What is the best way to make regular payments to the UK?
Apr 18th 2008, 11:03 pm
#1
Simply happy in Sydney!
Thread Starter
Joined: Nov 2007
Location: Woronora Heights, NSW
Posts: 274
What is the best way to make regular payments to the UK?
Hi,
We are in the very early stages of the immigration process but I am trying to find out as much info as possible about how things are going to work once we are there.
We have a private mortgage arrangement with a family member (i.e they lent the money to us and we pay it back monthly as you would with a normal mortgage, just with a slightly better interest rate). They are happy with this arrangement to continue once we are in Australia but I am not sure how is the best way to arrange repayments. Would it be better to arrange monthly, three montlhy or annual repayments? How would payments be set up and is there any benefit to doing a transfer one way over another? Are there any tax or other implications that I haven't thought of?
Any help would be very much appreciated!
We are in the very early stages of the immigration process but I am trying to find out as much info as possible about how things are going to work once we are there.
We have a private mortgage arrangement with a family member (i.e they lent the money to us and we pay it back monthly as you would with a normal mortgage, just with a slightly better interest rate). They are happy with this arrangement to continue once we are in Australia but I am not sure how is the best way to arrange repayments. Would it be better to arrange monthly, three montlhy or annual repayments? How would payments be set up and is there any benefit to doing a transfer one way over another? Are there any tax or other implications that I haven't thought of?
Any help would be very much appreciated!
Apr 19th 2008, 1:37 am
#2
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,814
Re: What is the best way to make regular payments to the UK?
Hi,
We are in the very early stages of the immigration process but I am trying to find out as much info as possible about how things are going to work once we are there.
We have a private mortgage arrangement with a family member (i.e they lent the money to us and we pay it back monthly as you would with a normal mortgage, just with a slightly better interest rate). They are happy with this arrangement to continue once we are in Australia but I am not sure how is the best way to arrange repayments. Would it be better to arrange monthly, three montlhy or annual repayments? How would payments be set up and is there any benefit to doing a transfer one way over another? Are there any tax or other implications that I haven't thought of?
Any help would be very much appreciated!
We are in the very early stages of the immigration process but I am trying to find out as much info as possible about how things are going to work once we are there.
We have a private mortgage arrangement with a family member (i.e they lent the money to us and we pay it back monthly as you would with a normal mortgage, just with a slightly better interest rate). They are happy with this arrangement to continue once we are in Australia but I am not sure how is the best way to arrange repayments. Would it be better to arrange monthly, three montlhy or annual repayments? How would payments be set up and is there any benefit to doing a transfer one way over another? Are there any tax or other implications that I haven't thought of?
Any help would be very much appreciated!
MOve the money to them over the internet from your Aus account, they move it to the UK, then they transfer it into your UK account.
Costs $15/£7 a transfer, takes about 3 days. Very quick and very easy!
Very popular on here too if you do a search :
Apr 19th 2008, 12:02 pm
#3
BE Enthusiast
Joined: Apr 2007
Posts: 556
Re: What is the best way to make regular payments to the UK?
www.moneycorp.com and www.hifx.com both have regular payment schemes for sending money between UK and OZ - various different types eg can agree one exchange rate for the full period of the arrrangement etc
Apr 19th 2008, 12:19 pm
#4
BE Enthusiast
Joined: Jun 2007
Location: The "Gong"
Posts: 433
Re: What is the best way to make regular payments to the UK?
Cant you just keep your UK bank account and transfer via the internet banking system the money that you need to each month ?
Stu
Stu
Apr 19th 2008, 12:35 pm
#5
BE Enthusiast
Joined: Apr 2007
Posts: 556
Re: What is the best way to make regular payments to the UK?
problem with that is your oz bank will charge you to make the transfer and the UK bank will charge you to receive the money from oz - with the money transfer companies they promise no bank fees
Apr 19th 2008, 1:34 pm
#6
BE Enthusiast
Joined: Jun 2007
Location: The "Gong"
Posts: 433
Re: What is the best way to make regular payments to the UK?
Ah didnt know that.
Stu
Stu
Apr 19th 2008, 5:19 pm
#7
Forum Regular
Joined: Jan 2008
Location: Brunswick Melbourne
Posts: 32
Re: What is the best way to make regular payments to the UK?
Hi,
We are in the very early stages of the immigration process but I am trying to find out as much info as possible about how things are going to work once we are there.
We have a private mortgage arrangement with a family member (i.e they lent the money to us and we pay it back monthly as you would with a normal mortgage, just with a slightly better interest rate). They are happy with this arrangement to continue once we are in Australia but I am not sure how is the best way to arrange repayments. Would it be better to arrange monthly, three montlhy or annual repayments? How would payments be set up and is there any benefit to doing a transfer one way over another? Are there any tax or other implications that I haven't thought of?
Any help would be very much appreciated!
We are in the very early stages of the immigration process but I am trying to find out as much info as possible about how things are going to work once we are there.
We have a private mortgage arrangement with a family member (i.e they lent the money to us and we pay it back monthly as you would with a normal mortgage, just with a slightly better interest rate). They are happy with this arrangement to continue once we are in Australia but I am not sure how is the best way to arrange repayments. Would it be better to arrange monthly, three montlhy or annual repayments? How would payments be set up and is there any benefit to doing a transfer one way over another? Are there any tax or other implications that I haven't thought of?
Any help would be very much appreciated!
