Transferring Inheritance
#1
BE Enthusiast
Thread Starter
Joined: Aug 2002
Location: Northumberland to Maida Vale Perth
Posts: 972
Transferring Inheritance
Hello all.
What the best way of transferring an inheritance from the UK to Australia?
As a trial I transferred a bit of money from my lloyds TSB account to my Bendigo bank and was not happy with how much I ended up with.
What the best way of transferring an inheritance from the UK to Australia?
As a trial I transferred a bit of money from my lloyds TSB account to my Bendigo bank and was not happy with how much I ended up with.
#2
Re: Transferring Inheritance
There are also plenty of Wise users around - https://wise.com/au/
If it's a larger amount, you may want to get a quote in advance as you might get a better rate.
#4
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,786
Re: Transferring Inheritance
And a vote for OFX
#5
Re: Transferring Inheritance
I use OFX for transfers in either direction - it did have to be set up before hand. https://www.ofx.com/en-au/?cid=2269&...E&gclsrc=aw.ds
There are also plenty of Wise users around - https://wise.com/au/
If it's a larger amount, you may want to get a quote in advance as you might get a better rate.
There are also plenty of Wise users around - https://wise.com/au/
If it's a larger amount, you may want to get a quote in advance as you might get a better rate.
#6
BE Enthusiast
Thread Starter
Joined: Aug 2002
Location: Northumberland to Maida Vale Perth
Posts: 972
Re: Transferring Inheritance
Thanks everyone.
#7
Re: Transferring Inheritance
Don't forget Sparkles' suggestion - you can call the 'dealer desk' and negotiate a better rate that the one displayed on your dashboard if you're transferring a large amount. I've done that a few times with OFX, to and from Australia/UK.
#8
Re: Transferring Inheritance
N.
#9
Re: Transferring Inheritance
Register with a few. I use Wise and OFX. The get an online quote from both to see how much you will end up with. Wise have recently put their fees up but have always come out ahead for me. It can also be possible to do a trade when the rate hits a desired point (so you don’t have to keep watching) OFX do this.
Don't assume fee free is better as the rates can more than compensate for fees. It is all about how much ends up in your bank in the end.
Keep records of the legacy just in case ATO get nosey it should be tax free here.
Don't assume fee free is better as the rates can more than compensate for fees. It is all about how much ends up in your bank in the end.
Keep records of the legacy just in case ATO get nosey it should be tax free here.