Transfering Funds to Oz
May 1st 2005, 9:38 am
#1
Now..just your usual Pom
Thread Starter
Joined: Aug 2004
Location: Gympie, Qld
Posts: 156
Transfering Funds to Oz
Can anyone gime me advice on the best way to go about this...
At the moment i have funds from the house sale, sat in a bank account... so in terms of transfering it over to Oz, any recomendations on who to use for making the transfer and ...when is the best time to do this ?
Are there any restrictions or watch out's ... like :
Accessing my UK bank account once over in Oz ?
Do i have to do this before leaving the UK .. or can i do it from over in Oz ?
Getting the best exchange rate ?
Tax on the ammount transfered ?
any help / advice would be much appreciated...
Thanks in advance
At the moment i have funds from the house sale, sat in a bank account... so in terms of transfering it over to Oz, any recomendations on who to use for making the transfer and ...when is the best time to do this ?
Are there any restrictions or watch out's ... like :
Accessing my UK bank account once over in Oz ?
Do i have to do this before leaving the UK .. or can i do it from over in Oz ?
Getting the best exchange rate ?
Tax on the ammount transfered ?
any help / advice would be much appreciated...
Thanks in advance
May 1st 2005, 10:02 am
#2
da Bonehead
Joined: Jan 2004
Location: Lion in da jungle
Posts: 22,767
Re: Transfering Funds to Oz
Originally Posted by C.Owen
Can anyone gime me advice on the best way to go about this...
At the moment i have funds from the house sale, sat in a bank account... so in terms of transfering it over to Oz, any recomendations on who to use for making the transfer and ...when is the best time to do this ?
Are there any restrictions or watch out's ... like :
Accessing my UK bank account once over in Oz ?
Do i have to do this before leaving the UK .. or can i do it from over in Oz ?
Getting the best exchange rate ?
Tax on the ammount transfered ?
any help / advice would be much appreciated...
Thanks in advance
At the moment i have funds from the house sale, sat in a bank account... so in terms of transfering it over to Oz, any recomendations on who to use for making the transfer and ...when is the best time to do this ?
Are there any restrictions or watch out's ... like :
Accessing my UK bank account once over in Oz ?
Do i have to do this before leaving the UK .. or can i do it from over in Oz ?
Getting the best exchange rate ?
Tax on the ammount transfered ?
any help / advice would be much appreciated...
Thanks in advance
I'll start the ball rolling mate
Lots of mentions on here: HIFX for large amounts and Transferz for smaller amounts. Try the search function for these as I'm sure theres good inf in there.
I access my Lloyds account using the visa/delta card with no problem at all. Exchange rate has been good to. Better than on my credit cards. I use it as an EFTPOS card.
May 1st 2005, 10:10 am
#3
da Bonehead
Joined: Jan 2004
Location: Lion in da jungle
Posts: 22,767
Re: Transfering Funds to Oz
May 1st 2005, 10:42 am
#4
ah-beng
Joined: Aug 2004
Location: ^.^
Posts: 3,113
Re: Transfering Funds to Oz
Be careful of how much you can access in UK from here. I got caught out because I planned to use internet banking to transfer money to HIFX but there is a 2K£ limit per day and hadnt given anyone inUK power of attorney ...
The main difference between Tranzfers and HIFX is that with HIFX you cannot have money just sitting with them waiting to convert...
But with Tranzfers you can setup lots of 'buys' of Aussie Dollars in chunks, i dont know like 5-6K or 10k each and YOU decide when to convert and buy the dollars - you leave hte money sitting in their accounts until you decide to execute.
So you could stuff money into Tranzfers accounts before you leave uk - then when you get her and get a bank account setup you can fire it off into that when the rate is good. this just gets you round the banking limits if thats a problem for you... (it was for me!).
Actually using the accounts like using the visa card to buy things or internet banking etc on your UK accounts is fine but the exchange rate on a transaction back to a UK account wont be as good as if you buy currency via HIFX/Tranzfers - but sometimes its convenient and you get like 2.34 instead of 2.45 so even on a £1000 purchase its not a really huge amount
The main difference between Tranzfers and HIFX is that with HIFX you cannot have money just sitting with them waiting to convert...
But with Tranzfers you can setup lots of 'buys' of Aussie Dollars in chunks, i dont know like 5-6K or 10k each and YOU decide when to convert and buy the dollars - you leave hte money sitting in their accounts until you decide to execute.
So you could stuff money into Tranzfers accounts before you leave uk - then when you get her and get a bank account setup you can fire it off into that when the rate is good. this just gets you round the banking limits if thats a problem for you... (it was for me!).
Actually using the accounts like using the visa card to buy things or internet banking etc on your UK accounts is fine but the exchange rate on a transaction back to a UK account wont be as good as if you buy currency via HIFX/Tranzfers - but sometimes its convenient and you get like 2.34 instead of 2.45 so even on a £1000 purchase its not a really huge amount
