kevwalt

This topic has probably been discussed endless times before but I was just wondering how newly arrived Ozzies transferred any money out to Oz.

We are due to arrive on 17 Jan and would have about £80k to take with us.

Can anyone give us the benefit of their own experience. Thanks

Kate

theguitardoctor

Hi, we used the Commonwealth Bank of Australia in London...set up a short term sterling account and transfer what we need as and when - transactions below £30K cost £15 a time...and the rate of exchange is pretty good.

They have branches in NZ or Oz, so it should be use to you as it was for us in NZ.

Rich.

Alan Collett

Kate,

I would also speak to the Private Client Desk at Halewood International on 01753 859 159.

Best regards.

gld

gld

This is the first time I have posted anything to this site - so lets see what happens.

Some of you will know me from my renditions over the years in such papers as The Times and The Guardian as well as the migrant press, to which I am a frequent contributor.

Cash is an asset and is subject to Australian Tax Provisions - I would hesitate in answering any question as to how to answer and question on moving cash without knowing the full set of circumstances. Our resident tax specialists would confirm this comment and advise that everything to research this subject is available on the internet - so long as you know what you are looking for. It may pay therefore to take advice

Before purchasing currency - you need to know the overall tax and financial planning considerations before making any move. Currency purchasing requires a strategy to be in place.

Back in 1994 we discovered the tax issues regarding pesnions and developed pension advice necessary as to whether one transfers pensions to Australia or not. Currently I am working on papers and meetings with and at the request of various Australian government departments - there seems to be certain misconceptions amongst migrants which seem to be emanating from ill-advised advisors not up to speed with the issues, there are of course the self taught who refuse to take advice - who pose their own dangers.

Foreign exchange forms part of one of the hot topics of pensions.

Migrants who should be transferring pensions are often losing often as much as 18% of transfers in the foreign exchange transaction of the pensions because of advice been given from Australian advisors to leave matters until arrival or as a result of being self-taught in how to manage the pension issue - dangerous!

Structuring a pension transfer appropriately will result in a pension that should not be transferred being prevented and one that should benefitting from the exchange rate "hit" issue being minimised.

My next article in the Australian Migrant press will illustrate why this has become a major issue and why those who leave matters until they arrive are missing the boat. Channel 4 all over again - and fact sheets are not the ultimate panacea which results in one size fits all.

The causation of much the cash erosion in value can be attached to uninformed migrants, exchange rate losses, bank charges in exchange, cheque clearance as well as the tax. Hence why I am contributing to this thread as the subject of foreign exchange is not just about physical cash.

I am not sure how well readers are aware of these significant hidden costs involved in moving pension money. Even if a pension fund should be transferred and not all should - there can be significant "hits" by not getting proper exchange rate advice.

Our consultations now carry a foreign exchange rate advice component with our FX specialist from one of the major FX firms (Halewood) available to consider one on one the issues including a joint tax, financial planning and currency discussion.

Hope this helps


Geraint Davies
Managing Director - Montfort International

philj6969

Thankyou Mr Davies,

That was more helpful than your cut and paste "shout and advertise". It is possible to tout your services on this forum without blatant advertising by offering a crumb or two of your knowledge for free.

Phil.

claireg3

We're using Halewood -very helpful so far. You get 1 free electronic transfer and then after that it costs £15 per transaction.

Claire

jockney

Hi,We used halewood for our first couple of transactions which went well.This week we used commonwealth to transfer the remainder because everytime I called both for the last 2 weeks commonwealth offered 2 cents more,dont know why but try both and be suspicious.I was shocked to be offered 2.31.5,`6 days or so ago by halewood held on for a few days and got 2.384 with commonwealth $9600 difference which is a lot when you start earning dollars.

Happy hammer

Has anyone used XE.COM before as there rates seem good and its free