LadyCroft Posted September 14, 2013 Share Posted September 14, 2013 I know this has been asked before but I can not find the thread and I don't remember exactly what the situation is. When we move to Melbourne we are transferring over the majority of our savings but want to keep our UK account open for a while. How long can you keep your UK account open, what does it involve (eg are there tax issues) and can I keep some savings in there and transfer them once (fingers crossed) the AUD-GBP exchange rate gets a bit better at the start of next year. Thanks for ANY help with this one. I have no clue :wacko: Link to comment Share on other sites More sharing options...
scuffythetugboat Posted September 14, 2013 Share Posted September 14, 2013 We were told by our building society that so long as we had a UK address for the account, in our case our daughters, there isn't a problem. With regards to tax on interest, as accounts in the UK pay very low rates anyway, we leave our money in our current account which doesn't pay any interest so no tax to pay. Link to comment Share on other sites More sharing options...
rammygirl Posted September 14, 2013 Share Posted September 14, 2013 Well it will depend on the bank. With Nationwide we did not need to keep a UK address and they sent cards etc to Oz. We operated it on-line. Just declare the interest. We still keep an Oz account now we are in UK. They take 10% witholding tax at source and we declare the rest in the UK. Again they use our UK address. I would keep it open it can often come in handy. Why close it unless you have to. It is now seemingly impossible to open an account in the UK without a UK address but you can keep accounts as expats. I would check with your bank - but do not rely on the counter staff, they are not always up on it. Check the website first, and if counter staff are unsure ask them to double check. I was told at first I would have to close my accounts but this was definitely NOT the case. Link to comment Share on other sites More sharing options...
Incata Posted September 14, 2013 Share Posted September 14, 2013 With our HSBC account we just changed our address and all our statements and bank cards are sent to us in Australia. No problem. With Tescos we use our in-laws address and again no problem. We just have to declare the miniscule amount of interest we make on our Australian tax returns. Link to comment Share on other sites More sharing options...
northernbird Posted September 14, 2013 Share Posted September 14, 2013 Been out of the UK since 2000 and our Natwest account has followed us around the world. Link to comment Share on other sites More sharing options...
LadyCroft Posted September 14, 2013 Author Share Posted September 14, 2013 Excellent, thanks. Great to know. Our account is an online account anyway so hopefully should not be a problem. I will get in touch with the bank as soon as we decide when we are leaving. Thanks! Link to comment Share on other sites More sharing options...
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