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Tip for Transferring House Proceeds

Tip for Transferring House Proceeds

Old Jan 16th 2020, 11:45 am
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Default Tip for Transferring House Proceeds

Hello All,

We moved back to the UK from Adelaide early November. We were ready to transfer the proceeds of our house early December. It was a bit of an eye opener and the issues we encountered might be helpful for other to know/learn from.

We did go to our bank prior to leaving Australia and had an appointment to discussion how best to deal with this the biggest banking transaction of our lives!! We explained that we would be looking to transfer using a Money Transfer Company (XE - who have been very good) as their rates are more competitive than the banks. We asked did we need to do anything to allow this to happen easily (we already had an XE account as a payee with the bank). We wanted to be proactive and ensure that when we got to UK it would be an easy transaction. We were assured that everything was in place.

This is not what happened. When I tried to do a trial transfer (for a small'ish amount) the bank required for security to send me a code via my mobile phone number. I called the bank (from the UK) to advise the new number but they would not accept an overseas number. I had to agree to a disclaimer to have this step removed. I was then able to do the small transfer. On my second transfer (for the larger amount) I then found out that the payee had a 'lower limit' transfer applied. To increase this I needed to call the bank, go to the branch or fax a form to them. I was amazed - why not mention this when I called the first time to request that they remove the mobile number requirement (as I had explained what I was trying to do and the amount I was progressively transferring). My bank did not have an in app 'chat' so everything had to be done Australian time between 9-5 - a bit of a nightmare from the UK being 10.5 hours behind. We eventually got there but this might be helpful for others to know. If I had know I would have had the upper limit applied before we left Australia I perhaps would have kept my Australian mobile number for a while (not sure this phone number would have worked though if they had sent a text) or asked a friend if I could have used their number (they then could text me the code). Ridiculous in the 21s century.

All banks may not be the same but this was one of the big four in Australia.

Anyway just a few lines - it may help someone.

Cheers, JM

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Old Jan 16th 2020, 12:34 pm
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Default Re: Tip for Transferring House Proceeds

Assuming you are talking about A$50k+, you should have asked the bank for a "dealing desk rate" (use those exact words) and you would get a live quote for a rate comparable with, and quite possibly better than the rate that XE would give you (and FWIW XE is commonly reported to not be offering the most competitive rates these days). The dealing desk rate is what commercial customers get for large FX transactions.
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Old Jan 16th 2020, 12:47 pm
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Default Re: Tip for Transferring House Proceeds

Thank you so much Pulaski for this. We are due to close on our property soon and will be transferring the proceeds back to the UK to purchase a home there.
I remember you mentioning the "dealing desk rate" in a previous post ages ago, but couldn't find the post and couldn't remember the phrase/name.
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Old Jan 16th 2020, 12:48 pm
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Default Re: Tip for Transferring House Proceeds

Originally Posted by Pulaski View Post
Assuming you are talking about A$50k+, you should have asked the bank for a "dealing desk rate" (use those exact words) and you would get a live quote for a rate comparable with, and quite possibly better than the rate that XE would give you (and FWIW XE is commonly reported to not be offering the most competitive rates these days). The dealing desk rate is what commercial customers get for large FX transactions.

Yes, thanks Pulaski, good tip. I did research prior to leaving Australia and did this exact thing - asking XE for the "dealing desk rate". I checked against other money transfer companies and was happy with the XE quote; having used them before I felt comfortable using the again. Good for others to know as well. Thanks.

Last edited by DarJos; Jan 16th 2020 at 12:51 pm.
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Old Jan 17th 2020, 8:16 pm
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Default Re: Tip for Transferring House Proceeds

I was advised to keep my Aussie number until all sorted in the UK especially for the Bank Transfers, I'm with NAB and they do actually accept International numbers, BUT you do have to call to arrange this, or call to remove sms auth but as you say this then requires other methods to authorise. Just as you should keep Aussie account for a while for any unexpected bills/refunds etc.

My phone is dual sim luckily so I will hang on to Aussie number and when I get to the UK get a PAYG UK Sim card. Great post though, as not many people know/realise that if you don't have your mobile/number that is registered to bank you will get stuck authorising transfers or adding new payees etc . I only recently found out myself, that not many will accept an international mobile number for security reasons. Oh and be sure to tell your bank you are going overseas, so they don't block your cards/s for suspicious activity... tell them three times. Just so they get it! Online Banking, In App and a phone call.

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Old Jan 18th 2020, 3:48 am
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Default Re: Tip for Transferring House Proceeds

Thanks for a very useful thread Dar Jos, I'm sure it'll help a lot of people

Another tip for people transferring money from Oz to the UK, before leaving Australia ask your bank if they have a security device system in place to avoid the need for telephone calls for large/unusual transactions. I also bank with one of the 'big 4', prior to leaving Australia they gave me a device that, when the button is pressed, generates a single use code - you're prompted to enter this code after completing your usual on line log in. It was a god send for me, I could use my Oz bank account in the UK for anything. I was also able to increase my daily transfer limit online without any additional checks.

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Old Jan 18th 2020, 4:09 am
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Thumbs up Re: Tip for Transferring House Proceeds

Originally Posted by spouse of scouse View Post
Thanks for a very useful thread Dar Jos, I'm sure it'll help a lot of people

Another tip for people transferring money from Oz to the UK, before leaving Australia ask your bank if they have a security device system in place to avoid the need for telephone calls for large/unusual transactions. I also bank with one of the 'big 4', prior to leaving Australia they gave me a device that, when the button is pressed, generates a single use code - you're prompted to enter this code after completing your usual on line log in. It was a god send for me, I could use my Oz bank account in the UK for anything. I was also able to increase my daily transfer limit online without any additional checks.
Is it like an Authenticator they used to be used before digital apps were a thing ? I might ask the Bank starting with N if they have such a thing, could be handy if say you lose your phone or some other cock up happens.
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Old Jan 18th 2020, 4:57 am
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Default Re: Tip for Transferring House Proceeds

Originally Posted by Britishbitz View Post
Is it like an Authenticator they used to be used before digital apps were a thing ? I might ask the Bank starting with N if they have such a thing, could be handy if say you lose your phone or some other cock up happens.
I so know what you mean about possible cock ups, I've lost my UK sim card so can't use my Halifax account here in Oz unless I'm transferring money to someone already in the system - ie someone I transferred money to while living in the UK. Bloody pain it is.
I'm not familiar with an authenticator, sorry! The device is from the C bank and looks like this

Last edited by spouse of scouse; Jan 18th 2020 at 5:02 am.
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Old Jan 18th 2020, 7:34 am
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Default Re: Tip for Transferring House Proceeds

Originally Posted by spouse of scouse View Post
I so know what you mean about possible cock ups, I've lost my UK sim card so can't use my Halifax account here in Oz unless I'm transferring money to someone already in the system - ie someone I transferred money to while living in the UK. Bloody pain it is.
I'm not familiar with an authenticator, sorry! The device is from the C bank and looks like this
Yep that's an Authenticator.
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Old Jan 18th 2020, 8:48 am
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Default Re: Tip for Transferring House Proceeds

Originally Posted by Britishbitz View Post
Yep that's an Authenticator.
Sounds like a slightly more intelligent relative of the Terminator
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Old Jun 20th 2020, 11:25 pm
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Default Re: Tip for Transferring House Proceeds

[QUOTE=spouse of scouse;12791325]I so know what you mean about possible cock ups, I've lost my UK sim card so can't use my Halifax account here in Oz unless I'm transferring money to someone already in the system - ie someone I transferred money to while living in the UK. Bloody pain it is.
I'm not familiar with an authenticator, sorry! The device is from the C bank and looks like this

So if I am not taking my iPhone from Canada to UK just take simm card out and put in new one in UK. To have access to banking online. Help
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Old Jun 21st 2020, 12:14 am
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Default Re: Tip for Transferring House Proceeds

Originally Posted by Gloriajean View Post
Originally Posted by spouse of scouse View Post
I so know what you mean about possible cock ups, I've lost my UK sim card so can't use my Halifax account here in Oz unless I'm transferring money to someone already in the system - ie someone I transferred money to while living in the UK. Bloody pain it is.
I'm not familiar with an authenticator, sorry! The device is from the C bank and looks like this

So if I am not taking my iPhone from Canada to UK just take simm card out and put in new one in UK. To have access to banking online. Help
When quoting someone else please take care not to remove the [QU0TE] and [/QU0TE] tags as it makes it very difficult to decipher what you said and what you quoted.
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Old Jun 21st 2020, 9:01 am
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Default Re: Tip for Transferring House Proceeds

Originally Posted by Gloriajean View Post
So if I am not taking my iPhone from Canada to UK just take simm card out and put in new one in UK. To have access to banking online. Help
It might not be as simple as that, I think it may depend on the bank. I would contact their tech support first. I and my wife have changed iPhones twice and there is more to it than simply switching simm cards since it is the physical phone itself on which the algorithm runs. To move the HSBC Authenticator from one iPhone to another requires being in possession of both phones for an easy transition. The first time I did this I didn’t have my old iPhone when I downloaded the HSBC app onto the new phone so it took a while talking with tech support to set up a new Authenticator on the new phone. Not horrible just not easy.

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