redbean

Hi

My daughter is due to move to London in approximately a week's time. Please advise the best way to transfer funds from Australia to the UK?

Thanks

redbean

Vexcore

Depends how much ? i would use paypal, clean n simple,

but the charges 'vary' on the amount you will send,

Example i once got a friend to send me £600 From china to UK via paypal i only got £580 0.o


Bank transfer on the other hand could be worse on charges.

redbean

Thanks for your prompt response. Have you heard of ozforex.com.au.

Apparently, you can get an on the spot quote and if you are sending more then AUD10,000.00 there is no charge.

I suppose the thing to consider is the exchange rate and whether it is fixed on the spot?

redbean

Pollyana

I use www.tranzfers.com which is a branch of Ozforex - they deal in the smaller amounts while Ozforex does the large ones. Been with them 10 years and move money most months, excellent service

Mirri45

I've had success with xoom from us to uk - there's a charge but they make their rates clear

ldollard

If she is actually moving in a week, why transfer the money at all, sounds like the best course of action would be to just get a bank cheque and take it with her.

ldollard

I second Xoom, but its only USA outwards. Plus they charge on top of the exchange rate as well.

redbean

Hi

The money has to get to her bank account in London before she arrives otherwise it will be treated as an income but the British taxation office.

redbean

ldollard

Where is the legislation for this, a link to the government website would be great. If so perhaps stick this in the wiki.

Panhandle

Bank cheques are a total wasted of money and time if you can use a forex account online such as Ozforex, your money arrived in a few days as you also get a few days to settle the amount before it is transfered. You then are ready to put it in your high interest account ( though they are now a rare thing ), on the other hand a bank cheque is not settled until you deposit it and wait for days for it to clear so you may be delayed with travel etc, and the rate of exchange on a large amount you will lose due to banks poor exchange rates could represent a years salary for a minimum wage earner.

I use Ozforex, they are professional and safe regardless of the amount.

Panhandle

Im pretty sure it is not taxed as income if you already paid tax on it as earnings etc.
You will only be taxed on the interest you receive from the British bank once it is deposited.

dunroving

I agrèe.

luvwelly

I agree as well. I personally used our NZ bankers to transfer our funds to our UK bankers. I don't trust intermediaries with our life savings.

luvwelly

and that tax will be tiny as interest rates are really low.

Panhandle

I've done some research on the type of savings one can make by using say Ozforex as apposed to the banksters.


Royal Bank of Scotland, 100,000 aust = 60'606 British pounds

Ozforex, 100'000 aust = 65'875 British pounds

So you see a saving of 5'276 British pounds.

Why would anybody want to use a bank