sharonmcallister

Hi everyone, can you tell me how to arrange to have the money from your house sale sent over to australia?

We will have about £70,000 after we clear the mortgage. I was reading on a post that someone sent it over £10000 at a time, is this for tax reasons or do we not get taxed on this money as its from a privzate house sale? Do we need our own bank accounts in australia to transfer it to or could you transfer it to someone elses account who live there? My sister lives in adelaide and I could transfer it to hers, I am just now sure how I would set up a bank account from the UK,

thanks
Sharon

bradybunch

Hi,

you can transfer the money to any australian account you want, if you dont have one you can send it to your sister's, you would need to get the iban number and or swift code for the bank in oz, then contact your bank and arrange a foreign transfer most banks offer this but they will charge for this and the receiving bank can also make charges but if you dont want your sister to be charged you should be able to opt that you pay all charges, just makes sure you ask your bank as they dont always tell this.

hope this helps

julie

sharonmcallister

thanks Julie, i will check this out with my sister, she can find out from her bacnk for me,

Sharon

Blossom

You can set up an Australian Bank acct here in Uk, with an Aussie bank in London (Commonwealth / Westpac /ANZ).

You can then put your money into that account and they will transfer it to an Australian Branch of your choice when you request them to transfer.

We did this over the phone, didn't have to go down to London so was really convenient.

Buzzy--Bee

Use Ozforex (www.ukforex.com). They will give a better rate than the banks, and if you mention you are a member of British Expats they should give you an even better rate.

Buzzy

keenymeeny

You can set up a bank account with Westpac bank on line in the UK. You can then transfer any amount you want into it, but use a currency dealer. You will have to register to use a dealer and it takes a few days to clear the application, so do it in plenty of time. You will get the best rate from them. I have tried a few and HIFX have always been the best for me.
When you arrive in Oz you call in any Westpac bank, show them ID and they will activate your account and you can draw money from it.
The process is far easier than the UK. Westpac has an excellent on line account that gives you instant access, savings and credit card, so you can move money between them. You can also pay most bills on line using a system called BPAY. As long as you leave $3000 in the access account there are no day to day charges, (most banks have a monthly charge of about $5). Finally-Westpac do not charge for receiving money from abroad. If you use HIFX they would refund any charges at the receiving end anyway.
And no-I don't work for Westpac, I have just found them excellent.