Elaine Davis

Thanks Marisa! This advice is invaluable to me. We’re all set up with ING and fortunately the Agents we’re using in East Kilbride like the ones here in Oz provide a bill paying service, with statements as will need to declare foreign investment to ATO. I’m probably unnecessarily concerned about the setting up of UK bank account, when if I have all these systems in place, it’s not really an issue. I’m not a pay pal fan as been scammed on it so maybe just bad luck with that site. Sounds like what’s in place will work out fine. Wee bit of set n forget and revisit just to make sure all is in order. Thanks again Marisa [emoji16][emoji106]

I’ve just bought a house in Glasgow, Scotland ! Plan on renting out for 2 years and then eventually living in it for 6 monthly periods once retired. We may eventually just relocate back to Scotland, despite after 30 years in Melbourne, never seen it as final resting place. I’m heading back mid October to sort the financial stuff out.Does this now mean due to being a home owner that finally qualifies us to open up a bank account? Thanks in advance.

Hi Marisa, I’ve just bought a house in Scotland with the intention to rent our for 2 years then retire and live in it. Will I be permitted to now open a bank account in Scotland now that I’m a Landlord whilst living in Melbourne? Clearly need some sort of UK bank account for transaction purposes. Thanks Elaine

Well said Marisa! We’ve been here in Melbourne 30 years and have 2 Girls born here, had successful careers but Oz has never been our home. Looking forward to returning to our place of birth in 2023. Sad to leave our daughters but thanks to technology the distance wound be as traumatic as what it was like all those years ago for us ! Big financial plan forging ahead to make this happen in due course. Will always be grateful for living this experience but can’t wait to return to Scotland .

Thanks Marisa will def be withdrawing beforehand...... thanks for the heads up ! [emoji16]

We have a similar plan and relocating back to Scotland in 2023 when I turn 60. Fortunately mortgage free and stopped salary sacrificing cos the Aussie government love to tamper with Super. So now saving cash at best sourced Term deposit interest rates with no risk and guaranteed by bank. My understanding is Super can be withdrawn upon official retirement after 60 years of age tax free.

Thanks and yes we have thought about this option too. Looking at fully withdrawing Super at 62+63 and not taking as salary option. Will be drawing down income from cash + super+ sale of principal residence. Got the big 5 years plan happening just looks for ways of minimising tax implications and not a fan of Financial Advisors who mainly have their own agendas.

Moneycorp looks like a good option to go judging by their reviews, with funds appearing safe for short time until UK bank account is set up. Re Super we plan on withdrawing lump sum whilst still in Oz at 62+63. My understanding is this practice can be done as long as Superannuation Co has received written confirmation that member has fully retired and reading that this is also tax free according to Suoerguide.com.au unless I’m missing a few points. We’re reluctant to further sal sacrifice towards Aussie Super given the global uncertainty with markets and prefer saving cash even though 2.8% is about the best interest rate here but at least funds are not going backwards. Thanks again

Thanks Marisa ! This is very helpful and we thought that was the case. Our plan is to retire to Scotland our homeland in 5 years at 62 & 63. We are looking to buy a property there and sit on it until we sell up and return. We both have 11years NI contributions so don’t see ourselves getting much pension and will be self funded retirees. Hence the requirement for a bank account for transactions etc

Hi Everyone, seeking advice on how we can start upma UK bank account whilst living in Melbourne. Our plan is to retire back in Scotland in 5 years. Any advice on anyone who’s successfully done this whilst living in Oz would be appreciated.