Transfering Aus to UK

Old Jul 30th 2009, 10:25 pm
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Default Transfering Aus to UK

Will be moving back to the Uk from Oz Feb 2010 and have some savings in Oz dollars that I will want to transfer to UK. Very tempted to transfer it over now due to exchange rate. Any advice appreciated.
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Old Jul 31st 2009, 10:19 am
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Default Re: Transfering Aus to UK

Originally Posted by Ozziedream
Will be moving back to the Uk from Oz Feb 2010 and have some savings in Oz dollars that I will want to transfer to UK. Very tempted to transfer it over now due to exchange rate. Any advice appreciated.
Hi there, I am in Canada and have decided to make the move back to the UK now for two reasons: one, a 20% drop in sterling and I can probably pick up a bargain in the property market. The trouble with the UK is that they think whatever the Americans do, they must do. When Hank Poulson (from the Bush administration) told them to deregulate the financial system, they did. Canada, in comparison, adopted the British system of bank regulation and stuck with it. Hence, Canadian banks are in good shape and so is the property market.

When Gordon Brown addressed the US congress earlier this year about the financial crisis and mentioned that this is a World problem and we are all in this together, he failed to mention that the problem started in the US. Twit.

Last edited by johnh009; Jul 31st 2009 at 10:32 am.
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Old Jul 31st 2009, 9:44 pm
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Default Re: Transfering Aus to UK

Thanks for that but doesn't help me much I'm afraid. Not in the privileged position of picking any 'bargains' up in the property market or otherwise. In fact will just have these meagre savings to help get me on my feet on my return and just want to make it work for me.
Thanks for reply anyway.
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Old Aug 2nd 2009, 10:59 pm
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Default Re: Transfering Aus to UK

Originally Posted by Ozziedream
Will be moving back to the Uk from Oz Feb 2010 and have some savings in Oz dollars that I will want to transfer to UK. Very tempted to transfer it over now due to exchange rate. Any advice appreciated.
depending on the amount you have it could be worth hedging some of it in a forward contract until you move back and then just doing a direct transfer on the balance when you move.
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Old Aug 5th 2009, 10:38 pm
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Default Re: Transfering Aus to UK

Originally Posted by hitchw
depending on the amount you have it could be worth hedging some of it in a forward contract until you move back and then just doing a direct transfer on the balance when you move.
OK. Thanks for that. Don't know if you can help...but do you know if its possible to open UK bank account while still residing in Oz?
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Old Aug 5th 2009, 11:32 pm
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Default Re: Transfering Aus to UK

Originally Posted by Ozziedream
OK. Thanks for that. Don't know if you can help...but do you know if its possible to open UK bank account while still residing in Oz?
i think it depends if you still have a uk address where you receive any post, ie, insurance, statements, bills etc... then you should be able to do it. if not then you could open an oz based sterling account for the time being with one of the big banks and use that to hold your funds. that could be an idea as you would still be able to get the exchange rate at the moment.
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Old Aug 6th 2009, 3:02 pm
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Default Re: Transfering Aus to UK

Originally Posted by Ozziedream
OK. Thanks for that. Don't know if you can help...but do you know if its possible to open UK bank account while still residing in Oz?
There are two ways, one is to open a non-resident bank account, I opened one with the Halifax. The other is to open an account with the HSBC who will transfer your money to the UK (for a fee) and have your account up and running for when you arrive.

http://www.hsbc.co.uk/1/2/personal/t...F0Gn:12c58sh8k
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Old Aug 6th 2009, 8:08 pm
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Default Re: Transfering Aus to UK

Many thanks to both for great advice. X
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Old Aug 7th 2009, 12:23 am
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Default Re: Transfering Aus to UK

Originally Posted by Ozziedream
Many thanks to both for great advice. X
Your welcome. I have done like hitchw says and opened a sterling account with the HSBC here in Canada. Then I will transfer the cash to the UK when I am ready to move. The Bank of England have just printed another 50 billion so maybe the pound will take another beating.

Also, at least here in Canada, I found the HSBC offered one of the best exchange rates. You can also use this site as a guide:

http://www.xe.com/
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Old Aug 7th 2009, 4:32 am
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Post Re: Transfering Aus to UK

Ozziedream

A quick overview on what's ben happening with the Aussie Dollar.

Over the past year, Sterling has been incredibly weak against all its major counterparts amid concerns about the state of the UK economy. Increasing levels of debt coupled with a high dependency on the fragile financial services sector has undermined confidence in the Pound. Whilst the Australian Dollar has also been very volatile, rising commodity prices coupled with the belief that the Australian economy is better placed to withstand the global turmoil has kept the currency relatively strong.

Going forward, we feel that Sterling is still undervalued despite recent signs of recovery. In contrast, the Australian Dollar is in overbought territory and looking vulnerable to a correction.

However, we must also remain respectful of the long term downward trend in GBP/AUD that at the time of writing remains unbroken.

With risk in both directions, coupled with the extreme volatility that is currently being witnessed in the currency markets, whether you change some or all of your money is up to you. If you're on a tight budget when you get back to the UK and can't afford for the exchange rate to move against you I'd suggest you look at moving some now and some later. If however you're less concerned then by all means hold out for a better rate - you may be be right and you might be wrong.

Please don't hesitate to get back in contact if you need anything else or if anything in this email is unclear.

Best Regards

Mark

Mark Bodega
Director - HiFX
www.hifx.co.uk
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Old Aug 9th 2009, 8:01 pm
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Default Re: Transfering Aus to UK

ozziedream i would say that where rates are tathe moment is a 15 year higher as far as the ozzie is concerned, if you are going to be moving back it is a great time to be securing your exchange rate.
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Old Aug 10th 2009, 9:20 pm
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Default Re: Transfering Aus to UK

Thank you again for everyones help. It really is very much appreciated.
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