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I have inherited some GBP and have no bank a/c in UK whats the best way to bring it to Oz?

saz127

By saz127
in Money & Finance

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saz127 Newbie

saz127

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The Money is with a lawyer in UK and she wants to write me a cheque as I dont have a bank account... will I loose heaps if I bank it in my normal bank account here in Oz?

 

I bank with Westpac here in AUS.

 

My boss said to use Western Union or such... Please help! I want to try and keep as much as possible and not loose heaps in fees etc so I can put a deposit down on a house so I can stop renting at 30 years old!

 

Thanks :-)

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Parley PIO Chatter Box

Parley

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Your solicitor should know what to do.

You will just need to provide the Name, Address of your bank and your account number.

 

They will probably send it via SWIFT which is used for international transfers between banks. You may need to find out your bank's SWIFT code.

 

There shouldn't be much fees to worry about.

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robfromdublin Platinum Member

robfromdublin

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Get a few quotes from a few dedicated forex companies. MoneyCorp sponsor this website, OzForex are popular and I personally use CurrencyFair (although I'm pretty sure you need a bank account in country of origin for them).

 

All of them will be better than the banks or WesternUnion who will charge like wounded bulls.

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robfromdublin Platinum Member

robfromdublin

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I have asked the solicitor who is dealing with the inheritance and she said it has to be a UK bank account?! Is she lying to me?

 

Probably unaware of new technology, rather than lying. I mean, a cheque? Do they also communicate through fax, telegram and carrier pigeon?!

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Parley PIO Chatter Box

Parley

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I have asked the solicitor who is dealing with the inheritance and she said it has to be a UK bank account?! Is she lying to me?

 

Probably not lying just doesn't know what to do.

I inherited money which was sent directly to me in Australia.

The solicitor just arranges it with their bank as per what I wrote above.

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Bungo PIO Chatter Box

Bungo

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I have asked the solicitor who is dealing with the inheritance and she said it has to be a UK bank account?! Is she lying to me?

 

Money can be wired to any bank account, they just need the Swift or iban number, all she needs to do is ask the holding bank and they will know exactly what to do. Brokers are good for transferring money between your own accounts but I think you would be over complicating it here as it is the solicitor that would need to sort out a broking account and that clearly will be a bit much for them!

 

I checked a couple of UK banks and they will charge about £20 for an international payment fixed price, not commission, I would have guessed about £30. Suck it up, you won't get this done for free.

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robfromdublin Platinum Member

robfromdublin

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Depends how much we're talking. You can open your own UK account and set that up with a broker. Obviously asking the solicitor to do it is a bit much.

 

For large sums of money, that is what I would do as the added hassle would be worth a couple of grand to me. The 20/30GBP thing is only the fee the banks charge. They make their money by having very wide bid/offer spreads on the exchange rate. Sure there's technically no commission but you still end up with 1-2% less in your pocket at the end of it.

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saz127 Newbie

saz127

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Depends how much we're talking. You can open your own UK account and set that up with a broker. Obviously asking the solicitor to do it is a bit much.

 

For large sums of money, that is what I would do as the added hassle would be worth a couple of grand to me. The 20/30GBP thing is only the fee the banks charge. They make their money by having very wide bid/offer spreads on the exchange rate. Sure there's technically no commission but you still end up with 1-2% less in your pocket at the end of it.

 

 

it will be 50,000 GBP so the cost DOES matter to me hence why I am asking for advice...

 

I need to know the most cost effective way to get the money from UK to AUS so that I can benefit the most from it.

 

Ive spoken to HSBC they want $250 to set up an English account! Then I guesws I have to pay fees and exchange when they send it?!

 

Argh so confusing... I dont have anyone in my family who could help, as they all live in UK and are not finance minded :-(

 

All your advice is keenly sought guys thanks :-)

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saz127 Newbie

saz127

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Just do it through the bank.

You are getting 50000 GBP for nothing, I wouldn't be getting too greedy about things.

 

wow thats terrible advice, you are clearly not in finance!

 

My grandparents worked bloody hard to get their money and then keep it to share with their loved ones, im clearly not being greedy I just dont think its fair to waste it and make a rash decision to send it here and realise there was a better way!

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Parley PIO Chatter Box

Parley

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By the time you stuff around opening a UK account trying to save a few dollars, you won't save anything.

Go through the bank. You may lose out on the exchange rate anyway by all the stuffing around trying to save 1%.

 

And yes I have worked in finance. I would rather deal with the bank.

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Jacaranda PIO Chatter Box

Jacaranda

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Probably unaware of new technology, rather than lying. I mean, a cheque? Do they also communicate through fax, telegram and carrier pigeon?!

 

Same thing happened to me,when my Mum died in Australia last year.My siblings got their inheritance deposited straight into their bank accounts.I had left my bank details with family before I left Oz,but when I returned to the UK,my sister emailed me to say my share would be in cheque form.I received the cheque,and as it was international,took 6 weeks to clear.

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Parley PIO Chatter Box

Parley

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GBP500 might not be worth it to you, but that's a lot of money to most people.

 

They asked for advice. Not to be called greedy because their relative died and left them money.

 

That doesn't make him greedy.

I said I wouldn't quibble myself if I was receiving a 50000 GBP inheritance about the fees in getting the money.

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