beckdownunder Posted October 30, 2014 Share Posted October 30, 2014 Hi My dad is moving over to Oz to be near us in december. He is 67 and receives the UK gov pension and some small pensions from his and mums (widower) works over the years. What is the best strategy for him? He is thinking of keeping a UK bank account to have the funds transferred into as usual and then just periodically sending money over to oz. Is this the best way of doing things? Any advice would be appreciated. Cheers Beck Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted October 30, 2014 Share Posted October 30, 2014 Please can I remind members this is a vendor forum where the member has chose to ask our financial advisor a question as he is the expert in pensions. Thanks all x Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted October 30, 2014 Share Posted October 30, 2014 Hi My dad is moving over to Oz to be near us in december. He is 67 and receives the UK gov pension and some small pensions from his and mums (widower) works over the years. What is the best strategy for him? He is thinking of keeping a UK bank account to have the funds transferred into as usual and then just periodically sending money over to oz. Is this the best way of doing things? Any advice would be appreciated. Cheers Beck Hi Beck Your Dad could have the pension monies continue to be paid to his UK Bank and then transfer over as required or with the UK State Pension arrange to have it paid direct to an Australian Bank Account and may also be able to with his private pensions although would have to contact them directly to establish whether they offer this arrangement. If he requires the money as part of his regular income requirements then it would seem having it paid direct could be a better option (if possible with the private pensions of course) rather than having to arrange himself and thus incur fees/commissions on regular smaller currency transfers. HTH Andy Quote Link to comment Share on other sites More sharing options...
beckdownunder Posted October 30, 2014 Author Share Posted October 30, 2014 Hi Beck Your Dad could have the pension monies continue to be paid to his UK Bank and then transfer over as required or with the UK State Pension arrange to have it paid direct to an Australian Bank Account and may also be able to with his private pensions although would have to contact them directly to establish whether they offer this arrangement. If he requires the money as part of his regular income requirements then it would seem having it paid direct could be a better option (if possible with the private pensions of course) rather than having to arrange himself and thus incur fees/commissions on regular smaller currency transfers. HTH Andy Thanks for the info Andy, we weren't aware that the UK government would happily pay him direct here in Australia, so that's great news that they will. Cheers Beck :smile: Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted October 30, 2014 Share Posted October 30, 2014 Once again I will remind members this area of the forum is for members to Liaise with Andrew direct for general money and finance questions please use the main area of the forum for this. Quote Link to comment Share on other sites More sharing options...
tral12 Posted October 31, 2014 Share Posted October 31, 2014 Hi Beck Your Dad could have the pension monies continue to be paid to his UK Bank and then transfer over as required or with the UK State Pension arrange to have it paid direct to an Australian Bank Account and may also be able to with his private pensions although would have to contact them directly to establish whether they offer this arrangement. If he requires the money as part of his regular income requirements then it would seem having it paid direct could be a better option (if possible with the private pensions of course) rather than having to arrange himself and thus incur fees/commissions on regular smaller currency transfers. HTH Andy Hi Andy, With regular payments, are you not depending on the Australian Bank's exchange rates? Would it not be more cost effective to use a currency exchange company to transfer larger sums say every three months (if you are prepared to wait)? tral12 Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted November 3, 2014 Share Posted November 3, 2014 Hi tral12 The British Government secure the exchange rate and it is paid directly to the recipient into their nominated bank account in Au$ at no charge. Regards Andy Quote Link to comment Share on other sites More sharing options...
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