man will want his bit whichever way you do it.

Regards

Mark
MarkandS is offline  
Old Oct 26th 2007, 3:10 pm
  #9  
Banned
 
Joined: Aug 2007
Posts: 375
Sooty and Sweep is just really niceSooty and Sweep is just really niceSooty and Sweep is just really niceSooty and Sweep is just really niceSooty and Sweep is just really niceSooty and Sweep is just really niceSooty and Sweep is just really niceSooty and Sweep is just really niceSooty and Sweep is just really niceSooty and Sweep is just really niceSooty and Sweep is just really nice
Default Re: Problems leaving money in UK account while in Aus??

http://britishexpats.com/forum/showthread.php?t=485444

Good Thread, but i am bias
Sooty and Sweep is offline  
Old Oct 26th 2007, 3:48 pm
  #10  
Darwin since Jun 2008
 
TJUK's Avatar
 
Joined: Oct 2007
Location: Darwin
Posts: 294
TJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud ofTJUK has much to be proud of
Default Re: Problems leaving money in UK account while in Aus??

Mark,

My understanding, after other advice from other people in our profession already out there, is that there is an agreement with the UK/ Oz & NZ that would stop you being taxed twice although I'm sure you still have to declare it. As always this will take a lot of research and probably some professional advice before we make our decision.

Dave
TJUK is offline  
Old Oct 26th 2007, 5:46 pm
  #11  
Forum Regular
 
Joined: Aug 2007
Location: Ferny Hills, Brisbane
Posts: 102
MarkandS is just really niceMarkandS is just really niceMarkandS is just really niceMarkandS is just really niceMarkandS is just really niceMarkandS is just really niceMarkandS is just really niceMarkandS is just really niceMarkandS is just really niceMarkandS is just really niceMarkandS is just really nice
Default Re: Problems leaving money in UK account while in Aus??

Originally Posted by TJUK
Mark,

My understanding, after other advice from other people in our profession already out there, is that there is an agreement with the UK/ Oz & NZ that would stop you being taxed twice although I'm sure you still have to declare it. As always this will take a lot of research and probably some professional advice before we make our decision.

Dave
Dave

I suspect that you are right...another 'task' to add to my growing list at this early stage.

Mark
MarkandS is offline  
Old Oct 26th 2007, 10:55 pm
  #12  
 
Joined: Oct 2007
Posts: 9,668
TiddlyPom is an unknown quantity at this point
Default Re: Problems leaving money in UK account while in Aus??

Originally Posted by GinaUK
You are getting them confused. Tranzfers is *not* a "sub-company of HiFX".

Tranzfers and Ozforex are part of the same company.

Ooops, thanks Gina. My mistake...too much merlot.
TiddlyPom is offline  
Old Oct 26th 2007, 10:57 pm
  #13  
 
Joined: Oct 2007
Posts: 9,668
TiddlyPom is an unknown quantity at this point
Default Re: Problems leaving money in UK account while in Aus??

Originally Posted by GinaUK
You are getting them confused. Tranzfers is *not* a "sub-company of HiFX".

Tranzfers and Ozforex are part of the same company. HiFX has nothing to with either company.

Tranzfers is for smaller amounts (I think up to £2,000). Each transfer costs £7. Ozforex is for larger amounts and there are no charges. You only need to register with one of them and you can transfer money from the UK with them even if you live in Oz.

With HiFX it's a lot more complicated. You basically register with HiFX UK when you live in the UK. And for as long as you live in the UK you can transfer money to and from the UK.

But once you've moved to Australia, you must be registered with HiFX Australia to be able to transfer money to and from the UK.

Theoretically, you can register with HiFX Australia before you leave the UK. But we tried and failed . They need an Australian address - don't have one yet - and they need copies of bank statements that aren't any older than three months. Well, our Australian bank account has been paperless from the word go, i.e. we've never had a bank statement. And I set our UK bank account to paperless well over three months ago. We therefore can't meet their registration requirements.

So, although we registered with HiFX here in the UK and used them to transfer a large chunk of money, we can no longer use them when we get to Oz.

But, as we're also registered with Tranzfers, we'll use Ozforex for the last chunk of money.

Gina
I transfered much higher amounts than 2K with Tranzfers.
TiddlyPom is offline  
Old Oct 27th 2007, 2:07 am
  #14  
BE Enthusiast
 
dave99's Avatar
 
Joined: Jul 2007
Posts: 948
dave99 has a reputation beyond reputedave99 has a reputation beyond reputedave99 has a reputation beyond reputedave99 has a reputation beyond reputedave99 has a reputation beyond reputedave99 has a reputation beyond reputedave99 has a reputation beyond reputedave99 has a reputation beyond reputedave99 has a reputation beyond reputedave99 has a reputation beyond reputedave99 has a reputation beyond repute
Default Re: Problems leaving money in UK account while in Aus??

I have left money in my UK HSBC account, the only scary bit was when my security was said to be invalid and they had to reset it, they said I had to go into a hsbc branch in the UK to do it ! once I explained I was in australia after much confusion on their part they eventually said they could send me some forms to reset it.

HSBC dont seem to be geared up for dealing with international customers. Even though I have a UK HSBC account and an australian HSBC account they might as well be seperate companies as they dont allow any real interaction or communication between the two.

Still waiting for the forms, luckily my partner has access to the UK account online anyway otherwise we would have no access to the hsbc account. So do be careful, if you leave money in the uk
dave99 is offline  
Old Oct 27th 2007, 7:27 am
  #15  
rjs
Forum Regular
 
Joined: May 2006
Location: meadow springs WA
Posts: 88
rjs has a brilliant futurerjs has a brilliant futurerjs has a brilliant futurerjs has a brilliant futurerjs has a brilliant futurerjs has a brilliant future
Default Re: Problems leaving money in UK account while in Aus??

Had a nightmare closing my UK hsbc account from Australia,they made it all sound so easy in my Uk branch before i left .Ended up costing a fortune in calls & being left on hold for hours by a call centre that were useless .That was after filling in all the forms that they gave me
rjs is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.