Advice on Banking house proceeds!!!

kimdownie · 23-04-2007, 01:11 PM

Hi there everyone,

Our house has just gone on the market today, and I am just starting to look at options of what to do with the money when we finally sell it.:frown:

Do we have to open an account with a british bank and put it in there until we move and transfer it to an Aussie account then?

or,
Can we open an Aussie bank account straight away and put all the proceeds in there once the sale is complete?
If we can open an account with an Oz bank and do as above, does anyone know of any disadvantages of this?
What sort of interest do they pay, what are the charges like?, will we have to transfer it to Oz when we leave the UK?, or can we leave it where it is until it is required?:confused:

sorry so many questions, but would appreciate any help

Thanks
Kim

jonseywife · 23-04-2007, 01:23 PM

Hi Kim
Sorry cant help much... but I will watch this thread coz i'm windering the same thing (for when we sell our house).............!!!!!!!
Try this link below on a question I asked..... theres some recommendation for Ozzie banks from people already out there... it might help a bit!:D

http://www.pomsinoz.com/forum/money-finance/20017-wot-bank.html

kimdownie · 23-04-2007, 01:35 PM

Thanks for that hun!!
It is very usefull

Cheers x

dwaldron · 23-04-2007, 01:43 PM

You can open an Australian account before you leave - I used Westpac who made the process very simple indeed. Interest rates are slightly higher in Australia so your money will earn more there but you may get a better exchange rate if you hold on a bit before sending it, but who knows? Because you will only be working a partial year in Australia you may get back any tax that you pay on interest.

If I had a huge lump of money and didn't need it for a while I would send it over in six monthly lumps i.e. 6 months x £10K a month = £60K. You can then smooth out fluctuations in the exchange rate and hopefully come out on top.

kimdownie · 23-04-2007, 01:46 PM

Very Clever!!!,
Thanks for that,
Kim

THE JONEZYS · 23-04-2007, 01:50 PM

Just be aware tho' peeps, you will not be able to access the money untill you are in Aus and have ID'd yourselves, in person at the bank!
Lesley

nic_adam · 25-04-2007, 05:07 PM

You can use a company like HIFX who watch the money market and advise you on the best times to transfer a portion of your money, based on exchange rates. I haven't used them yet but I've heard great things about them.