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Showing results for tags 'transferring money'.
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duffy posted a topic in Money & FinanceHello All, We have been over here for 6 months now and have just transferred half of our intended savings as the rates rose. I have been told that we should transfer the rest of the money (£20k) before the end of the tax year here. We remortgaged a flat at home to give us funds to come over and then the rates dropped dramatically so we have waited. We have a small unit here with an interest only mortgage. Therefore we are paying interest on 2 loans, but UK flat is rented out. We still do not have work ( a deliberate choice to spend time as a family for the first 6 months) but are now looking in earnest. As we have not worked whilst being here I am assuming it is best to bring the money before the end of the tax year as if it comes after July 1st it will count as taxable income on top of earned income (hopefully!) for next year and will also affect any family benefits we get (husband is Australian and he gets family tax credit A&B). Any advice much appreciated as we don't mind a slight loss on the exchange rate by transferring now if it means we are less liable next tax year. Thanks in advance.
geographicali posted a topic in Money & FinanceHi Guys I wonder if anyone can help with my queries. I have been offered a job at Uni of Western Sydney, and visa permitting, will be heading over in December. We are coming over on the first instance on a long stay 457, so will not be selling our house but renting it. My salary will be roughly $87,000 (or $103,000 with the tax package thing). I am thinking this equates to roughly $4800 pcm - I have tried to use the calculators that I have found via many of the helpful posts here, but not sure I have got it correct. We are wanting a two bed place in central Sydney, so I think we will need to supplement my income with some of the rent we will get in the UK for our house. This will be paid into our UK bank account, and we need to keep an account here in case of repairs needed or periods of unoccupancy when we need to pay council taxt, etc. I bank with Nationwide, but unfortunately they stopped their free overseas withdrawals a while ago. So, is there anyway we can regularly access this money without having to keep paying the % fee that overseas transactions incur? Cheers, Ali
The types of contracts you use when making foreign currency transfers. There are various types of contract you can use when making a currency transfer, depending on your requirements. A standard contract is called a Spot Contract and this is when you carry out an exchange from a live market and complete on that contract with immediate effect. Another option would be to book a forward. Forward contracts guarantee you a rate of exchange for a future date based on the current day’s rate. A deposit is required to cover any adverse market movements, we work slightly differently to other firms in that we take a set amount but do not margin call our clients at any time. A forward rate can be secured for up to two years ahead. Please note: Depending on your timescale it may not pay to buy a forward when the rates are poor. Limits orders are very good if you have time on your side, for example if the present rate of exchange for GBP-EUR is 1.11 and you wish to see if the market might move favourably to a rate around 1.13, then you can place a limit into the market at this rate. This order is held in the market 24 hours a day, 7 days per week and secures your buy order as soon as your target rate is achieved. Some clients can be concerned about the potential for the market to fall whilst they are running a Limit order, on such an occasion a client may wish to consider an OCO. This is when you run a limit to target a higher rate of exchange at the same time as running a Stop order to protect you if the rate falls. So as well as targeting a high of 1.13, you also place a Stop for 1.09. Again this will work for you 24/7 until either target rate is achieved, if the market starts to drop, it will buy your Euros at 1.09, protecting you from any further losses. Stop and Limit orders can be withdrawn from the market at any time up until the rate of exchange is achieved at no expense to the client. Remember to always take advice on what options are available to you.