sion

Hi,
I have a property in the UK which I will be renting out whilst living in Aus
could anyone help or give advice on how the money gets transferred to an Aus bank account and what fees are involved I.e exchange rates and tax.

I am selling my own home which means I will be bringing approx £25,000 to aAustraliato start off. I was thinking of selling my other property but I thought I would keep it as a safety net in england just in case.

any advice would be great

Sion

mjj

We will also be renting our house out when we leave for Brisbane in September. Our plan is to keep our U.K bank account for the rental income. We will only be left with approx £200 per month after the mortgage payment and the estate agent letting fee. This money will be put to one side for essential repairs to the house.

The transfer fees to an Oz account will surely vary from bank to bank.

joho

The easiest way would be to leave a uk account open for the money and pay house insurance and such from it. Open a trazfers account which is great for little and often amounts or ozforex for larger amounts and when you feel you need to transfer some money do it through them, its very easy and costs about £7 a time but the rate is better than a bank offers. Remeber that profit will be taxed and if you decide to buy in oz before you sell it, get it valued properly for capital gains tax.

We reneted out for a year but have now sold and should recieve are money in oz tomorrow.

Jo

halcyon 52

Hi.

I will rent my house out in the U.K and have the money paid into my cuurent Nationwide account.
I can withdraw from machines in Oz and there are no fees so it is very easy in that respect. I do go through a new card every year though which is the only drawback I can see as I need to be in the U.K to do this I think .

on3ill

It is our intention to rent our UK place when we go. As Halcyon says, the Nationwide is the cheapest when it comes to draining cash from a UK account overseas (cost: zero, fx rate: daily spot rate). This was also my intention although I hadn't thought about card renewals. However, they should just post out new ones to your (care of) address in the UK so you can get relatives to forward it to you via airmail. If not then perhaps just report the card lost 2 months before its expiry.

Just my 0.02.

ljj

Hi, we rented our house out and left our First Direct account open for the money to go into. You have access via internet banking if you need to move it over but we have left it in the UK as we wanted to make sure there was still money there to pay the mortgage if the property was empty for a while.

Also, if and when we vist the UK we have spending money waiting there for us that we don't have to worry about saving or what the exchange rate is like.

LJJ