where to keep money - UK or Aust?

**meegs** · 10-05-2012, 06:06 AM

We are planning on selling our house before heading out to Australia. We know that we will be renting for a year at least - heading to Karratha, WA so not buying a house. Where should we keep the money? Will probably be about £100k. Should we transfer it to Australia and stick it in a term deposit say ING. How/who do I transfer this amount of money with?
Thanks

**Eng32** · 10-05-2012, 06:16 AM

We have the same question......

**boganbear** · 10-05-2012, 06:27 AM

If you use Moneycorp and mention that you are a member of pomsinoz then you do not pay any fees.

I transferred our last money from the Uk last night. All very easy and you can set up an account online and pay with your Uk debit card stright from your bank account.

**Mattt** · 10-05-2012, 06:27 AM

Depends on your view of the FOREX market, if you think GBP will strengthen against AUD it makes sense to keep it in the UK (or at least in a GBP account somewhere).

**meegs** · 10-05-2012, 06:46 AM

I think interest rates are probably a bit better in Australia. Will check out moneycorp thanks

**jamjar** · 10-05-2012, 07:01 AM

Does anybody know if you keep it in GBP and transfer it after a year at a better rate, are you taxed on the forex gain you have made??? Surely there must be a period of time where you are aloud to transfer after you move, what if you decide not to stay and you have transferred all that money over and then have to transfer it all back.

You would loose a a lot of money doing that.

**RockDr** · 10-05-2012, 07:03 AM

Originally Posted by jamjar

Does anybody know if you keep it in GBP and transfer it after a year at a better rate, are you taxed on the forex gain you have made???

Yes. Can't remember what the time period is that you can transfer without being taxed.

**Rupert** · 11-05-2012, 08:07 AM

Originally Posted by jamjar

Does anybody know if you keep it in GBP and transfer it after a year at a better rate, are you taxed on the forex gain you have made??? Surely there must be a period of time where you are aloud to transfer after you move, what if you decide not to stay and you have transferred all that money over and then have to transfer it all back.

You would loose a a lot of money doing that.

But even if you are taxed on a gain, it is just a portion of it, surely that is better than no gain ... just to avoid tax.

**Rupert** · 11-05-2012, 08:16 AM

Originally Posted by Eng32

We have the same question......

There is no right answer to the question because nobody can see into the future. Yes, more interest will be earned on income in Australia, however it also doesn't take the FX rate to move that much to outstrip this. For example if rates were 1.7 next year, you would probably have been better off waiting, but who know what exchange rates will be next year.

My choice, would be to wait, but I could be wrong...