pixieontherocks Posted October 18, 2016 Share Posted October 18, 2016 Hi everyone, I'm moving back to England (in June 2017) from Australia after 11 years to be with my family again. I've just sold my house in Sydney and I'm wondering whether it's worth putting the money into a term deposit here for 8 months or take advantage of the low pound and putting it in a UK account, even though the interest rates seem really low at home. Does anybody know: A) Is it better to keep the money in Australia until next year? The best rate I found in Oz was about 2.9% (over 8 months) with NAB. B) Or transfer the money into my UK HSBC account or another account/term deposit in the UK? C) Or do something else with it? Thanks, Marie Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted October 18, 2016 Share Posted October 18, 2016 Only Vista can respond to this thread. Please re-post on a different thread. Quote Link to comment Share on other sites More sharing options...
northshorepom Posted October 18, 2016 Share Posted October 18, 2016 It depends on: a) What you think is likely to happen to interest rates in the UK and in Oz over the next 1-5 years b) What you think is likely to happen to exchange rates ditto c) When you are likely to want access to the money My personal PoV is that interest rates are so low in both countries - and unlikely to rise in the short-medium term - that the difference between it earning, say, 1.1% in the UK and 2.9% in Aus isn't likely to be that large. You could win or lose much more on Forex swings However, exchange rates are harder to predict. GBP:AUD rates are very low at the moment, could possibly go even lower depending on market worries about Brexit (primarily), most of what's going on has little to do with economic performance or prospects. But in the medium term it's more likely to rebound in favour of the pound, I think. Personally I'd be moving it over to the UK sooner rather than later and looking at a range of places to put it to try to eke the most out of the interest. But that depends on how quickly you might want to access it Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted October 18, 2016 Share Posted October 18, 2016 I've moved this to the Money and Finance Section now. My answer....what he said ^^^^^^^^ Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted October 18, 2016 Share Posted October 18, 2016 I've moved this to the Money and Finance Section now. My answer....what he said ^^^^^^^^ The easy option hey! :wink: you should join the brexit negotiating team! Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted October 18, 2016 Share Posted October 18, 2016 I recently moved money over also to our HSBC account and soon to be used for buying a house in the UK. We then shifted 50k into premium bonds and had 100quid worth of wins in our first month, way better than any interest. We moved ours pre brexit on the strength all the talk was of remain:frown: would have being at least 30k better off if done today:swoon: such is life. Do it when you feel most comfortable in doing so. Quote Link to comment Share on other sites More sharing options...
Bungo Posted October 18, 2016 Share Posted October 18, 2016 Hi everyone, I'm moving back to England (in June 2017) from Australia after 11 years to be with my family again. I've just sold my house in Sydney and I'm wondering whether it's worth putting the money into a term deposit here for 8 months or take advantage of the low pound and putting it in a UK account, even though the interest rates seem really low at home. Does anybody know: A) Is it better to keep the money in Australia until next year? The best rate I found in Oz was about 2.9% (over 8 months) with NAB. B) Or transfer the money into my UK HSBC account or another account/term deposit in the UK? C) Or do something else with it? Thanks, Marie If anybody could answer that question they would be a billionaire for sure.d I would also be looking into this in terms of FX not investment returns. I would be carefully monitoring the exchange rates and would definitely be moving a sizeable chunk over now, really cannot complain about 1.60. Then I would keep monitoring and if sterling keeps falling then I'd continue to send chunks. If at any time it starts to go the other way for more than a day or two, I'd move the rest all at once. It might be the case that this turns out to be the wrong approach but I can't see into the future so that is just what I would do. Quote Link to comment Share on other sites More sharing options...
pixieontherocks Posted October 18, 2016 Author Share Posted October 18, 2016 Thanks everyone for your replies. I think moving most or all of it now seems the right approach. Cheers. Quote Link to comment Share on other sites More sharing options...
pixieontherocks Posted October 21, 2016 Author Share Posted October 21, 2016 Has anybody used a good broker that they'd recommend to go with? Thanks, Marie. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted October 21, 2016 Share Posted October 21, 2016 Has anybody used a good broker that they'd recommend to go with? Thanks, Marie. What do you mean broker? If you join Moneycorp through these forums, you will get a fee-free account. I found them to be excellent, very easy to use. Quote Link to comment Share on other sites More sharing options...
pixieontherocks Posted November 2, 2016 Author Share Posted November 2, 2016 Update: I moved the whole lot yesterday and got a good rate from World First ($1 = 0.622p). I can recommend them. Easy to deal with. I also tried Torfx who were informative and helpful but they did not offer such a high rate - although they said they would've matched it. It all happened so quickly post-RBA announcement that I just went for it. Torfx also wanted a 10% deposit moved to their bank before I set up a limit order - World First didn't ask for that. Quote Link to comment Share on other sites More sharing options...
suesmalls Posted November 2, 2016 Share Posted November 2, 2016 Thanks @pixieontherocks for the heads up on who you used to transfer funds - much appreciated. Hope all goes well and good on you for selling your house etc. Quote Link to comment Share on other sites More sharing options...
Dazken Amac Posted November 2, 2016 Share Posted November 2, 2016 Update: I moved the whole lot yesterday and got a good rate from World First ($1 = 0.622p). I can recommend them. Easy to deal with. I also tried Torfx who were informative and helpful but they did not offer such a high rate - although they said they would've matched it. It all happened so quickly post-RBA announcement that I just went for it. Torfx also wanted a 10% deposit moved to their bank before I set up a limit order - World First didn't ask for that. Thanks for all the information .. I just wanted to confirm when you transferred your money from an Australian bank to your bank in the UK did you get charged any fee by any of the receiving or remitting banks. .. Usually an intermediary bank gets involved I believe world first uses citi bank. .. If you haven't paid anything additional & i ain't getting too personal which banks did you use for your transfer in oz and receive in UK. I too am quite impressed with world first and have been in constant communication with them but can't seem to get an idea of the interbank charges (of course it's not world first business to advise as they are just the transfer agents and they ain't charging anything Best regards Nick Quote Link to comment Share on other sites More sharing options...
scuffythetugboat Posted November 2, 2016 Share Posted November 2, 2016 We used HIFX to exchange our money. We transferred money from our Westpac account to HIFX. The money was sent by HIFX to our Nationwide account in the UK. No fees were charged by either Westpac or Nationwide. HIFX and all the others make their money on the difference between buying and selling each currency. Simple! Quote Link to comment Share on other sites More sharing options...
Graemsay Posted November 3, 2016 Share Posted November 3, 2016 I've used Currency Fair a few times, and they do decent rates. However, my advice would be to set up accounts with various providers and see what they offer. I've got a feeling that brokers might give a better deal for large sums, but it'll be a case of shopping around. As for rate movements, it's hard to say. The markets don't like Brexit, but they might have already priced in the cost, and I think that the uncertainty is causing weakness for the pound. It's probably a good time to send money back, the other thing to wait for would be the invocation of Article 50. Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted November 3, 2016 Share Posted November 3, 2016 Thanks for all the information ..I just wanted to confirm when you transferred your money from an Australian bank to your bank in the UK did you get charged any fee by any of the receiving or remitting banks. .. Usually an intermediary bank gets involved I believe world first uses citi bank. .. If you haven't paid anything additional & i ain't getting too personal which banks did you use for your transfer in oz and receive in UK. I too am quite impressed with world first and have been in constant communication with them but can't seem to get an idea of the interbank charges (of course it's not world first business to advise as they are just the transfer agents and they ain't charging anything Best regards Nick Whilst I am not sure of World First, the likes of HIFX and Currency Fair (whom I used yesterday) tell you exactly the amount you will get deposited and also advise of exchange rate and fees (2.50 pound flat fee in my case with currency fair) WYSIWYG! simple as, no worrying on intermediary banks and their fees in any way shape or form. Quote Link to comment Share on other sites More sharing options...
Dazken Amac Posted November 3, 2016 Share Posted November 3, 2016 Whilst I am not sure of World First, the likes of HIFX and Currency Fair (whom I used yesterday) tell you exactly the amount you will get deposited and also advise of exchange rate and fees (2.50 pound flat fee in my case with currency fair) WYSIWYG! simple as, no worrying on intermediary banks and their fees in any way shape or form. Thanks a lot things are getting more clear. .. I wish I knew this 3 weeks back when I used hsbc for transferring and lost 350 aud on exchange rate Best regards Nick Quote Link to comment Share on other sites More sharing options...
Graemsay Posted November 3, 2016 Share Posted November 3, 2016 Going back to the exchange rate, the Pound has just jumped to $1.62 on news that Article 50 has to be invoked by Parliament. The FX markets don't like Brexit. Quote Link to comment Share on other sites More sharing options...
pixieontherocks Posted November 4, 2016 Author Share Posted November 4, 2016 Hi Nick, I moved my cash from Westpac to World First's Citibank account and then it's going into my UK HSBC account. No interbank charges to my knowledge, although I could be wrong. Quote Link to comment Share on other sites More sharing options...
Dazken Amac Posted November 4, 2016 Share Posted November 4, 2016 Hi Nick, I moved my cash from Westpac to World First's Citibank account and then it's going into my UK HSBC account. No interbank charges to my knowledge, although I could be wrong. Thanks pixie. . Best regards Nick Quote Link to comment Share on other sites More sharing options...
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