[size=24]Obviously you Brits will have to change your Sterling into Aussie dollars and you need a bank account to put them into so heres what I did. I bought my AUD from Tonya Lark at www.wwcurr.com on a forward contract. :D
This means when you ring her up on any day she will tell you the rate of exchange and you elect to purchase the currency there and then at whatever rate it is but for delivery on a date in the future.( I BOUGHT IN APRIL BUT I DIDNT WANT THE MONEY UNTIL END OF JUNE) and you pay 10% deposit with the rest payable by chaps payment from your bank 2DAYS before the contract ends. This gave me chance to set up my offshore Aussie Dollar account and YOU DO NEED TO OPEN AN AUD ACCOUNT TO PUT YOUR MONEY IN I chose to open an offshore Fixed Term Monthly contract with Lloyds TSB www.lloydstsb-offshore.com that pays 5.10% interest per month 8) 8) 8)
First they give you a Principal Settlement Account (PSA) to receive your money then it goes straight into your Fixed Term Contract (FTC) account but you cant get at it until the end of each month or you can roll it over until the end of the next month.All very complicated but neccessary. Tel Andrew Burlison on 01534 284519 at Lloyds TSB. 8)
You can have the full 5.10% interest and elect to pay the dreaded tax yourself to UK government and TSB will inform them of your identity or You can have 5.10% interest minus 15% and they will not reveal your identity to UK tax office the choice is yours, but they do need to know where the money has come from initially (money laundering purposes) :D :D :D :D
Instance Your travelling to Oz in October and you want the money available to deposit into an account in Oz at end of October.
You ring Tonya today she tells you the rate is 2.45 you want to change £300,000 on a forward contract for delivery at end of September
you get AUD735,000 at end of September
You pay 10% deposit now that is £30,000 to Worldwide Currencies
You ring Andrew Burlison and you open a (PSA) and a (FTC)
On the 29th September you transfer the other 90% of your money from your bank by (CHAPS) to Worldwide Currencies (costs you £20)
They transfer the AUD735,000 into your (PSA) it takes 2days so ask for a valuation date for 2nd of October
Lloyds TSB transfer from your (PSA) into your (FTC)
With a valuation date 2nd Oct you start earning interest
Ie AUD735000 x 5.10% = AUD37485
AUD37485 - 15% TAX for UK government Robbing B-----ds= AUD31862.25 :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil:
AUD31862.25 divided by 365days = AUD87.293835 per day
AUD87.293835 x from 2nd Oct to 31st Oct (30Days) = 2618.81Dollars in interest. (PAYS THE RENT) and a bit more
You then set up an Australian bank account when you get to Oz so that you can transfer your money from the (FTC)
Or you can set one up 30days before you arrive in Oz http://www.westpac.com.au/internet/p...rseas+accounts
Hope this solves many Problems with currency. 8) 8)
By the way the rate is pretty good at the moment with many currency pundits predicting a strengthening Aussie dollar which means you may get a lesser rate in the future :x :x
