gra001

Thanks for the response, appreciated.

11 hours ago, rammygirl said:

Ah I see. Problem is foreign currency accounts don’t pay interest so will be eroded by inflation. Swings and roundabouts!

if you are talking a significant sum you could investigate setting up a trust in her name maybe. 

Pity it is now impossible to open UK bank accounts as a non resident. 

Also check out offshore accounts. Some UK banks have these based in the Channel Islands, although some have minimum deposits and none pay amazing interest. 

Yes, we investigated setting up an account in the UK, as you say that was a non starter. I understand your "swings and roundabouts" but with IHT at 40% making use of the 7 year rule seems a no brainer.

Because of Inheritance tax I want to start the 7 year clock ticking, exchange rate is bad currently so it can sit in a sterling account until the rate improves.

3 hours ago, rammygirl said:

Yes but why would she need it?  Would it not be best for her to receive Aus$?

Many banks do allow foreign currency accounts. Also check out TransferWise, they do fx and also currency accounts.

Because of Inheritance tax I want to start the 7 year clock ticking, exchange rate is bad currently so it can sit in a sterling account until the rate improves

Ta for the response, I already transfer funds between the two countries, I'm trying to establish if she will be able to hold a sterling account in Oz.

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