john in oz

Hi there - this thread is to do with all things concerning Moving / Transferring Money. It is a work in progress and we will update on a regular basis.

You are welcome to Post your questions on this sub forum.

Methods of Transferring Money

There are numerous ways to move money between Countries and this often involves Foreign Exchange Rates. Each person's situation is different and there are various costs or cost savings with each one.

1. Foreign Exchange (FX) Services: See new separate Topic on this.

These services - mainly on line - normally provide cost efficient services with better exchange rates when compared with rates offered by the banks thus saving you money in fees whilst at the same time proving a higher return for the amount exchanged. The savings can be substantial with 4 to 6 % difference between what they give you and what a bank will give you.

2. Bank Transfers - Electronic Foreign Exchange (FX) Service: Most banks provide an electronic FX however their fees may be higher and they normally give a poor exchange rate when compared with an online FX Service (see point one above). For those without online access this may be the most suitable means of Transferring funds.

3. Bank Cheque - this requires you attending the bank and converting your money and then being issued a bank cheque. It can be costly when compared to other methods. Time delays can be long - time for post up to 4 weeks from UK to OZ and then the bank will wait for the cheque to be cleared which in the extreme can be again weeks.

4. Currency Exchange Centers - Most provide some sort of wire or Electronic Transfer method - These can be handy when time is short or you have no online means.

5. Personal Bank Transfers - most banks now allow online access to you accounts with most allowing international transfers. The rates are bank rates and there is normally a charge again. You can transfer to another persons account.

The above are the main ways of transferring or sending money across.

HINTS AND TIPS

a. it is more cost effective to do one large transfer than several small ones.

b. Never send cash in the mail. If carrying cash you must declare any amount over $ 10,000 Aud when entering Australia.

c. check out all the charges and the rates at the time. These differ in accordance whether you are selling or buying currency.

d. The inter bank rate - the rate between banks (which is what you find on most online currency calculators) is not the rate that you will get from the bank or the Foreign Exchange Service.

Cheers John

Updated last 01/06/14



6. There are other methods which we will continue to post here as time allows.

last Update 30.05.2015

cheers john

john in oz

When we are doing foreign exchange with UK pension transfers we use HALO Financial for the FX conversions.

If you wish to discuss your options with them simply contact Alex directly and let him know I referred you. He will look after you and he will also assign a personal relations officer to you as well.

Contact alex via his email: [email protected]

cheers John

Ramnath

HiI plan to sell our property in India and move our savings as well from India to buy a house in the UK. I still hold an Indian passport . I am worried about the tax implications. Would the money earned in India be taxable in the UK? Any tips would be immensely appreciated

john in oz

The link to issues on Income tax and gains is found below.

You would not expect to incur tax on moving your savings across.

HM Revenue & Customs: Tax on income and gains outside the UK

cheers John

philwood

What about PayPal? I find this one of the best and most secure ways of transferring money. The only problem is that there can be quite large fees, and certain countries have limits or aren't allowed to receive personal payments.

In the Western countries, however, there are rarely any problems and as long as you use the personal payment method for friends, you won't get charged anything.

john in oz

Yes some people prefer Pay Pal for the ease of it and when dealing with small amounts. As you pointed out it can have fees and FX rates may not be as good as a Foreign Exchange provider. :-)

SDennis

World First are a brilliant foreign exchange company the whole process is slick and fast and they offer a best rate guarantee. What more could you want!

caribbean mover

anyone have any recommendations with what FX company to use with transferring between the British Virgin Islands and the UK? I have a lump amount I need to transfer.

john in oz

Not all FX Brokering Firms cover every country due to legislative restrictions and / or high fraud risk - where your country is not covered you are basically restricted to negotiating with the banks for the best FX rate you can to do the exchange. I have sent you our POC to discuss your options generally pertaining to your situation. I hope that helps :-)