Does this plan work?

Guys, just posted in the NAB section but thought it best to canvass the collective thoughts of the pomsinoz people so i'm asking here as well.

I'm a UK citizen and my daughter now a citizen of Australia. Up until a few weeks ago I planned to fund an apartment in Oz which would be purchased by my daughter and owned by her (in her name), however, Brexit and sterling going through the floor has put it on hold until the pound regains strength, whenever that might be. With very bad interest rates in the UK I'm considering moving funds (Sterling) to a more attractive account in Oz, opened and run by my daughter to purchase the property in future. Pros and cons welcome...thanks.

Hello

 

So you are saying that you will look to move the sterling cash in the UK to a sterling cash account with an Australian financial institution?

 

If so I really cannot see the benefit of this in terms of making more money as the rates on sterling cash accounts in Australia are likely to be similar to bank cash accounts in the UK.

 

Andy

two choices send money over and buy property now in the hope of getting some growth on your investment, or leave it where it is in the hope that you can get a better exchange rate later, to buy a property that you hope will not have increased in price by that time.

Hello

 

So you are saying that you will look to move the sterling cash in the UK to a sterling cash account with an Australian financial institution?

 

If so I really cannot see the benefit of this in terms of making more money as the rates on sterling cash accounts in Australia are likely to be similar to bank cash accounts in the UK.

 

Andy

You're right Andy, had a chat with NAB earlier this afternoon, I was hoping a Term Deposit account in sterling would give me the interest rate quoted on their website....not the case.