selling house in England. What is the best way to...
 

exchange pound sterling into Aussie dollars to act as a deposit over here?
Thanks

Re: selling house in England. What is the best way to...
 

In my experience, the best way is to use a reputable foreign exchange broker. You will get a far more favorable rate than banks will offer you.

I've recently had to move money the other way (Australia to the UK) for a house purchase. Because it was a relatively large sum, I was able to call our FX broker (OzForex in our case) and negotiate an even better rate than the one they offered online. If I'd gone through my bank, it would have cost over AUD$7,000 more to buy the pounds I needed using the broker's online rate, and AUD$6,000 more using the negotiated rate.

Re: selling house in England. What is the best way to...
 

OzForex......I have never had any issues with them and you can let them give you the rate of the day or you can lock your own in, as it is at the time. I have used to to transfer both ways and always works well.
I did try using my Bank in the UK, Halifax, but there was a 25,000 pound sterling restriction for each day.

Re: selling house in England. What is the best way to...
 

That's a really good tip right there, thanks for that! :goodpost:

Re: selling house in England. What is the best way to...
 

:goodpost: Sure is! Thanks SoS :cool:

Re: selling house in England. What is the best way to...
 

You're welcome Renth and Paul - I got the tip originally from BE!

When I rang OzForex from the UK, I didn't tell them that I'd already run a spot deal. The first rate they offered me was less than that rate, which I refused, and the second was equal to it. At that point I told them that they'd only matched their online spot deal rate, and I'd be checking another couple of brokers to see if I could get a better rate. Only then did they up their offer. If you're going to call them and negotiate, go in hard :thumbup:

Re: selling house in England. What is the best way to...
 

On the subject of us (as non-UK-residents) selling our UK properties, there is a new UK tax liability:

https://www.gov.uk/capital-gains-tax...ntial-property

Re: selling house in England. What is the best way to...
 

Glad we sold ours before 5th April 2015. :thumbup:

The screws are tightening. :thumbdown:

Re: selling house in England. What is the best way to...
 

Looks like we'll escape it too since it only applies to value gains since 5th April. We put our house on the market in May or June and secured a sale last month. But it looks like it'll be a tougher decision for those who are yet to emigrate and thinking of letting out their homes for 5 years or so.

Re: selling house in England. What is the best way to...
 

Ta for the info Paul :thumbup:

Re: selling house in England. What is the best way to...
 

You're welcome. 'Glad to return the favour :)

Re: selling house in England. What is the best way to...
 

Yes indeed!

Re: selling house in England. What is the best way to...
 

A bit of a pain. My wife and I have to each fill out this form within 30 days of conveying the property:
https://online.hmrc.gov.uk/shortform...ww.hmrc.gov.uk - whether or not we have a taxable gain (https://www.gov.uk/guidance/capital-...CGT-report-pay). :thumbdown:

Re: selling house in England. What is the best way to...
 

We have used Ozforex and sister company UKforex for moves both ways AUD/STG and STG/AUD without any problems at all; as said make contact with a dealer rather than do it online. HIFX were also excellent (as was the Commonwealth Bank in London but as said a slightly poorer rate with a bank, even it's migration section).

Re: selling house in England. What is the best way to...
 

Thanks for letting us know about this! We are slightly over the 30 day notification limit, so we'll see how that goes