Guest michele'n'michael Posted February 20, 2008 Share Posted February 20, 2008 Hi any financial peeps do you know wether we're better putting the money from our house sale in an Oz high interest account or keeping it in a Uk one for now & then transferring it over when the rates improve?? Also does anyone know of the downsides to an offshore acct from the uk. We've been advised by Barclays that this is a possibility for our money to save on the tax on the interest!! If the rates in Oz are good for savers then maybe its worth it to bite the bullett & just send our money over now!?! AArh I'm so confused!!!! Michele :sad::unsure: Link to comment Share on other sites More sharing options...
Guest Bolton2Brisbane Posted February 20, 2008 Share Posted February 20, 2008 Hi, We opened an account with the HSBC and put our savings from the sale of the house in, we are keeping this in the UK as the current exchange rate is appaling. Each April non UK residents are eligable for non tax on savings as you are classed as a "non dom" ie not living in the UK. The interest which we acrue in our UK account will not get taxed in OZ when we transfer this accross, subject to the exchange rate going up. Whilst the interest rates in OZ (savings) are good you need to way this up against what you would lose at the current rate, at the time of sending this it is 2.11, this time last year was 2.42. Cheers. Link to comment Share on other sites More sharing options...
Guest michele'n'michael Posted February 20, 2008 Share Posted February 20, 2008 Thanks for the reply. We too are now thinking just to keep the money in the Uk. I'm looking into an offshore acct but do not know as the money will not get the interest taxed if we draw it in Oz will it then be subjected to Aussie tax! We'll prob just have to rent for a year in the hope that rthe xchange rate works more in our favour cos we'll lose thousands otherwise!! Boo Hoo!!!! Link to comment Share on other sites More sharing options...
Guest paulwbafc Posted February 21, 2008 Share Posted February 21, 2008 Oz banks are much better. The rates are higher. You will gain more interest on your money in an oz bank. Around 7% interest per annum. Also you gain interest monthly. I said this time last year brace yourselves for a decline in the exchange rate. It is going to get worse before it gets better. The banks are in crisis in the UK and soon the trouble the banks are really in will be known and there will be impact on the exchange rate again. It is going to get worse and I will not be surprised if it goes down to $1.80 to 1 pound. I did not expect to see it as bad as $2 to the pound. But the Oz economy is not slowing down, it is getting stronger if anything. More rates cuts expected to come in the UK and if anyone has noticed when news of this happens around 5c falls off the exchange rate right away. Also when good news about the oz economy is given that reduces what you get for your pound. Things won't really improve until the banks crisis is over sub prime loans is realized. If you have money to move do it now and claw some money back via the high interest savings pay in oz. Wait and you will be getting even worse exchange rates. This is advice I gave back in oct 2007. We will not see much improvement on the exchange rate as I can't see the British economy improving and Australias getting worse. As that is what it needs to improve the exchange rate. At least when we visit the uk we will get lots of pounds with our bucks. Link to comment Share on other sites More sharing options...
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